3 Things to Know Before Starting a Pharmacy and Selling Prescription Drugs
Health experts have been providing medicinal remedies to sick people since the 13th century. Dominican monks began creating medicinal salves and balms for those in need at their Santa Maria Novella infirmary. This is considered to be the first-ever pharmacy.
If your dream is to own a pharmacy, you are in the right place. In this guide, we talk over a few things you need to know about selling prescription drugs when you open a pharmacy.
1) Getting Your Pharmacy License
To run a business, you have to have a business license. The same goes for running a pharmacy: you have to have a license that allows you to sell medication and medical supplies.
Pharmacies are also highly regulated at both the state and federal levels. As a pharmacy owner, you need to be wary of all of the federal regulations concerning providing medication to your community. Click here for more information on license validation for DSCSA compliance.
In addition to your pharmacy license, you will also need to purchase a liability insurance policy for your business. This will protect you from any mishaps that might take place in your facility and potential lawsuits that might come your way.
2) Developing a Business Plan
Making some big decisions and checking off some items on your checklist will help you figure out which direction you’d like to take with your future drugstore. There are several questions that you need to have answers to before you open your doors for the first time.
Do you want to give off an old-fashioned apothecary vibe or are you going for a more sleek, modern atmosphere? Will you sell cosmetics or clothing in addition to medication? Are you going to sell medication in an online pharmacy?
Your business plan will help you figure out what you are going to sell along with your prescriptions. It will help you determine if you will only accept paper prescriptions or if you will have the right technology available to you to accept e-prescriptions directly from your local doctor’s offices.
3) Acquiring Your Inventory
Once you have a business plan, you will be able to fund your pharmacy with potential investors and/or financial institutions to back you. This financial support will allow you to purchase prescription drugs from wholesalers to build up an inventory for your pharmacy.
With these financial prospects, you will also have to find other items and products to sell in your store. You might’ve noticed from your time spent in other pharmacies that medicine and medical devices aren’t the only reason customers stop in. They might also sell toys, clothes, cosmetics, and hygiene products.
Selling Prescription Drugs?
With a fully stocked inventory, you’re ready to take on the pharmaceutical world and provide your customers with a satisfying experience. If you plan on selling prescription drugs, you need to have a solid business plan to make sure you are complying with federal laws.
Starting a business? Check out the rest of our blog! You just might find some more helpful information in our business section.
