People’s demand to buy drugs and medical supplies is increasing, especially in the period after the Covid-19 pandemic, so opening a pharmacy is considered an attractive business option for many people. Although it is a vibrant, attractive and highly profitable market, it is not easy for a beginner to do business. In this article, we provide the considerations and processes to help you open a pharmacy.
Things to consider when opening a pharmacy
When you open a pharmacy, you need to consider costs such as the cost of the premises, the cost of investing in medicine, equipment, facilities, and the cost of hiring staff. Among the above costs, the one you need to pay attention to is the cost of investing in medicine. You need to consult the market and find many different sources of goods to choose a supplier with a cheaper price, a higher discount, and a guaranteed quality that will help your pharmacy business easily compete with competitors in the same industry.
Each business industry has its own legal requirements. For the pharmacy business, these requirements are even more stringent because it is related to the direct health of the user. Therefore, the paperwork and licenses to open a pharmacy are important for you to be able to operate in this fiercely competitive industry. The certifications you should have are business registration certificates; practice certificates (issued by a competent authority); certificates of eligibility to practice…
The location of opening a pharmacy will affect the business. Your sales space must be in a high, clean, cool place. The area must meet the space for display and sales. The location of a pharmacy is usually not too restrictive, because consumer demand for these items is the same everywhere. However, if you intend to open large-scale pharmacies, locations near hospitals and clinics will be the best choice.
Process to open a pharmacy
Business plan & market research
Any type of business needs a plan for construction and development along with market research in advance, opening a pharmacy is not an exception. When you open a pharmacy, you need to have a specific business plan. The type of goods you supply, the business such as price, quantity also need to be considered. To do that, you need to do market research, research on user psychology, and research your competitors.
Select and Design Store
The next step is to select, design and prepare for your business location. You need to remodel and decorate the store to suit the intended use. A pharmacy does not need to be decorated too beautifully or splendidly like other business stores, it just needs to be clean, easy to see and reasonable. Besides, when you open a pharmacy, you need to prepare some necessary equipment including cabinets, counters, drug storage devices as required on the drug label, bags, counting trays, cabinets. separate for narcotic drugs and psychotropic drugs as prescribed by the Ministry of Health.
As a drug manager standing at the counter to advise customers on drug use, you need to select employees carefully. To ensure the pharmacological skills of your staff, you should hire people who have a pharmacist degree and long experience in the profession. This is an important process and you need to prepare and proceed carefully to hire the best staff for your pharmacy.
In order for your pharmacy to grow and expand, you need to have a favorable opening and a large number of customers, you need to prepare business development plans. These are marketing programs to attract customers such as discounts, gifts, coupons for the next purchase, or even free consultation and examination activities.
ConnectPOS is a useful software to help you operate your pharmacy effectively in the most optimal way. ConnectPOS is a great solution for pharmacy owners that allows you to manage your counters and drugstores centrally; look up and enter drug data quickly; manage and archive the entire sales process, etc.
Above are the factors and processes to help you open a pharmacy that you need to consider. You need to prepare yourself a suitable source of capital and proceed to complete the initial step for your business plan.
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