INNOVATIONS in pharmacy

Opening A New Independent Pharmacy 101

Azam Elabed

Albert Wertheimer

Sabri Ibrahim

DOI: https://doi.org/10.24926/iip.v7i1.417

Keywords: independent pharmacy, opening a pharmacy, location of a new pharmacy, corporation, startup cost, wholesaler, license, professional relationships in pharmacy

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Abstract

Opening an independent pharmacy is a process that involves multiple components. The rationale of this project is to discuss different issues that must be investigated prior to opening a new independency pharmacy. This includes the location, structure of the corporation, start-up cost, picking a wholesaler, fulfilling state board requirements and Philadelphia requirements, having a valid license, making professional relationships, and knowing basic marketing research. Methods used include using the knowledge and expertise from an independent pharmacy owner, visiting pharmacies, and interviewing neighbors for basic marketing research. Many aspects of opening an independent pharmacy differ significantly from a retail pharmacy, as there are various issues within the pharmacy and outside the pharmacy that must be extensively researched prior to opening in order to be successful.

 

Type: Student Project