Joel Libava
(Image courtesy of Kratom IQ)
Never. Not once.
I’ve never had a client ask me if there were any Pharmacy Franchises available for purchase. And now that I think about it, it’s pretty strange. Talk about sales volume. Talk about a business that’s growing-mostly due to our aging population. There would seem to be a lot of beef in a franchise business that sold prescription and non-prescription medications…a retail pharmacy. Heck, I could even see a pharmacy franchise business (with a forward-thinking CEO) offering compounding products, too.
CVS Is Huge Retail Pharmacy Business
CVS is one of the dominant names in the pharmacy business. I remember going in to my neighborhood CVS a couple of months ago (to pick up a prescription) and being in awe of the constantly ringing phones, the number of cars lined-up in the drive-through, and the line of people in front of me waiting to pick up their $50.00 prescriptions. Seeing the amount of money coming in-in only 30 minutes time got me thinking. That’s when I wrote this.
But, if you could buy a retail pharmacy franchise business, would you want to compete with a CVS-or similar drugstore chain?
If your answer is no, that may be why my clients have never asked me about a Pharmacy franchise.
If your answer is yes…you may want to check out Pharmacy Franchise opportunities-because you are obviously fearless.
Pharmacy Franchises: Benzer
From A Press Release:
Benzer Pharmacy, a chain of independent retail and specialty pharmacies, introduced its franchise model early this year with an aim of providing independent pharmacies with a platform to leverage their collective strength under one brand.
Benzer is focused on “conversions.”
A conversion is when an independent pharmacy owner decides to go the franchise route and re-brand the store.
One obvious benefit of converting a store into a franchise business operation is group pricing. A group of business owners can usually buy products for less than one owner could because they’re buying in bulk. Now all of a sudden they can compete with the major drugstore names.
Branding is another potential benefit, depending on how many franchise units are around. A franchisor has the ability to launch local and national marketing campaigns that are designed to increase awareness of the brand.
Finally, having a proven business system behind you is a huge advantage.
Support
If you’re an independent business owner, you’re basically on your own. With a franchise business, you’re not on your own. Go here to learn about the many benefits of franchise ownership. Anyway, this is what I found on the Benzer Franchise Website:
With decades of experience in the independent pharmacy business, we know that a successful pharmacy must pay constant attention to both improve quality and increase profitability. With Benzer you will have support every step of the way.
Go here to see* more about their franchisee support.
*I have not seen a Benzer Pharmacy in action. I have no idea what their support is like. And, I haven’t been able to figure out if franchise owners have to be pharmacists. Still, it’s an interesting franchise business…a pharmacy. The numbers could turn out to be good.
Pharmacy Franchises: The Medicine Shoppe or Medicap Pharmacy
This Pharmacy Franchise opportunity is a bit confusing. From their website:
“Not your typical franchise deal:”
Hold on. What does that mean?
According to the company…
“Flat $599/month franchise fee to join the network.”
And
“Five-year licensing agreement with a 90-day out.”
Huh?
“$300 credit for services that will help you succeed in a competitive industry”
“Flexibility to use the franchise brand name alone or to co-brand with your pharmacy name”
I’m so confused.
I have an idea.
Contact The Medicine Shoppe® (medicine shoppe international inc) and find out for yourself.
Despite the clearly-written (cough) language, it could turn out to be a good opportunity for you to become a pharmacy owner and reap the rewards of retail drug dispensing.
Employment Outlook For Pharmacy Professionals
Here is the U.S. Department of Labor’s occupational outlook for pharmacists:
Employment of pharmacists is projected to grow 3 percent from 2014 to 2024, slower than the average for all occupations. Increased demand for prescription medications will lead to more demand for pharmaceutical services. Employment of pharmacists in traditional pharmacies is projected to decline slightly.
There are lots of Pharmacy schools, and with them, a lot of graduates. Read this article from Medscape to find out if they’re finding jobs.
Have you ever thought about looking into Pharmacy Franchise opportunities?
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