The pharmacy industry is rapidly changing and now more than ever, pharmacists are starting their own pharmacies. They are doing so for good reason. The industry isn’t what is used to be. Reimbursement rates are nowhere near what they were 5 years ago. DIR fees are cutting into profits. The large chains are moving more towards services with other healthcare options in the pharmacy, such as on-site wellness clinics.
The good news, it’s now easier than ever to open your own pharmacy. The chains are starting to consolidate, compounding is now more common than ever and patients are finally seeing the value in knowing their pharmacist.
In this article we will discuss 3 primary reasons starting a pharmacy in 2020 could be the right move for you.
Pharmacist hourly wages are declining rapidly.
The job market for pharmacies is quickly becoming saturated. Hours are being cut and the demand for pharmacies are going down. Recently in 2019 Walgreens slashed $500 million in pharmacist bonuses. In addition, the salary of a full or part time pharmacist is slowly declining year over year.
As employers add more and more services to the pharmacist role the oversupply gives employers the opportunity to cut wages. There’s always the next guy/gal in line just waiting for a decent paying job.
This is the reason most of our clients give us as to why they want to start their own pharmacy. With an oversupply of pharmacists in the country it only makes sense that pharmacists take things into their own hands.
Be your own boss
Becoming your own boss comes with benefits everyone is aware of. No longer are you at the mercy of an employer who schedule can care less about your personal life.
How do you know you’re ready to be your own boss and start a pharmacy? Easy, you keep thinking and dreaming about it. You’ve mentioned it to friends and done a bit of research, even reading this article! You want to break free and work for yourself but you convinced yourself it’s risky and confusing.
Most new pharmacy owners have no clue where to start. That is where we come in to help you along your journey. We have opened over 50+ pharmacies across the country. If you keep thinking about it, then it might be time to start your journey.
Make a difference in your community
Step away from the large chain stores and create a footprint in your community with your pharmacy. Independent pharmacies have much more flexibility than a CVS or Walgreens. An independent pharmacy can make a real difference in the lives of patients.
Only at a local community pharmacy can you get to know your patients by name. Understanding patients health needs to is a valuable commodity in 2020. Patients feel their just a number at the big pharmacy chains and honestly, they are.
If you really care about patient outcomes and helping patients live healthier lives, then start your pharmacy. Patients will see you clearly care about their health and would refer your pharmacy to their friends and family.
Take advantage of the current pharmacy industry and start a pharmacy. It’s not as hard as you may think and most pharmacies are up in running in less than a year.