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Pharmacy Store Business Plan

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1. INTRODUCTION

Due to the entry of technology in our lives, our lives are become so handy and relaxing. there is no labour work remain in our lifestyle and nothing hard and sweat work to do. This causes us to believe technology is becoming our best buddy but in actual this buddy is increasing your health issues and health diseases causing you to just sit and relax. Due to the spending hours and hours just sitting and computer working, our bodies are becoming invites to diseases and many health problems. And happening all this there develop importance to pharmacy sector and started increase in business. The number of patients is increasing and so the hospitals with that pharmacy business is getting also profitable too with at one of the highest growing sectors having maximum profit margin.

Medical care and medicines stores are from the very old age businesses, its just that nowadays they are becoming professionals with having named changed with pharmacist and druggist. There are lot of business opportunities for the pharmacy store business to starts and developed it onto successful one.

2. CASE STUDY

The following are the some of the case studies of the pharmacy store business:

Sanjivani: this is the pharmacy segment which was founded in 2006 and started franchising since 2015 with opening 20-50 units. This is providing retails and wholesale distribution of medicines with the world class facilities. The company is known for it delivery services and facilities it provides to the patients and customers. This keeps the track of customer satisfaction of all services it puts.

Medplus: this is the brand which is also started with the Sanjivani that is in 2006 with the similar progress in 2015 by becoming franchise. This is India’s most trusted brand with all services offered. This medplus has created greatest success in the field of pharmacy by opening longest chain of franchise in India. Medplus has operated over 150 cities having supply over 12 states and almost 1350 stores of pharmacy. This is only company in pharmacy of having such progress in less time. The reason behind its success is the selection of right location for the opening of pharmacy store and its services.

3. BUSINESS IDEAS’S SWOT

i) Strength

# This pharmacy store business helps customers to solve their small health issues sometimes without concerning doctors.
# pharmacies help to provide first aid to patients in case of emergency.
# Business doesn’t require lot of capital to start.
# Medical stores do not need lot of employees to work.

ii) Weakness

# This pharmacy store business is the risky business as it totally deals with the help of patients.
# Opening a pharmacy requires educational criteria and licenses with experience also.
# Some medicines need to be stored in cold storage so it causes difficulty in transportation.
# Few drugs have very low expiry date so it gets waste in case not sold.

iii) Opportunities

# Opening a pharmacy store business near specialized doctors helps to visit patients in hospital easily at your store.
# Pharmacy store business has also the opportunity in government hospitals also.
# Becoming wholesale distributors at multi-speciality hospital is also beneficial.
# Retail stores also has demand for monthly customers of lifelong diseases like diabetics, blood pressure, asthma, thyroid etc.

iv) Threats

# Just like other business, pharmacy stores also have competition in markets.
# Starting of online medicine supplying companies worldwide decreases the demand of local stores.
# Changing of Government rule and regulations regarding the drugs and medicines affects the pharmacy business.

4. OPERATIONAL PLAN

The following are the perspectives for the pharmacy store business:

# Planning a business: so that the further steps may be taken correct and help in starting business easily.
# Deciding a market: helps in whether to serve for general purpose or hospital related stuffs. Make sure to decide whether to start wholesale or retail pharmacy store business.
# Finding a suitable place: The place or location of any store affects directly the customers number of visitors and thus profit also.
# Interior of store: make the interior of the store attractive so that to attract more customers and make sure your medicines are easily find so that it is not time consuming.
# Availability of facilities: make the facilities available at you store such as offline and online delivery and order of medicines with cold storage facilities.
# Allowance of full stock of medicines
# Advertisement of pharmacy store: make the advertisement of pharmacy store business at full eternity so that it gets notified to most of the people in the locales.
# Knowledgeable pharmacist and druggist as employees.
# Online delivery facilities
# Ready of bank account of business and online transactions facilities
# Developing a app for easy services
# In case of expanding open more stores in similar cities and then to other cities and keep on increasing with becoming chain of stores.