If you are looking for a sample pharmacy business plan template, here is a business plan for starting a compounding or retail pharmacy store and free feasibility study example you can use.
START UP PHARMACY BUSINESS PLAN SAMPLE PDF / DOC
In starting a pharmacy business, it is important that you are a pharmacist who knows about drugs and how they are being administered and even if you are not a pharmacist, you can always get a pharmacist that will help in the business. Here is an independent pharmacy business plan sample that can be very helpful in writing your own business plan.
TABLE OF CONTENT
Business Name: Wonder Pharmacy Business
- Executive Summary
- Business Description
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
Pharmacy business is a well thriving and lucrative business, though it needs lot of strategic planning and business coaching. Being in the pharmaceutical industry is a very good thing because there are great returns on investment. The pharmaceutical business is basically for developing, producing, and marketing drugs. One important thing about this industry is that it is highly regulated.
Wonder Pharmacy Business is a well registered and licensed business that will be involved in the distribution and sales of high quality drug and other materials essential to health. The business is a family business owned by Godwin Thomas and his immediate family.
The major target market of the business will be Los Angeles, California. Godwin Thomas graduated from the university with a degree in pharmacy and has worked with two pharmaceutical companies which has given him valuable skills in the pharmacy business.
In pursuit of achieving our goals, we have been able to lease a facility for three years with the option of buying the facility when it is put up for sales. We have decided to launch out the business with one outlet but over time, we will be opening other outlets in key locations.
PRODUCTS AND SERVICES
We will be retailing a wide range of prescription drugs from different manufacturing companies to our customers and we will also engage in the sales of:
- Beauty Products
- Convenience Foods
Our vision is to establish a business that serves as a one stop pharmacy for basically all residents in Los Angeles and also to provide complementary pharmaceutical services for our customers.
Wonder Pharmacy Business mission is to have a constant if not better growth in sales in the first three years of operation and also to set up a well standard business where all the needs of our customer’s health-wise are met.
We also aim to go beyond our customers’ expectations by providing quality products and excellent customer services in a loving way so that 50% of our customer base is repeated sales.
Mr. Godwin Thomas will be in charge of the day to day activities of the business considering the fact that he has experience and knowledge of the pharmaceutical business. In setting our business on the right path and in ensuring success of the business, we have decided to employ people who are hardworking, honest, goal centric, passionate and interested in the business so as to contribute to the growth and success of the business.
These people will be employed to occupy the following positions:
- Chief Executive Officer(owner)
- Business Development Strategist
- Operation Manager
- Store Manager
- Merchandize Manager
- Sales Agents
- Human Resources Manager
The major market trend in the pharmacy industry is influenced by the healthcare reform policies of the country because the pharmaceutical industry is highly regulated. The easiest way to build a solid pharmacy industry is to have several outlets across the city, this will make the business to continue growing and making more profits. The use of technology is also very important in managing the business effectively. For instance, the use of CRM software helps in managing clientele base.
The pharmacy business is a business that meets the needs of everyone at some points in time but the fact that our business will be opened to many types of people does not stop us from having a category for our target market and they are:
- Corporate Executives
- Business People
- Elderly People
- Expectant Mothers
- Sports Men and Women
SALES AND MARKETING STRATEGY
Since we are new in the business, we have decided to do the following in order to have a firm and successful standing in the industry:
- Efficient delivery of service for online purchase
- High quality and regular availability of drugs at fair prices
- Satisfactory customer care services
- Placing adverts on print, online and broadcast media
- Installing billboards on strategic locations in California
- Distributing fliers and handbills
The business can only be established with a startup fund of $100,000, out of which we have gotten 80% and the remaining 20% will be gotten form bank as loan.
In regards to the high level of competition in the pharmacy industry, we have decided to do the following major things that will serve as competitive advantage for us and they are:
- Excellent customer care
- Fair and lowest possible prices
- Well groomed management team
- Having wide range of products
This is business plan sample for a pharmacy business which can be used as a guide in writing a specialty pharmacy business plan. This pharmacy business is owned by Godwin Thomas and will be located in Los Angeles.