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The barriers to entry for new mail order pharmacy are extremely high. This is because a licensed pharmacist must either be on staff or be the owner-operator of the business. Additionally, there are many safeguards in place to ensure that fraudulent prescription scripts are not submitted to a mail-order order pharmacy given that these people are not seeing their clients face-to-face. The largest cost associated with a mail order pharmacy is usually establishing distribution operations while maintaining the initial payroll for highly specialized pharmacy staff.
There are a number of regulations that must be dealt with on a day-to-day basis regarding the safe and proper handling of controlled substances. Private investors, banks, lenders, and other funding sources are almost always happy to provide a substantial amount of capital to mail-order pharmacies.
As with any healthcare focused business, the revenues generated are immune from negative changes in the economy given a substantial number of patients will pay via private insurance, Medicaid, or Medicare. If an entrepreneur that is looking to start a mail-order pharmacy is raising capital then they are going to need a business plan.
As with any other type of business planning document a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, business ratios page, and inventory turnover page should be included. Given that mail order pharmacies are able to operate on a nationwide scale — a limited demographic profile analysis should be included.
One of the key highlights that should be focused on within the business plan is the competitive landscape among other mail order pharmacies. Given the advent of the Internet these businesses are now facing significant competition from mom-and-pop pharmacies that are looking to expand their operations online to major national chains that are looking to provide a greater level of service to their clients.
A mail order pharmacy marketing plan is also going to be required by many funding sources. This marketing plan needs to be expansive given the level of competition within the market. Most importantly, one of the ways that a new mail order pharmacy will differentiate itself from its competitors is by offering specialized compounding pharmaceutical products.
Although many pharmacists do not typically engage in this type of service it is now becoming more commonplace in order to provide a differentiating factor within the market. Additionally, given that mail-order pharmacies now operate almost exclusively online a an expansive platform that allows individuals to submit scripts must be developed as well.
This is going to be one of the most major startup expenses associated with a new mail order pharmacy. A presence on social media is not really needed in order to have a successful mail-order pharmacy business. However, once established — many mail order pharmacies will maintain profiles on popular social media platforms in order to simply increase the brand-name visibility.
The Discount Pharmacy pharmacy business plan company summary. The Discount Pharmacy is a retail store front/mail order purveyor of prescription medications, offering reduced prices to self-pay, cash-only customers/5().
The Mail Order Pharmacy Business Plan is a comprehensive document that you can use for raising capital from a bank or an investor. This document has fully automated 3 year financials, complete industry research, and a fully automated table of contents. The template also features full documentation that will help you through the business .
Mail Order Pharmacy Business Plan, Marketing Plan, How To Guide, and Funding Directory. The Mail Order Pharmacy Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. This sample marketing plan was created with Marketing Plan Pro software. Executive Summary The Discount Pharmacy is a brick and mortar and mail order pharmacy that sells prescription medication at lower prices than other pharmacies.
Retail Pharmacy Business Plan Template – Executive Summary. Kingsley Greeno Retail Pharmacy Store will be located in one of the busiest streets in Baltimore, Maryland, U.S. We have been able to lease a facility for 5 years with the option of acquiring the property once the property is put up for sale. The INSTITUTION A Mail Order Pharmacy will be located in XXX Building. The 2, square foot pharmacy will reside in space available on the first floor near loading dock area. For the purposes of this business plan, INSTITUTION A Mail Order Pharmacy would operate Monday through Friday from AM to PM (excluding holidays).