online pharmaceutical business plan

Pharmaceutical Business Plan Template

Written by Dave Lavinsky

Pharmaceutical Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their pharmaceutical companies.

If you’re unfamiliar with creating a pharmaceutical business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a pharmaceutical business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Pharmaceutical Business Plan?

A business plan provides a snapshot of your pharmaceutical business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Pharmaceutical Company

If you’re looking to start a pharmaceutical business or grow your existing company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmaceutical company to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Pharmaceutical Businesses

With regards to funding, the main sources of funding for a pharmaceutical business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for pharmaceutical businesses.

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How to write a business plan for a pharmaceutical company.

If you want to start a pharmaceutical company or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your pharmaceutical business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of pharmaceutical business you are running and the status. For example, are you a startup, do you have a company that you would like to grow, or are you operating pharmaceutical companies in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the pharmaceutical industry.
• Discuss the type of pharmaceutical business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of pharmaceutical company you are operating.

For example, you might specialize in one of the following types of pharmaceutical businesses:

• Generic Pharmaceutical Manufacturing : this type of pharmaceutical business develops prescription or over-the-counter drugs products that do not have patent protection.
• Vitamin & Supplement Manufacturing: this type of pharmaceutical company primarily develops products that contain ingredients intended to supplement the diet.
• Brand Name Pharmaceutical Manufacturing: this type of pharmaceutical business engages in significant research and development of patent-protected prescription and over-the-counter medications.

In addition to explaining the type of pharmaceutical business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of patents awarded, the extent of your product portfolio, reaching X number of distributors under contract, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the pharmaceutical industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the pharmaceutical industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

• How big is the pharmaceutical industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your pharmaceutical company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: healthcare providers, chain pharmacies, independent retailers, and consumers.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of pharmaceutical business you operate. Clearly, individuals would respond to different marketing promotions than hospitals, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other pharmaceutical businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes imported alternatives, herbal remedies, or customers’ nutritional self-care. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of products do they manufacture?
• What are their research and development capabilities?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide product development?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a pharmaceutical company, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of pharmaceutical business that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you manufacture patent-protected prescription medications, or a range of vitamins?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your pharmaceutical business. Document where your company is situated and mention how the site will impact your success. For example, is your pharmaceutical company located in an industrial district, near a major medical and/or scientific hub, or near input markets? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your pharmaceutical marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Advertise in trade publications
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your pharmaceutical company, including meeting with potential customers, creating and distributing product information, developing and manufacturing products, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to produce your Xth product, or when you hope to reach $X in revenue. It could also be when you expect to expand your pharmaceutical business to a new city.  

Management Team

To demonstrate your pharmaceutical company’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing pharmaceutical businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a pharmaceutical business or successfully running a R&D company.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions including your sales projections. For example, will you manufacture a line of general sales products, or will you specialize in manufacturing controlled drugs? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your pharmaceutical company, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a pharmaceutical company:

• Cost of equipment and supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your facility blueprint or a list of products you manufacture.  

Writing a business plan for your pharmaceutical business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the pharmaceutical company industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful pharmaceutical company.  

Pharmaceutical Business Plan Template FAQs

What is the easiest way to complete my pharmaceutical business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your pharmaceutical business plan.

How Do You Start a Pharmaceutical Business?

Starting a pharmaceutical business is easy with these 14 steps:

• Choose the Name for Your Pharmaceutical Business
• Create Your Pharmaceutical Business Plan
• Choose the Legal Structure for Your Pharmaceutical Business
• Secure Startup Funding for Your Pharmaceutical Business (If Needed)
• Secure a Location for Your Business
• Register Your Pharmaceutical Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Pharmaceutical Business
• Buy or Lease the Right Pharmaceutical Business Equipment
• Develop Your Pharmaceutical Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Pharmaceutical Business
• Open for Business

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan writers can create your business plan for you.

Other Helpful Business Plan Articles & Templates

How to Start an Online Pharmacy

An online pharmacy sells prescriptions over the internet, and gives patients the option to talk to a pharmacist either online or over the phone rather than physically visiting a store. With up to 50% of people failing to take their medications as prescribed, business owners are attempting to shake up the industry by offering different ways to access information or medical advice.

Learn how to start your own Online Pharmacy and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start an online pharmacy by following these 10 steps:

• Plan your Online Pharmacy
• Form your Online Pharmacy into a Legal Entity
• Register your Online Pharmacy for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Online Pharmacy
• Get the Necessary Permits & Licenses for your Online Pharmacy
• Get Online Pharmacy Insurance
• Define your Online Pharmacy Brand
• Create your Online Pharmacy Website
• Set up your Business Phone System

We have put together this simple guide to starting your online pharmacy. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Online Pharmacy Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your online pharmacy?

Business name generator, what are the costs involved in opening an online pharmacy.

Owners will need to buy plenty of medical insurance in the case of a liability claim. The average cost of a pharmaceutical claim is more than $14,000, and those numbers will likely increase due to the still somewhat unregulated online healthcare space.

Medical professionals will also need to obtain licenses for the state from which they sell their prescriptions and the states to which they sell. (The costs for these licenses will vary depending on the state.) Entrepreneurs will also need to hire a lawyer to ensure they’re following all rules to the 0 and pay their healthcare professionals a substantial salary to guarantee quality care. Finally, owners need to account for the wholesale cost of prescription drugs, which will vary by supplier.

What are the ongoing expenses for an online pharmacy?

Online pharmacy owners will have the following ongoing expenses:

• Liability insurance
• Legal expenses
• Advertising costs
• Wholesale prescription costs
• Employee salaries
• Administrative costs (e.g., website upkeep, etc.)

Who is the target market?

For the time being, it will likely be people between the ages of 30 to 50 who will order from a online pharmacy. They’re the ones who will be most comfortable navigating pages, chatting over a video platform, and using an online shopping cart.

How does an online pharmacy make money?

Online pharmacies make money by marking up the costs of the drugs from wholesale. They may or may not charge people to speak to the pharmacist or doctor on-site.

The markup for a prescription drug is based on both demand and location. The best way to determine how much you can charge is to do research on what people are paying in the markets you serve, and what their insurance will typically cover for each drug.

How much profit can an online pharmacy make?

Online pharmacies stand to make a significant portion of the more than $370 billion spent on prescription drugs each year. These numbers are only expected to rise due to both an aging population and standard inflation. If your pharmacy sells 1,000 prescriptions a month at at average of $400 a piece and operational costs are $300,000 a month, that's still $100,000 in profit per month.

How can you make your business more profitable?

Online pharmacies may include premium subscription services as they grow. For example, a person with a Gold plan will get 5 hours a month of direct pharmaceutical care from a licensed doctor. They will have access to personalized treatment plans or more detailed advice about their conditions.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your online pharmacy is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

Federal Business Licensing Requirements

There are many federal regulations regarding the production and distribution of prescription drugs. Before opening your online pharmacy, be sure to review this FDA page regarding drug distribution , as well as any other relevant FDA laws. 

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate an online pharmacy business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Online Pharmacy needs and how much it will cost you by reading our guide Business Insurance for Online Pharmacy.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market an online pharmacy

It’s not just low prices that customers want when it comes to their prescriptions — they also want effective and convenient advice. Since you’ll be running your store online, you should primarily be advertising your services online. Use social media, blogs, and even Google Ads to boost your online presence. However, you may also want to establish relationships with local doctors in your area, and consider finding ways to advertise specifically to their patients. This may be done either by direct recommendations from the doctor or with printed flyers around the hospital.

How to keep customers coming back

The more important thing is to deliver safe drugs alongside an equally safe treatment plan. The doctor or pharmacist should have excellent people skills and the ability to quickly develop relationships with their patients. They should also be knowledgeable and ready to find the answers if they're unsure of something.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

This business is suited for entrepreneurial doctors/pharmacists or business people who can partner with pharmacists or doctors. An online pharmacy owner should have an inherent interest in the healthcare space and follow the many trends in insurance, patient care, and consumer preferences.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at an online pharmacy?

Doctors or pharmacists are required to be employed on-site to handle and quality check the medications. If you’re the employer, you will be responsible for managing the online inventory and general customer service. Reduce your liability by consistently evaluating communication protocol and working with suppliers to determine which drugs will best serve your audience.

What are some skills and experiences that will help you build a successful online pharmacy?

A business owner doesn't need to be a doctor or pharmacist, but they need to employ a qualified and licensed professional to distribute drugs on an online platform. If the business owner doesn’t have a formal medical background, they will need to be industrious, organized, and diligent. They should have at least some experience working with suppliers, lawyers, and insurance companies before jumping into this career.

What is the growth potential for an online pharmacy?

The growth potential is huge for online pharmacies. Based on recent statistics, it’s thought there will be 4.25 billion prescriptions written in the US alone by 2019. While there has been plenty of bad press for online pharmacies selling fake or otherwise unsafe drugs, those that offer a consistent, reputable service will find they can quickly grow their business.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting an online pharmacy?

There is a lot of fraud to be found online, so it helps to establish your reputation as soon as possible. Many online pharmacies will unknowingly work with disreputable suppliers, so owners have to understand where their drugs are coming from and how they’re made.

You will also need to be on top of any compliance or industry changes when it comes to your business. For example, you can’t sell an imported drug to a patient unless they’ve been seen in-person by a doctor. Poorly run online pharmacies have left a bad taste in both the public’s and the government’s mouth, so harsher changes and regulations may be on the horizon.

And with the popularity and profitability of prescriptions, you’ll want to be careful of potential competitors. CVS recently acquired Aetna, which has sparked rumors that Amazon may be looking to get into the prescription business. It will be difficult to compete with a juggernaut like Amazon when it comes to price, but online pharmacists can choose to establish local loyalty first before branching out.

How and when to build a team

Depending on the quantity and the types of drugs you sell, it’s likely you’ll need to build a team at the very beginning. If you’re aiming for excellent customer service, you’ll want to decrease wait times and increase patient compliance. This will take time and effort on the part of the medical professional, so you’ll need to find people with patience and people skills. You'll also need a lawyer with a background in the medical industry to give advice on how to stay within the legal code of conduct.

Useful Links

Industry opportunities.

Online Pharmacy Assistant Courses

Real World Examples

PillPack Online Pharmacy

Have a Question? Leave a Comment!

Pharmacy Business Plan Template

Written by Dave Lavinsky

Pharmacy Business Plan

You’ve come to the right place to create your pharmacy business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their pharmacies.

Pharmacy Business Plan Example

Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan.

Executive Summary

Business overview.

Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina. The company is founded by Stephen Harris, a licensed pharmacist who has spent more than fifteen years working in the pharmacy industry. Stephen is confident that his strong communication skills combined with his keen attention to detail when preparing prescriptions will help him quickly grow a loyal customer base for his new pharmacy. Stephen has recruited a team of highly qualified professionals to help manage the day-to-day complexities of running a retail pharmacy including marketing, sales, customer service, financial reporting, and operations management.

Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with a better price and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more.

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

• Over-the-counter (OTC) medications
• Prescription medications
• Immunizations
• Travel medications
• Point-of-Care (POC) Tests
• Compounding

Customer Focus

Healthy1 Pharmacy will target all individuals in Charleston. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis. No matter the customer, Healthy1 Pharmacy will deliver the best communication, service, and prices.

Management Team

Healthy1 Pharmacy will be owned and operated by Stephen Harris. He has recruited Emily Jackson, an experienced retail pharmacy manager to be his Store Manager and help to supervise the staff and run the day-to-day retail operations.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized by his former employer as a top performing pharmacist for five years in a row.

Emily Jackson has been a store manager at a local retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Success Factors

Healthy1 Pharmacy will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of sales associates and pharmacy technicians who will assist customers, answer questions, and provide a personalized approach not found in larger pharmacies.
• Comprehensive array of products and services that includes everything you would expect from a large pharmacy, only with attentive customer service and lower prices.
• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy’s pricing structure is the most cost effective compared to the competition.

Financial Highlights

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its new pharmacy. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

• Pharmacy and retail space build-out: $100,000
• Equipment, supplies, inventory, and materials: $100,000
• Three months of overhead expenses (payroll, rent, utilities): $160,000
• Marketing costs: $25,000
• Working capital: $15,000

The following graph below outlines the pro forma financial projections for Healthy1 Pharmacy.

Company Overview

Who is healthy1 pharmacy.

Healthy1 Pharmacy is a newly established independent retail pharmacy located in Charleston, South Carolina. Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with lower prices and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more. Healthy1 Pharmacy will be able to provide Charleson customers with the experience of a friendly, neighborhood drugstore while ensuring each prescription is handled with the highest standards of quality and care. The team of pharmacy technicians and sales associates will be highly qualified and experienced in helping customers find the right over-the-counter solutions for their individual needs as well as ensuring each prescription is filled accurately and efficiently.

Healthy1 Pharmacy History

Healthy1 is owned and operated by Stephen Harris, a licensed pharmacist with over fifteen years of experience working in the pharmacy industry. Stephen has worked for a large pharmacy chain and managed a team of pharmacy technicians for several years. Stephen’s tenure with the pharmacy chain combined with his pharmaceutical education has given him the skills and knowledge required to start his own pharmacy.

Since incorporation, Healthy1 Pharmacy has achieved the following milestones:

• Registered Healthy1 Pharmacy, LLC to transact business in the state of South Carolina.
• Has a contract in place to lease the retail storefront he will use for his pharmacy.
• Reached out to numerous contacts to include experienced pharmacy technicians and sales associates to advise them of the upcoming opportunities at his new pharmacy.
• Began recruiting the management team members including a store manager, an accountant/bookkeeper, and a marketing director.

Healthy1 Pharmacy Services

The following are the pharmacy products and services that Healthy1 Pharmacy will provide:

Industry Analysis

The pharmacy industry in the United States is valued at $534.2B and is projected to grow to $862B by 2028. Major market drivers include a growing number of types of diseases, an increasing percentage of people with chronic illnesses, an aging population, and higher healthcare costs.

There are more prescription medications being developed, and the demand for more prescriptions is growing faster than ever before. In 2020, there were an estimated 860M medications prescribed by physicians and 336M prescribed by hospitals. This prescription demand is resulting in more pharmacies opening across the U.S. The National Council for Prescription Drug Programs (NCPDP) reports an estimated 20,400 independent pharmacies in 2010. This number has grown to over 23,000 by 2019, a 12.9% increase in the number of independent pharmacies for that time period.

Industry operators in the pharmaceutical market can benefit from providing above average customer service, lower prices than competitors, and products or services that aren’t being offered elsewhere.

Customer Analysis

Demographic profile of target market.

Healthy1 Pharmacy will target all individuals in Charleston, South Carolina. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis.

The precise demographics for Charleston, South Carolina are:

Customer Segmentation

Healthy1 will primarily target the following customer profiles:

• Parents of pediatric patients
• Geriatric patients
• People taking medications on a regular basis
• People needing compounding services
• People looking for vaccines or immunizations
• People who need lab tests

Competitive Analysis

Direct and indirect competitors.

Healthy1 Pharmacy will face competition from other companies with similar business profiles. A description of each competitor company is below.

Charleston Care Pharmacy

Charleston Care Pharmacy provides a wide variety of pharmacy products and services including OTC medications, lab testing, and compounding. Located in a senior neighborhood, Charleston Care Pharmacy specializes in serving the geriatric population, but welcomes customers of all ages. Charleston Care Pharmacy’s promise is to deliver effective communication, honesty, and integrity in every transaction. Charleston Care Pharmacy’s team of experienced pharmacy technicians assures customers are well taken care of and prescriptions are filled quickly and correctly.

FeelBetterNow Pharmacy

FeelBetterNowPharmacy is a Charleston-based neighborhood pharmacy that provides a full suite of services including compounding, vaccines, lab testing, local delivery, and more. The owners of FeelBetterNowPharmacy are licensed pharmacists who have extensive experience working for independent retail pharmacies so they understand what customers are looking for in a neighborhood pharmacy. Customers who choose FeelBetterNowPharmacy can rest assured they are getting the best quality products at reasonable prices.

Care Better Pharmacy

Care Better Pharmacy is a trusted Charleston pharmacy that is known for providing superior customer service. They are able to provide a one-stop shop for customers looking for convenient OTC and prescription medications, durable medical equipment, vaccines, and immunizations. Care Better Pharmacy is also able to serve customers in need of compounding, recurring prescriptions, and lab testing. They have expert pharmacy technicians to provide information about each medication and answer all of their customers’ questions.

Competitive Advantage

Healthy1 Pharmacy will be able to offer the following advantages over their competition:

• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy offers its customers low prices on all of its products and services compared to the competition.

Marketing Plan

Brand & value proposition.

Healthy1 Pharmacy will offer the unique value proposition to its customers:

• Highly-qualified team of skilled pharmacy technicians and sales associates will be able to provide personalized customer service and ensure all prescriptions are handled with care.
• Unbeatable pricing to its clients – Healthy1 Pharmacy does not mark up its products and services at a large percentage. The pharmacy will offer the lowest prices guaranteed. If a customer finds a cheaper price elsewhere, Healthy1 Pharmacy will give the customer a better price.

Promotions Strategy

The promotions strategy for Healthy1 Pharmacy is as follows:

Healthy1 Pharmacy will create and maintain a company website that is well organized, informative, and lists all the products and services that Healthy1 is able to provide. The website will also list promotions and discounts, informative healthcare articles, and pharmacy-sponsored community events.

SEO/Google Marketing

The company’s marketing director will manage Healthy1’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Charleston pharmacy” or “pharmacy near me”, Healthy1 Pharmacy will be listed at the top of the search results.

Social Media Marketing

Healthy1 Pharmacy’s marketing director will also manage the company’s social media presence on several platforms including Instagram, Facebook, Twitter, YouTube, TikTok, and LinkedIn. The goal of the social media strategy is to attract new customers while engaging with current customers to encourage referrals, reviews, and feedback.

Content Marketing/Email Marketing

The company will post blogs and other promotional content on a regular basis with informative health and wellness information to keep people coming back. Healthy1 will post informative content on the website, social media platforms, and through email newsletters.

Professional Associations/Networking

Healthy1 Pharmacy will become a member of professional associations such as the Independent Retail Pharmacy Association, the National Community Pharmacists Association, and the Tennessee Pharmacists Association. The company will focus networking efforts on expanding its customer base.

Print Advertising

Healthy1 Pharmacy will invest in professionally designed print ads to display in programs or flyers at industry networking events, in magazines, direct mailers, and in local newspapers.

The pricing will be lower than competitors so customers feel they receive value when they choose Healthy1 products and services.

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

• Stephen Harris will be the Owner and Lead Pharmacist. He will oversee pharmacy technicians. Stephen has spent the past year recruiting the following staff:
• Emily Jackson – Store Manager who will oversee all retail operations, sales associates, supplier relations, and inventory management.
• Jessica Johnson – Staff Accountant/Bookkeeper who will provide budgeting, tax payments, and financial reporting.
• Tim Thompson – Marketing Director who will provide marketing and sales campaigns for Healthy1 Pharmacy.

Milestones:

Healthy1 Pharmacy will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the Healthy1 Pharmacy team.

10/1/2022 – Finalize contracts with suppliers.

10/15/2022 – Network at industry events and initiate the marketing and promotional campaign.

10/22/2022 – Begin moving into the Healthy1 Pharmacy storefront.

11/1/2022 – Healthy1 Pharmacy opens for business.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized for his commitment to excellence in filling prescriptions accurately and efficiently as well as his communication skills and positive rapport with customers.

Emily Jackson has been a store manager at another retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Financial Plan

Key revenue & costs.

The revenue drivers for Healthy1 Pharmacy are the fees charged to customers in exchange for the pharmacy’s products and services.

The cost drivers will be the overhead costs required in order to staff a pharmacy. The expenses will be the payroll cost, rent, utilities, inventory, supplies, and marketing materials.

Funding Requirements and Use of Funds

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its pharmacy business. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of prescriptions filled per month: 2,000
• Average fees collected each month: $50,000
• Retail lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, what is a pharmacy business plan.

A pharmacy business plan is a plan to start and/or grow your pharmacy  business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your pharmacy business plan using our Pharmacy Business Plan Template here .

What are the Main Types of Pharmacy Businesses?

There are a number of different kinds of self storage business , some examples include: Pharmacy, Home Care Pharmacy, Mail Order Pharmacy and Compounding Pharmacy.

How Do You Get Funding for Your Pharmacy Business Plan?

Pharmacy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Pharmacy Business?

Starting a pharmacy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Pharmacy Business Plan - The first step in starting a business is to create a detailed pharmacy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your pharmacy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your pharmacy business is in compliance with local laws.

3. Register Your Pharmacy Business - Once you have chosen a legal structure, the next step is to register your pharmacy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your pharmacy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Pharmacy Equipment & Supplies - In order to start your pharmacy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your pharmacy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful pharmacy business:

• How to Start a Pharmacy Business

Where Can I Get a Pharmacy Business Plan PDF?

You can download our free pharmacy business plan template PDF here . This is a sample pharmacy business plan template you can use in PDF format.

• Pharmacy Management

How to Start a Pharmacy: A Complete Guide

Last updated Dec 11, 2020 | Pharmacy Management

Starting any new business can be daunting and pharmacies come with their own unique learning curve. In a competitive market, pharmacists have to work hard to stand out from the crowd and scale their business successfully.

There are a lot of components to a good pharmacy, but it starts with creating a solid business plan and brand. To help you prepare, we’ve created a guide that walks you through how to start a pharmacy, from business plan to grand opening.  

Create a Business Plan

Before getting into the nuts and bolts of opening your pharmacy, it’s important to start with an overview of the business you want to build. A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth.

How to Start a Pharmacy Business Plan

A pharmacy business plan should contain the following:

Executive Summary

A high-level summary, highlighting the important points to give potential investors all the information they need on a single page. 

Description of Business 

Includes details like your:

• Pharmacy niche and branding
• Target market/audience
• Location and space
• Potential team members and titles
• Potential expenses

Description of Service(s)

What services do you plan to offer your target market? This section covers your future pharmacy’s sources of revenue, including potential prescription stock, retail products, or specialty and healthcare services.

Marketing Plan 

You need to have a good handle on the competition and a plan for promoting yourself. This section should contain an in-depth competitor analysis, ideas for marketing and sales strategies, and a SWOT analysis of your business .

Financial Plan 

Projected revenue, expenses, and major costs, such as lease timelines, mortgage payments, and estimated payroll go here. Also include any financing information and an exit strategy, if possible. 

To get you started, here is an excellent example of a pharmacy business plan , broken down by section in detail. 

Define Your Pharmacy Brand

A brand encapsulates your business and determines how customers will identify you, interact with you, and use your products or services. 

What Makes a Good Brand?

Many people think of a brand as the visuals, the logo, and color schemes you see on any website or business card. But there’s a lot more to it.

Key factors of a brand include:

Mission and Vision Statements

A mission statement defines your purpose and values as a company, spelling out what you do, how, and why. Your vision statement breaks down future goals for your business and how you will act on your mission.

Value Proposition

In order to stand out in the market, you need to identify your unique value as a business and define it in a value proposition statement . This could be anything from location (“the only pharmacy in town”) or background (“family-run pharmacy”), to competitive pricing, standout customer service, or specialized services.

Naming and Trademarking

Choosing a name can be difficult, and you want it to be easy to remember and tell people who you are and what the business is about. If you pick a unique name or want to make sure no one else can use it, consider applying for a trademark before you open.

Visual Identity

The face of your brand, visual identity covers your logo, brand color palette, typography, images, graphics, and other elements businesses use to market and promote themselves.

Set up Your Website

Now you have branding in place, it’s time to introduce your business to potential patients online. Every successful pharmacy business owner should have a website and social media accounts that patients can visit to access location and service information. 

Getting Your Domain and Social Handles

The first step to setting up your pharmacy website is buying a domain name. Make sure that your ideal domain name is available by plugging it into a domain search database, such as Instant Domain Search .

Social media accounts can boost your position in search engine results and help draw visitors to your site. Set up profiles on Twitter and Instagram and a Facebook Business Page with user names that are as close to your business name as possible. 

Pharmacy Website Basics

If you plan to offer digital tools and services or collect patients’ health information, make sure that your pharmacy website is HIPAA-compliant .

A successful pharmacy website should contain your: 

• Brand identity
• Location and contact information
• Introduction to products, services, and staff
• Links to social media accounts

For more tips on marketing your pharmacy business online, check out our latest ebook .

Pick a Pharmacy Location

Before you start scouting, it’s a good idea to ask yourself a few questions about your area of choice:

• How many other pharmacies are there?
• What services do nearby pharmacies offer and are they direct competitors with you?
• Is the prescription base big enough for everyone?

Assessing the level of competition in your ideal locations can help you narrow things down and assess potential opportunities. 

What Makes a Good Business Site

Real estate agents say it’s all about “location, location, location,” but what does that mean for a pharmacy business? Here are a few factors to consider when searching for a pharmacy site :

Accessibility 

The amount of daily foot and car traffic, visibility from the road, convenience of parking, entrances, and exits, and whether the site has room for a drive-thru or curbside pickup.

Is there room enough to operate and grow? Think about how many locations you want and the services, stock, and staff you’ll need to maintain. 

Previous tenants 

If there were other pharmacies in the same space, try to figure out what made them leave or close. It could mean there’s an active customer base or it could be a warning sign. 

Other business sources 

Look for sites located near complementary businesses, like doctor’s offices or other medical facilities which help guarantee good foot traffic and offer opportunities for future collaboration. 

Determine Your Financials

Your business plan should include an estimate of startup and working costs for your pharmacy , as well as the types of funding you plan to pursue. Determining your pharmacy’s financial needs will help prepare you for applying for loans or approaching potential investors. 

Here are some of the costs you should keep in mind:

Build-out costs: Includes mortgage down payment, construction, renovation, fixtures, and interior design.

Inventory: Covers your initial stock of prescription and OTC drugs and other retail or healthcare products. 

Operating expenses: Calculate how much you’ll need to cover day-to-day expenses for at least 6 months after you open to allow time for the pharmacy to make a profit.

Once you have funding in place, keep track of current and future costs with a pharmacy income statement , which calculates your:

• Sale deductions
• Cost of goods sold (COGS)
• Gross profit
• Net profit and profit margins
• Operating expenses

Get Your Licenses in Order

All new businesses require paperwork and that’s doubly true of pharmacies, which tend to be heavily regulated. Get started by registering as a business entity in your state , requesting your federal Employer Identification Number (EIN) , and opening your first business bank account . 

After you complete the business basics, check for state and federal pharmacy operating licensing requirements and permits , which will vary by location. 

Typical requirements include:

• State pharmacy license or permit
• Controlled substance registration
• National Council for Prescription Drug Programs (NABP/NCPDP) number
• Drug Enforcement Agency (DEA) number
• National Provider Identifier (NPI) number

Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well. 

Prep for Opening

You’re nearly ready to open for business, but before you do, there are some important last-minute details you’ll need to oversee. 

Investing in Digital Tools

To simplify operations, start off strong by streamlining your workflow and offering patients a multichannel digital experience. Install a pharmacy management system (PMS) to keep you running efficiently and an interactive voice response (IVR) solution to manage inbound calls. Digital communications software can offer secure messaging and help you identify clinical opportunities.

Contact us today for a free demo of our IVR solution. 

Inventory Ordering

Look for wholesalers you can develop long-term relationships with , not just ones that offer lower costs. Try and ask for sample orders of prescription and OTC medications initially to keep costs down and tide you over while your pharmacy grows.

Front of Store Flow and Design

Think about what you want patients to see when they walk through your door. Consider the overall store layout and how best to position products, staff, and counters. Generous aisle spacing and clear paths to checkout lines can make a big difference to traffic flow and revenue . 

Online and Offline Advertising 

Try to position signage towards high-traffic areas so people will see it as they drive by and contact local publications for a new business interview. If you haven’t already, start working on a digital marketing strategy , leveraging social media channels and paid ads to generate interest in your brand opening and attract visitors to your website. 

Last but not least, don’t forget to celebrate your new achievement! Throw a party for yourself and your staff to kick off this new phase of your life. 

More Pharmacy Management Resources

For more about running a successful pharmacy, check out our resources for pharmacy management . 

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In an age where technology is advancing at an exponential rate, it’s no surprise that traditional methods of communication are gradually being phased out. One such example is the shift away from copper wire landline services, a move that has been gaining momentum across various regions in the United States. This transition signifies a significant shift towards a more modern and efficient telecommunications infrastructure, but as with any change, is sure to be accompanied by some challenges as well. Today we will explore what you need to know about the shift away from copper lines and how to minimize any potential interruptions in your pharmacy.

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Home » A Step-by-Step Guide to Starting an Online Pharmacy

A Step-by-Step Guide to Starting an Online Pharmacy

• Jun 07, 2023

The healthcare industry has seen significant growth in the online space, including the rise of online pharmacies. Starting an online pharmacy can be a rewarding and lucrative business venture, providing convenience and accessibility to customers. However, it requires careful planning, compliance with regulations, and attention to customer trust and safety. This article presents a step-by-step guide to help you navigate the process of starting your own online pharmacy.

Research and Planning:

Begin by conducting thorough research on the legal and regulatory requirements for operating an online pharmacy in your target market. Understand the licensing and certification needed to dispense medications online. Develop a comprehensive business plan that outlines your vision, target market, competitive landscape, and financial projections.

Legal and Regulatory Compliance:

Comply with all relevant laws and regulations governing online pharmacies. Obtain the necessary licenses, permits, and certifications required by your jurisdiction. Familiarize yourself with regulations related to privacy, data protection, prescription fulfilment, and controlled substances, ensuring strict adherence to them.

Establish Supplier Relationships:

Identify reputable pharmaceutical wholesalers, manufacturers, and distributors to source your products. Ensure they are authorized and comply with regulatory standards. Build strong relationships with suppliers to maintain a consistent supply of quality medications for your online pharmacy.

Website Development and Design:

Invest in a professional and user-friendly website that instils trust and confidence in your customers. Ensure that the website is secure, easily navigable, and responsive across various devices. Incorporate intuitive search functionality , informative product descriptions, and convenient ordering and payment options.

Secure Prescription Verification and Fulfillment:

Implement a robust prescription verification process to ensure the legitimacy and validity of prescriptions. Adhere to regulations regarding the verification and fulfilment of prescription medications. Collaborate with licensed pharmacists who can review and process prescriptions in compliance with applicable laws.

Develop a Comprehensive Inventory Management System:

Implement a robust inventory management system to track stock levels, expiry dates, and product availability. This system should integrate with your website to provide accurate information to customers regarding product availability and delivery timelines.

Prioritize Customer Safety and Privacy:

Establish strict protocols to protect customer data, ensuring compliance with data protection regulations. Invest in secure and encrypted systems to safeguard customer information. Implement robust measures to prevent counterfeit medications, and provide accurate information about product safety, usage, and potential side effects.

Focus on Customer Service and Support:

Provide exceptional customer service to build trust and loyalty. Offer multiple channels for customer support, including phone, email, and live chat. Respond promptly to inquiries and provide accurate information about medications, dosage, and potential interactions.

Marketing and Promotion:

Develop a comprehensive marketing strategy to promote your online pharmacy. Utilize digital marketing techniques, such as search engine optimization (SEO), content marketing, social media advertising, and paid search campaigns. Leverage partnerships with healthcare professionals, influencers, and relevant organizations to increase visibility and credibility.

Continuous Improvement and Adaptation:

Stay updated with industry trends, technological advancements, and regulatory changes. Continuously assess and improve your online pharmacy’s operations, customer experience , and security measures. Seek feedback from customers and adapt your services to meet their evolving needs.

Conclusion:

Starting an online pharmacy requires careful planning, adherence to regulations, and a commitment to customer safety and satisfaction. By following this step-by-step guide, you can navigate the complexities of the industry and establish a successful online pharmacy. Remember to prioritize compliance, build trust with customers, and provide exceptional service to differentiate yourself in the competitive online pharmacy market.

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Pharmacy Business Plan

Many pharmacists dream of opening their pharmacies. But more often than not, the collection of funds and resources becomes an overwhelming and off-putting process.

But it doesn’t need to be. A pharmacy business plan can help you at every step of setting up your pharmacy business.

If you are planning to start a new pharmacy business, the first thing you will need is a business plan. Use our sample Pharmacy Business Plan created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing a business plan, spend as much time as you can reading through some samples of medical and health-related business plans .

Industry Overview

The pharmaceutical industry stood at a market value of 1.27 trillion dollars in 2020 and has shown remarkable growth in the past two decades.

The advancement of research and development in the medical field has played a significant role in the growth of the pharmaceutical industry. Also, better production and distribution have changed the way people get medicines.

From online pharmacies to home deliveries, the face of the pharmacy industry has changed and become more convenient.

Also, with the growth of access to information, it has become more competitive too. But if done the right way, the pharmacy business is an extremely profitable one as well.

Say goodbye to boring templates

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Plans starting from $7/month

Things to Consider Before Writing a Pharmacy Store Business Plan

Check your legal requirements.

A pharmacy business requires a fair amount of licenses and permits. It is good to have a checklist of all the required licenses and to see if you have to get any of them.

Research what permits your state requires as well as the ones mandatory for everyone. It helps you stay on the good side of the law.

Pick a good location

A pharmacy setup requires a fixed minimum area. Also, a pharmacy that is easily accessible is more likely to succeed than one which is unreachable during emergencies. Hence, picking a good location is important .

Also, you can pick between starting a physical store or going online. Both business structures would have their pros and cons. You should pick the one that is the best for you.

Have a proper storage facility

Different medicines and formulas have different storage requirements. You’ll keep most of them in cool and dry places though. Bad storage can cost a pharmacy business dearly, even if you do everything else right.

Hence, it is important to have a good and ideal storage facility before you get started.

Check if your staff has the proper technical knowledge

You need technical knowledge and attention to detail to fare well as a pharmacist and so does your staff. As dealing with medicines is quite a critical job and can have consequences if not done right, it is important to find staff who know what they are doing and are well-trained and up to the job.

After you figure out some of the technical requirements, it is essential to figure out the business side of running a pharmacy. Planning, in the beginning, can save you from a lot of trouble later on.

Chalking Out Your Business Plan

A business plan helps you stay prepared for challenges, make better decisions, and formulate better business strategies. A pharmacy business takes a fair amount of legal procedures and competitive strategies, a pharmacy business plan can help you with that.

Reading some sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample pharmacy business plan for you to get a good idea about how perfect a pharmacy business plan should look and what details you will need to include in your stunning business plan.

Pharmacy Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

• Keys to Success
• Business Ownership
• Summary Chart
• Business Model Description
• Mail order customers
• Walk-in customers
• Target Market Analysis
• Target Market Segment Strategy
• Competitive Edge
• Marketing Strategy
• Sales Forecast
• Development Requirements
• Personnel Plan
• Important Assumptions
• Break-even Analysis
• Projected Profit and Loss
• Projected Cash Flow
• Balance Sheet

Let’s understand how you can write each section of the pharmacy business plan.

1. Executive Summary

The executive summary section forms the first page of your business plan. It summarises all that your business stands for.

The executive summary section consists of the following subsegments:

• Objectives : This segment consists of the reason you started your business in the first place. What is your idea behind it and what problem do you plan on solving with it?
• Mission : Your mission statement should reflect how your pharmacy business can help people, apart from providing them with medicines. It reflects how your idea can deal with a problem more optimally.
• Financial Summary : This section would consist of the funding requirements of your business, and how the said funds would be put to use. It serves the main purpose of the executive summary, which is to get your business funded.

As a pharmacy business, your executive summary would consist of the type and size of your pharmacy business, your team, your qualifications and licenses, and a summary of your financial plan.

2. Products and Services

This section consists of a description of all the products and services your pharmacy offers.

For example, apart from your general products, this section can also consist of services your pharmacy offers like home delivery of medicines, subscription packages, online orders, etc.

3. Market Analysis

Market analysis helps you understand what you are getting yourself into. It also helps you make sense of all the research you have done and how you can put it to use for your business.

It consists of the following subsegments:

• Market Segmentation : Through market segmentation, you separate your target audience from the rest of the market based on their age, gender, income, occupation, medical conditions, etc.
• Market Positioning : In this segment, you can add an analysis of where you stand in the current market. And what would be the best marketing strategy for you as per your position?
• Target Market Analysis : In this section, you’ll write down an analysis of your target market, and their tastes and preferences.

As a pharmacy business, you can list down the type of pharmacy you own, your target customer base, the kind of services they like, the location they’ll prefer, and how they buy their medical supplies.

4. Strategy And Implementation

After you carry out market analysis, the next step would be to create a marketing strategy based on the same. This section helps you promote your business to your target audience.

This section consists of the following subsegments:

• Competitive Edge : Include your competitive advantage in this section. Include how your product is better than your competitor’s and how you’ll use that to your advantage.
• Marketing Strategy : Your marketing strategy should speak to your target audience. Your campaign should show your customers how your business solves a pressing problem.
• Sales Strategy : A sales strategy should be formulated after surveying what works best for your specific industry.

As a pharmacy business, you can center your marketing around safe products, better service, and availability. According to various surveys, KAM, clinical sales force, and service rep model are three of the most successful strategies for pharmacies.

5. Web Plan

With everything going online, a website strategy is of utmost importance. With online pharmacies like mail, my prescriptions, and Amazon pharmacy coming up, having an online presence is crucial to being seen by your consumers.

Moreover, an eCommerce website can also serve as a good alternative if you don’t want to go through the hassle of owning a physical store.

Nonetheless, building your online presence can help you in getting noticed. It is also a good method of promoting your brand idea.

6. Financial Plan

This section would consist of everything about your company’s finances. From your financial history to your projected profits, your financial plan would cover it all.

A good financial plan helps your business survive and thrive.

This segment consists of the following subsegments:

• Financial Resources : This segment would consist of the investment you can put in your business, as well as other resources for meeting your funding requirements.
• Funding Requirements : This would consist of the funding requirements to set up your pharmacy and keep it going.
• Projected Cash Flow and Profits : This section would consist of your business’s expected cash flow and profits in the long term.

Download a sample pharmacy business plan

Need help writing your business plan from scratch? Here you go;  download our free pharmacy business plan pdf  to start.

It’s a modern business plan template specifically designed for your pharmacy business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

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Pharmacy Business Plan Summary

In conclusion, though a pharmacy business might take a lot of work, you can make running your business a lot easier and smoother with a business plan.

A business plan helps you stay organized and updated as per market trends and changing environment of the industry.

After getting started with Upmetrics , you can copy this sample pharmacy business plan template into your business plan and modify the required information and download your pharmacy business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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How To Start Online Pharmacy Store | E-pharmacy Business Plan

Is it annoying to stand in a long line at a conventional pharmacy to buy a few medications?

Besides the fact that it is time-consuming and boring, it leads to customer dissatisfaction when the medicine is low in stock. 

Herein lies the opportunity of online pharmacies. Online pharmacy store aka distance-selling pharmacy is the need of the hour which is one of the most unexplored businesses to date.

Setting up an online pharmacy store not only helps you to expand your business horizons and impact sales positively. It also gives you an immense sense of satisfaction to help people lead a better and healthier life. The main idea behind the e-pharmacy business plan revolves around offering a wide range of medicines and OTC drugs, delivering the purchased items on time to patients, and helping them improvise their current lifestyle with more convenience.

This blog post focuses on how to open an online pharmacy, what are the key essentials needed and other supporting factors needed to embrace this change from conventional to digitized store. So, let’s deep dive to understand the various aspects and facts.

Why E-Commerce Pharmacy or E-Pharmacy?

Online shopping of electronics, groceries, food and jewelry is already hyped and with COVID -19 hitting the world so hard, it has become a necessity for many. Consumers are in constant fear of getting infected with the virus which gives a boom to the eCommerce pharmacy.

As per the  latest report , the global online pharmacy market revenue is expected to grow at a CAGR of 20% from 2019 to 2025. Starting an online pharmacy is a great way to help consumers maintain social distancing by supplying them with prescribed medicines at their doorstep.

Setting up an online pharmacy is the need of the hour. It will not only impact positively on your revenue, but also boost your business to a great extent.

Online Pharmacy Business – Bridging The Gap In Global Healthcare

Online pharmacy business plans will benefit the consumer in manifold ways. So, if you’re thinking about how to start an online medical business, the below advantages will surely clear the air in your mind.

• Online pharmacy acts as a convenient medium especially for old age people, working professionals, and the physically challenged due to unavailability to visit the medical shop.
• The e-pharmacy business plan saves you ample time and effort.
• e-pharmacy is quite cost-efficient since no third party is involved as medicines come directly from manufacturers.
• Easy and secured payment through digital cash (debit card, credit card, and more)
• A systematic record of all transactions available during tax calculations.
• Since e-pharmacy has an extensive range of choices compared to traditional ones, it offers a huge variety of options to choose from.
• Contactless doorstep delivery is the biggest support in the times of COVID-19.

Did You Know That More Than $370 Million Is Spent On Prescription Drugs Each Year In The World?

Yes, it’s correct. And most importantly, an online pharmacy business plan does not need a well-qualified doctor or a registered pharmacist. They need employees to deliver medicines on platforms which is again creating an employment opportunity. 

Pharmacy Business Model – How To Start An Online Medical Business

Thinking about how to open an online pharmacy? Before getting into website development, it’s important to understand all the e-pharmacy business models to choose the best for you.

1. Individual store

In this setup, the customers can upload the description shared by the doctor and can place the orders online. The retailers further check the availability of the medicine and deliver it to the customers. The delivery is contactless and can have multiple payment modes i.e Cash on Delivery, Debit/Credit cards, or through another digital medium.

2. Direct to consumer

In this model, the pharmacist manufactures the medicines itself and sells the products directly through its own channel. 

So, when a customer requests for the product, the manufacturer checks out whether the medicine is in their manufacturing stock or not. If yes, they deliver the drugs and collect the payment.

How To Set Up An Online Pharmacy business?

Below are the simple steps to get started with your online pharmacy.

1. Select The Appropriate Platform To Use

One of the basic steps to set up your online pharmacy is to choose a development platform that befits your requirements. Today, innumerable eCommerce platforms are available to start an online business be it a standalone or an aggregator. Platforms like Magento, PrestaShop, Shopify are a few of the leading and successful platforms to create an online store.

You can even build an online pharmacy based on the Laravel platform for quick development and easy customization. If you choose Laravel, you can boost the development speed by 80%.

2. Web Hosting

Web hosting is one of the most important steps to let your eCommerce pharmacy site get access to the entire world. 

If your website is huge, dedicated web hosting is the most viable option to choose since the eCommerce website consumes a large amount of disk space and bandwidth. If you choose shared hosting, the web traffic may slow down the loading speed of the website which is why it is recommended to choose dedicated hosting for a larger website.

3. Create A Customer Support

Customer service is an integral part of your business since it adds value and aids your customer with quick responses. As the technology reshapes the conventional mode of business, adding AI and Chat bots as a part of the customer service will not only increase your customer satisfaction but will reduce manual intervention and thus provide quick responses. Implementing AI will reduce human intervention to a great extent. This saved time can be used to uplift business sales.

Starting An Online Pharmacy – Basic Features & Functionalities

An online pharmacy, at the end of the day, is a commercial enterprise. That means it must have all the features that are common to the business.

The following features are the ones that are unique to online pharmacies.

• Display clearly your must-have certifications Firstly, you must build trust about your legitimacy. On your website, display all affiliations and licenses clearly so that first-time visitors can easily find them. For online pharmacies it’s important to build trust
• Show complete product information Display as much information as is required and advisable. Customers, present and potential, should be able to spot products easily. Highlight all that information that is statutorily required as well as information you, as a pharmacist, believes should be shared with consumers of medical formulations.
• Carry a customer credentials section Customers base many decisions on genuine reviews. Place the reviews so newcomers can check out what kind of service you are offering. Just as anywhere else, online pharmacies too benefit from positive customer feedback
• Instill trust by safe payment features Customers must feel completely safe when they may payments. Show prominently how your payment gateway is superior in terms of ease and safety.
• Consider having an app An online store can be wonderfully complemented by an app. Customers will find an app a lot easier to buy from. At some stage you’ll want an app, so why not earlier than later?
• Highlight events Part promotional, part social responsibility. You can have a section or run a banner dedicated to health-related events or articles. This can include schedules of vaccinations, notifications of flu in a particular area and so on. Online pharmacies are a good platform to advertise products
• Respect privacy Your customers buy online because they want convenience. A number of them also seek privacy while buying from you. Make sure your systems are geared towards ensuring the privacy of your customers. This is not only ethically appropriate, but also legally required. Customer privacy is both important and legally required
• Act responsibly and ethically Respect the law of the land. Take every reasonable precaution that you’d take if you were a physical store.
• Offer to stay connected An online pharmacy can offer newsletters for better engagements. In return, it will connect email addresses to build a mailing list. Build a mailing list by offering newsletters

Now that you’ve understood the prerequisites and the features of an online pharmacy, it’s time for a step-by-step guide for building an online pharmacy. This guide will help you understand the steps, and the sequence required when you are setting up an online pharmacy.

1. Understand the Laws Governing Online Pharmacies

Owing to all these complexities, various countries already have in place laws and guidelines intended to regulate the sales of pharmaceutical products. However, they are almost exclusively focused on physical stores and not on online pharmacies. Hence, there are many grey areas in the laws of some countries. This makes setting up and running an online pharmacy a challenge.

With all this in mind, let’s take a look at the general laws governing online pharmacy stores.

• There must be a registered, licensed pharmacist at the head.
• The pharmacist’s license must be valid in the territory from which online pharmacy sells and the territory to which the medicines are dispatched.
• A registered, licensed pharmacist must be in charge and oversee operations, including verifying prescriptions, storing requirements and approving of the purchase.

• Depending upon the country you operate in, the local drug regulating agency (e.g. the FDA in the USA) may have put up a list of restricted items that cannot be sold without an in-person examination.
• The online pharmacy store must exercise the same caution as a physical store while selling prescription drugs to refrain from charges of malpractices or extreme negligence.
• In all likelihood, your premises will have to be approved of by the local statutory body before you make the first sale.

2. Select and Secure Your Brand Name and the Domain Name

This is one thing you’ll want to do as early as you can. If you’ve selected a proprietary or a partnership structure for your business, you’ll need to separately register your brand name (for LLC and incorporated firms, this happens by default when you register your business). What’s important is whether a domain name is available with the desired extension; most likely you’ll want a dot com.

3. Decide the Structure of Your Business and Get Licenses

If you are a registered pharmacist, great! If you aren’t, you’ll need to bring in one. The pharmacist may be a paid employee, a business partner or a board member. Check out the laws prevalent laws in the country you will be operating from, to see if there are any restrictions regarding this.

Next, you’ll be fixing the legal structure of your business of your online pharmacy store. You may structure your business as a single-owner proprietor, a partnership firm, an LLC or an incorporated organization. The complexity of the paperwork varies from country to country. Depending on the structure you choose and the laws of the country you plan to operate out of, you may be able to handle the application process yourself or may need the help of an agency.

Being a sole-proprietor is not considered a safe way of doing business because all the liabilities of the business also become the personal liability of the proprietor. An LLC or an incorporated company, on the other hand, acknowledges that the board members and the company are two distinct entities. That means the liabilities of the company are not considered to be the personal liabilities of the business promoters.

Finally, go through the process of getting appropriate permits and licenses. You’ll be required to satisfy most requirements that exist for pharmacies with the physical presence. Additionally, the licensing authority will want to ascertain you have established the right checks and balance for verifying the authenticity of prescriptions.

4. Choose the Right Platform for Online Pharmacy Store

Once you have understood the regulations, it’s time to better grasp the features various technology platforms offer.

Broadly, there are two types of technology platforms for eCommerce: Open source and Hosted (Closed source) platforms. Here is a brief comparison of the two. (For a detailed comparison between Magento and Shopify you may want to refer to our post-Magento vs Shopify: What should you choose?)

Open source

• Most versions are free of cost or freemium.
• Great flexibility available
• You take care of the domain registration and hosting
• Customer support not available for the free of cost models
• Shopping carts are not always included
• Strong independent community of users and developers can help you in countless ways
• Examples include Magento , X-Cart, Drupal, and OpenCart

5. Identify Suppliers and Delivery Partners

Since your online pharmacy store will sell sensitive products – medicated formulations, health supplements, OTC drugs – it’s extremely critical you select your suppliers and other partners responsibly.

Logistics is critical to an online pharmacy’s success

There is always a huge risk that your supplier may supply you poor quality substitutes, spurious drugs, drugs not stored as per required instructions, drugs manufactured by manufacturers with poor quality control or drugs that are well past their expiry date. It is strongly recommended you take a lot of care and invest a lot of efforts in identifying only recognized and reliable suppliers. For bulk quantities, you may be able to strike a good deal with the manufacturers themselves.

If your business model is one where local pharmacy stores will directly supply the drugs to customers based on your instructions, you need to be sure they will be following the standard operating guidelines expected. Drugs and medical formulations being highly perishable items, your delivery partners must follow best practices in a storage of products.

6. Establish the Workflow and Systems for Your Online Pharmacy Store

One challenge that online pharmacies need to overcome is the way they will handle a prescription and verify its authenticity. For instance, in the USA the National Association of Boards of Pharmacy has come up with a program called Verified Internet Pharmacy Practice Sites. It approves of, among other things, authentication and security procedures, and quality assurance policies. If you’re in the US, you’ll want to have this certification. Outside of the US, you’ll need to do a little homework to find how you will be able to authenticate various processes.

While dispensing out medicines, you’ll need a strong system in place to make sure there are no errors. You can consider products for pharmacy automation: they increase efficiency and let your team more time to focus on promotional or customer-centered activities or on the CRM. For instance, you can use automated dispensing machines, like the ones offered by Scritpro, Kirby Lester or Parata.

Another important component in your workflow is counter-checks. Are your technicians checking all the information regarding the drug before preparing it for dispatch? You can build this small check inside your pharmacy software. For instance, you have a list of checkboxes that your technician must check individually, to show all steps are being followed. Alternatively, you can keep certain features in the off mode as the default stage. As the technician follows each of the steps, these features get ‘unlocked’. This way you know nothing has been omitted. Of course, the chief pharmacist may have the master access to skip some steps that the technician has already checked and/or are not vital.

Finally, you’ll need to establish proper systems for storing and returning drugs that have passed their expiry date. Make sure you comply with all regulations and follow the right procedures.

Setting Up An Online Pharmacy – Cost Factors To Evaluate!

The next obvious question in your mind is: How much does it cost to build an online pharmacy store?

Just like any other website, the cost of starting an online pharmacy depends on innumerable factors. Some of the major factors are as below:

1. Development platform: Web, mobile or both

2. Website design and admin panel

3. Features and functionalities.

4. Customization and integration with third-party tools and API.

5. Tech stack – Native or cross-platform 

6. Hiring dedicated developers or Development team ( designer, developer, Project manager, QA)

7. Implementation of advanced technologies like AI, Machine learning, VR, and more.

8. The location of the online pharmacy store developer also matters. For eg: If the developers are in the USA, they charge more than Indian developers.

But, How Much Building A Website For An Online Pharmacy Business Would Cost?

To give you an estimated figure, the minimum cost to build an online pharmacy website should be between $10,000-$50,000 with basic features and functionalities. The exact quote shall be given once the exact requirement is known.

Setting up an online pharmacy store is not that difficult if provided with the right information and planning that can help you through the eCommerce store design and development. We have been specializing in online pharmacy website development  for a long time and we simply love helping people!  Get in touch  and find out how we can help you!

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Related business ideas, discover your perfect domain, online pharmacy mini business plan, business idea: online pharmacy, expected percent margin:, earnings expectations:, actions to hit those numbers:, inventory management:, marketing and customer acquisition:, sales and customer experience:, compliance and licensing:, cost control:, business operations:, not what you had in mind here are more ideas, grab your business website name, step 1: determine if starting an online pharmacy is right for you, breakdown of startup expenses, breakdown of ongoing expenses, examples of ways to make money, step 2: name the business, step 3: obtain licenses and permits, applying for licenses and permits, cost of licenses and permits, renewal of licenses and permits, step 4: develop a business plan, research the market, develop a marketing plan, create a website, develop an inventory system, develop a customer service plan, develop a security plan, step 5: secure financing, considerations, step 6: choose a business structure, step 7: create an online presence, advertising, customer service, step 8: purchase inventory, considerations for purchasing inventory, researching suppliers, finalizing the purchase, step 9: market your business, creating a brand, tracking your results, growing your business, explore more categories, take the next steps.

Business Plan Template for Pharmaceutical Companies

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Securing funding and navigating the highly regulated pharmaceutical industry can be a daunting task for any company. But with ClickUp's Business Plan Template for Pharmaceutical Companies, you can streamline the process and increase your chances of success!

Our template provides you with all the essential elements you need to create a comprehensive and compelling business plan, including:

• Strategic goals to guide your company's growth and development
• Financial projections to showcase the potential profitability of your products and services
• Market analysis to identify key trends, competitors, and target markets
• Operational plans to outline your manufacturing, distribution, and regulatory strategies

Don't miss out on the opportunity to attract investors and secure funding for your pharmaceutical company. Get started with ClickUp's Business Plan Template today and take your business to new heights!

Business Plan Template for Pharmaceutical Companies Benefits

A business plan template designed specifically for pharmaceutical companies offers a range of benefits, including:

• Streamlining the process of creating a comprehensive business plan, saving time and effort
• Providing a clear structure and framework for organizing key information and data
• Ensuring all critical components of a pharmaceutical business plan are included, such as market analysis, competitive analysis, and regulatory compliance
• Presenting a professional and polished document that is attractive to investors and lenders
• Helping pharmaceutical companies articulate their unique value proposition and competitive advantage in the market
• Guiding strategic decision-making and long-term planning for growth and success in the industry.

Main Elements of Pharmaceutical Companies Business Plan Template

ClickUp's Business Plan Template for Pharmaceutical Companies provides a comprehensive solution for creating and managing your pharmaceutical business plan. Here are the main elements of this template:

• Custom Statuses: Keep track of the progress of each section of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Add important details to your business plan, such as Reference, Approved, and Section, to ensure accurate documentation and easy reference.
• Custom Views: Access different views, including Topics, Status, Timeline, Business Plan, and Getting Started Guide, to organize and visualize your business plan from different perspectives.
• Collaboration Tools: Utilize ClickUp's collaboration features like comments, mentions, and task assignments to collaborate effectively with your team members and stakeholders.
• Document Management: Store and manage all relevant documents related to your business plan using ClickUp Docs, ensuring easy access and version control.

How To Use Business Plan Template for Pharmaceutical Companies

If you're in the pharmaceutical industry and need to create a business plan, the Business Plan Template for Pharmaceutical Companies in ClickUp can help you get started. Follow these five steps to develop a comprehensive plan for your company's success:

1. Company Overview

Begin by providing a clear and concise overview of your pharmaceutical company. Include details such as your mission statement, vision, values, and a brief history of your organization. Highlight your unique selling proposition and explain how your company stands out in the competitive pharmaceutical market.

Use the Docs feature in ClickUp to write a compelling company overview with all the necessary information.

2. Market Analysis

Conduct a thorough analysis of the pharmaceutical market to identify trends, opportunities, and potential challenges. Research your target audience, competitors, and industry regulations. Provide insights into market size, growth projections, and key market segments that you plan to target.

Utilize the Table view in ClickUp to organize and analyze your market research data effectively.

3. Product Portfolio

Outline your product portfolio and describe the pharmaceutical products or services you offer. Highlight their unique features, benefits, and potential impact on patients' lives. Discuss your research and development efforts, clinical trials, and any patents or intellectual property you have.

Create tasks in ClickUp to track your product development milestones and progress.

4. Marketing and Sales Strategy

Detail your marketing and sales strategies to reach your target audience and generate revenue. Identify your target market segments and outline your marketing channels, such as digital advertising, trade shows, or partnerships with healthcare providers. Define your pricing strategy, distribution channels, and sales forecasting.

Use the Gantt chart feature in ClickUp to visualize and track your marketing and sales activities over time.

5. Financial Projections

Provide financial projections that demonstrate the profitability and sustainability of your pharmaceutical company. Include a comprehensive analysis of your revenue streams, costs, and projected financial statements such as income statements, balance sheets, and cash flow statements. Consider factors such as research and development costs, manufacturing expenses, and pricing strategies.

Utilize the Dashboards feature in ClickUp to create visual representations of your financial data and track your progress towards financial goals.

By using the Business Plan Template for Pharmaceutical Companies in ClickUp and following these steps, you can create a comprehensive business plan that sets your pharmaceutical company up for success in the competitive industry.

Get Started with ClickUp’s Business Plan Template for Pharmaceutical Companies

Pharmaceutical companies can use the Business Plan Template for Pharmaceutical Companies in ClickUp to effectively outline their strategic goals and financial projections, as well as navigate the complex and highly regulated pharmaceutical industry.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to organize different sections of your business plan, such as market analysis, product development, and financial projections
• The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do
• The Timeline View will allow you to set deadlines and milestones for each section of your business plan
• The Business Plan View provides a holistic overview of your entire plan, allowing you to easily navigate and make updates
• The Getting Started Guide View will provide step-by-step instructions on how to use the template and create an effective business plan
• Utilize custom fields like Reference, Approved, and Section to add additional information and categorize different sections of your plan
• Collaborate with team members to gather input, feedback, and revisions to ensure a comprehensive and well-rounded business plan
• Monitor and analyze the progress of each section to ensure your business plan is on track and meets the needs of investors and stakeholders.
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How To Start Online Pharmacy in the USA – Get A Glimpse On the Future Of Medication

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The United States contributes 18% of its GDP to healthcare which is certainly higher than any other country. With that being said,

The online pharmacy market in the U.S. is said to grow at a CAGR of approximately 19% from 2020-2026 expected to cross $145.8 billion.

The reason for this significant rise is the new market shift towards the direct-to-patient model. The consumer-friendliness, ease of operation, and familiarity have pushed many people towards using virtual care and wellness alternatives.

Because we know when you are aiding an illness or providing treatment, refilling prescriptions, and providing new prescriptions can lead to stress.

So, in this blog, we will share a detailed guide on how to start an online pharmacy in the USA and how we can help you achieve your vision with our healthcare IT expertise. 

What is an online pharmacy? How does it operate?

To understand the operational quotient of an online pharmacy, we need to know what exactly an online pharmacy is.

In layman’s terms, an online pharmacy offers prescriptions via the internet and allows consumers to speak with a pharmacist either online or over the phone rather than visiting them locally.

More than 50% of people in the US fail to take their prescribed medications. Online pharmacy business attempts to offer various ways to provide medical advice and access information.

We are always on the lookout to bring you the easiest solutions. When you are a pharmacist looking to start an online pharmacy in the USA , we ensure that you thoroughly understand the whole process with ease.

Online pharmacies operate on a multi-tiered process where the process begins the moment a physician diagnoses a patient with an illness and prescribes medicine.

Here is how online pharmacy works:

• When you have your pharmacy app integrated with the Pharmacy Management System, the e-prescription is directly uploaded to your PMS.
• That is when you come into the scenario. Once the prescription is uploaded, it will be reviewed by the pharmacy. Moving forward will be cross-verification of the prescription with the patient’s history.
• This is the part where efficient integration plays an important role. To successfully execute this part, your online pharmacy platform requires access to the patient’s medical data.
• Once the prescription gets authenticated, the procurement of drugs comes into action. PMS plays an important role here. Through this system integration, your inventory and stocks remain updated, and the use of AI and ML in PMS assists in drug monitoring.
• The final step left is the medicine and pharmacists license verification and final transportation.
• The whole process might seem lengthy, but with the help of the web/app platform, it gets executed in minutes.

Ask yourself the right question. Why should you start online pharmacy?

In recent years, online pharmacy has seen a significant rise. As I said earlier, it is a multi-billion dollar industry set to grow to 145.8 billion US dollars by 2026.

The medication segment in the US healthcare accounted for almost 76% of the pharmacy market shares.

Due to the substantial increase in the ease of use and convenience of online pharmacy platforms, people are substantially opting to acquire medicine and long-term medicine refills with them.

“In the dire times of the pandemic, an online pharmacy delivery app is the best way to help consumers and maintain social distance while supplying them with prescription medications.”

Reasons to start online pharmacy:

• The customer is simply asked to fill out contact info, a prescription from a doctor, any insurance information, and finally pay after the procedure. This user-friendly process can draw more medication-specific clients. Developing the finest online buying system for pharmaceuticals.
• It is convenient for customers to manage their medication when the online pharmacy manages a well-organized delivery system with timely delivery. Delivery route optimization, order fulfillment, and real-time tracking give you an edge when it comes to serving customers efficiently. Hence, growth in your online pharmacy business.
• Your online pharmacy can provide access to various types of medicines to a big chunk of the population. And when consumers experience the ease of access , as they don’t have to go from shop to shop in search of a particular medication, out-of-stock medication is updated, purchasing prescription meds from their couches. And get information about medications, substitutes, pharmacist availability 24×7, and review by clinical experts. A perfect marketplace for you is automatically created.
• For you as an online pharmacy, it is easy to manage and consolidate orders and monitor the number of orders, cancellations, sales reports, and analyze trends that naturally help your business grow.

📌 You should read this – Best online pharmacies of North America

Benefits of starting an online pharmacy services app, 1. increase in sales.

“The lesser the hurdles, the smoother the process.”

For any business organization, it is the golden rule for sales.

You can reach your customers faster with the shortest possible path by building a custom pharmacy app.

Customers now prefer getting medications online to visiting offline stores.

Hence, the reasons for building online pharmacy services providing app might be:

• e-prescriptions functionality
• Tracking delivery
• Patient verification (at delivery)
• Online payments
• Scheduled medication delivery
• Convenient tools for searching prescribed medications

2. Developing & Leveraging your customer base

Online pharmacy services not only boost sales but also collects vital patient data.

This data can be a helpful resource for you to market your online pharmacy.

It is vital to ensure that your app complies with the healthcare regulations like HIPAA and CCPA (California Consumer Privacy Act).

If you plan on building your pharmacy app, it should cover:

• Customer relationship management (client accounts as well)
• Data collection agreement
• Protected data storage
• Cloud-based solutions for data transmitting and hosting customer databases
• Analytical platforms connection for deeper market analysis
• Push notifications to deliver marketing offers

3. Internal processes systemization

A pharmaceutical business or an online pharmacy service-providing platform needs to achieve orchestration and mutual integration of software products for exchanging and synchronizing data.

Custom pharmacy app development can assist you in:

• Ensuring smooth running and coordination
• Getting information and updates according to healthcare interoperability requirements
• Saving money and time with acceleration and optimization processes

Starting an online pharmacy? Here’s the list of resources you need

You have your business idea and mindset on starting an online pharmacy app. There is more to starting this business than just registering it with the state compliance for operations.

Apart from legal expenses, advertising resources, wholesale vendors, and a well-connected network of healthcare IT , the most important is healthcare-specific IT solutions.

Designing an online pharmacy app is a work of art, technical consultation, and marketplace access workup.

• As an online pharmacy owner in the US, you should have liability insurance . In the case of a liability claim, the average cost of a pharmaceutical claim is around $14,000, which will eventually increase.
• You must obtain licenses for selling whole-scale prescription drugs, seek FDA approval , and establish a legal business entity as an LLC or proprietorship. All these will amount to a legal expense for hiring a lawyer.
• As you have the app, you should create a user base now. Resourceful Advertising and marketing will be of utmost importance. At the same time, the Prescription Drug Monitoring Program(PDMP) database will help you create medication-specific user bases when integrated with PMS.
• Start delivering with your app. You need an efficient delivery management system to be integrated with your pharmacy application for driver optimization, order tracking, and real-time update.
• You need to have compliance with HIPAA, HITECH act, ADA compliance, and Integrations with EHR/EMRs/PMS which require healthcare-specific companies like SyS Creations.

Explore how we saved $200,000 for – Pharmacy benefit management software

Features your online pharmacy app should have.

There are generally two separate modules in the online pharmacy app – one is for users and another is for pharmacists.

For Users – 

1. eprescription.

All the user needs to do is submit their prescription, and the AI customizes all the medication to their cart, places an order, and keeps track of refills based on the past purchase history.

📌 You must also explore our – ePrescription software development

2. medication search.

Having filters that are comprehensive for a more refined search. So people always get what they look for. Connecting and integrating the app with PDMP and PMS to get quick and accurate drug information.

3. Support Assistance

You can contact a member of the support team. If you have any queries or have difficulties using the app. Support will be available 24×7.

4. Telehealth

With this feature, doctors can now transmit or upload prescriptions straight to the app via teleconsultation and have clinical data of patients with EHR/EMR integration.

5. Patient Portal

This will include prescription transfer requests, clinical history, support, medication and refill reminders, live tracking, order history, and payment options.

For Pharmacists –

1. pharma-management.

This feature caters to your monitoring, assessing, planning, collecting, and following-up needs. Notifying the pharmacists in your alliance to verify the medications while informing you of the safe and effective dispensation of drugs.

2. Inventory & Shipping Management

Operating and maintaining in-house delivery vehicles and personnel effectively and efficiently. Furthermore, monitoring the availability of stock of commodities that is automatically updated with artificial intelligence and RPA would be just a click away.

📌 You must also explore our – Pharmacy inventory management software

3. managing orders.

You will have absolute access to all the orders, tracking information, and other crucial details such as specific instructions and remarks made by customers while placing orders.

4. Customer Service

All your customer inquiries will be stored in a centralized database, with information about the query’s progress and the customer executive attending to it.

5. Analytics and Compliance

Keep track of your compliance to make sure it is up to date. And, with analytics assistance, obtaining crucial consumer information that aids you in identifying the most desired product, age, location, and purchasing behavior. Thus, helping you in making strategic business judgments.

Understanding what, why, and how of the pharmacy management system and its integration with the online pharmacy mobile app

Pharmacies have always been more than just places for you to get prescriptions. Experiencing a way of change in the healthcare industry, pharmacies have stayed no exception.

A pharmacy management system is a software-based system that helps automate the pharmacy workflow thereby, reducing unnecessary human efforts.

A PMS can help improve pharmacists’ efficiency, improve patient health outcomes, and prevent medication fraud by cross-verifying all the prescriptions with Prescription Drug Monitoring Database (PDMP).

Apart from providing basic features to a pharmacy, there are many integrations that a PMS can do that aid in absolute add-on benefits.

Delivery and Shipping

Labeling prescriptions, ivr systems.

If you can’t conduct your deliveries or the order placement is very well outside your delivery radius, integrating with FedEx or DHL will let you manage orders, and issue delivery alerts, and fulfillment procedures.

Micro-merchant systems such as ScriptAbility plug from PrimeRx PMS providers can generate labels with Braille, large prints, Multilingual labels, and Controlled Substance Safety.

So, if your pharmacy floor is crowded and the phone won’t stop ringing, HIPAA-compliant Interactive Voice Response Systems come to your rescue. Companies like Omnicell collaborate with PMS.

In the future, if you want to decide which company to go for, we will provide you with the top PMS service providers in the US.

Getting integrated into the pharmacy management system results in a better clinical and patient-facing experience from start to finish.

Compliance – keep your online pharmacy business regulated

The US healthcare industry is one of the most regulated healthcare systems in the world. So, if you plan to open an online pharmacy business, you must adhere to compliance standards.

• Establishing guidelines for preserving the privacy of medical information kept and exchanged electronically for online pharmacy apps by applying the HITECH act and HIPAA compliance .
• Compliance with the Americans with Disabilities Act (ADA) requires all your tech, applications, and websites to be accessible to people with disabilities, especially in healthcare.

Online pharmacy + telemedicine + healthcare eCommerce = Healthcare super app

In the above section, we discussed the integration of online pharmacy that led to this point.

What if patients can text or chat with expert pharmacists regarding their medication plan, get their physician to provide them with an ePrescription directly to their pharmacy when consulting through telemedicine, or get medication insurance on the same online pharmacy app platform?

We know, you might be thinking, have we gone bonkers or what. But visualize it for a minute and think, if you made this possible, then the level of customer peace of mind will be on another level.

One such example is Capsule, a digital pharmacy startup based in New York founded in 2015 and is valued at $1+ billion. This healthcare app is ahead of time and provides telemedicine from its online pharmacy platform.

How much money can you make with an online pharmacy?

Let us just provide you with an overview. Every year, online pharmacies make a significant portion of somewhere around $370 billion a year on prescription drugs.

These numbers will continue to rise due to standard inflation and the aging population.

So, let’s say your pharmacy sells 1,000 prescriptions a month at $300 apiece. And your operational cost is $175,000. You can easily make $125,000 in profits monthly.

The cherry on the cake would be introducing premium subscription services as you grow bigger. It can have a personalized care plan or free 3 hours of monthly clinical consultation.

How can you succeed with SyS Creations? We guide you on the roadway to Triumph

We are healthcare-focused health tech, compliance, and integration specialists. We catered to only healthcare industry solutions for the past 8+ years.

We aim to provide a one-stop shop to you for all your health tech, business, and compliance needs. It reduces the hassle of coordinating in multiple directions.

The expert team of designers, app developers, BDAs, compliance specialists, and strategists will assist you with documentation, workflows, UI/UX designing, developing desired code, running QA and compliance audits, to finally launching the app. Moreover, providing full after-launch support.

With our 6D process of execution

• Development
• Demo & QA

Because we value health and develop technology to make it better!

📌 Check out our guide on – Cost to build the best pharmacy app

• 1. What is an online pharmacy?
• 2. Why should you start an online pharmacy?
• 3. Benefits of starting an online pharmacy services app
• 4. Here’s what resources you need
• 5. Pharmacy app features
• 6. Pharmacy app integration
• 7. Compliance needs
• 8. Pharmacy super app idea
• 9. How much money can you make with an online pharmacy?

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Online Pharmacy Business Plan Sample

Do you have experience in the pharmaceutical industry, ecommerce, or both?  Have you ever considered opening an online pharmacy?  Welcome to this online pharmacy business plan sample where we show you what it takes to open your own!  We can’t stress enough the importance of conducting your own research, and retaining a lawyer to understand the legalities of opening your own online pharmacy, respective of your state, province and nation’s laws.

1.0 Executive Summary

“Sample E-Pharmacy Corp.” operating as “samplepharmacy.com” (The Company) was incorporated in the Province of British Columbia on November 4, 2020 by President, Dr. Pharmacist .  The company is a disruptor in the Online Pharmacy space, executing a cost-leadership strategy which provides a 5 Hour Express Delivery Service of pharmaceutical products.

As more and more industries are being transformed by delivery services, the pharmaceutical industry has seemingly been left behind.  Dr. Pharmacist is determined to take samplepharmacy.com to the forefront of the Online Pharmacy sales and delivery space in the North American marketplace.  In only 4 months the company has seen it’s Month-over-Month (MoM) sales consistently double by forming strategic partnerships with local pharmacies in the Greater Vancouver Region.

The company’s focus is to expand as rapidly as possible in the Canadian marketplace for the remainder of 2021.  In 2022 samplepharmacy.com will continue it’s Canadian expansion, while taking its business model south of the border to the US; the largest pharmaceutical market in the world.  The American pharmaceutical industry is highly globalized. The industry alone holds almost half of the global pharmaceutical market, with sales of drugs in the country making up 48% of the global market for pharmaceuticals as of 2019.

By executing a cost leadership strategy in the Online Pharmacy Sales & Delivery space, samplepharmacy.com will cement their position as the undisputed market leader by late 2022.  The Canadian marketplace is no stranger to innovation in the delivery space.  In 2012 Skip The Dishes was founded by two Canadian brothers in Winnipeg, Manitoba and has since gone on to become a part of “Just Eat Takeaway.com NV” one of the largest food-delivery companies ever.  Dr. Pharmacist is determined to lead samplepharmacy.com into a similar phase of growth.

Sample E-Pharmacy Corp. is seeking a $60,000 loan through Main Lender Canada and the BDC.  The company requires these funds to make significant website updates, leasehold improvements, and for the purchase of office supplies.  These funds will be foundational to the company’s expansion in the Canadian marketplace.

2.0 Business Overview

Sample E-Pharmacy Corp. operating as samplepharmacy.com is a disruptive company in the Online Pharmacy & Delivery space.  The company is using a cost-leadership strategy; which has proven to be effective in other delivery sectors, to distribute pharmaceutical products more efficiently than ever before.

2.1 Business Summary

There are two facets to the company’s business model.  One facet being a 5 Hour Express Delivery Service, which is not only more efficient but also more cost-effective than any competitor.  This is achieved by connecting the samplepharmacy.com in-house portal, with leading fleet management software application, “Fleetbase” through API integration.  In doing so, our delivery driver’s receive new orders instantly, and dispatch is able to input these orders at a rate of 10,000 per hour.

The second facet to the samplepharmacy.com business model is the front end of the website.  Consumers are able to access a wide variety of our over the counter pharmaceutical products, make a purchase with their respective address, and receive their order through the company’s 5 Hour Express Delivery Service.  The samplepharmacy.com ecommerce store hasn’t received any significant traction due to a lack of awareness from consumers.

As the company continues to expand its footprint in pharmaceutical deliveries it will invest in search engine optimization for it’s Online Pharmacy Sales & Delivery store.  By the end of 2021 samplepharmacy.com will have a foothold in the Greater Vancouver and Greater Toronto Pharmaceutical Delivery Markets, in addition to traction on its online pharmacy ecommerce store.

2.2 Mission Statement

OUR MISSION IS TO DELIVER PHARMACEUTICAL PRODUCTS AS QUICKLY AND SEAMLESSLY AS POSSIBLE.

2.3 Key Milestones

• Incorporated on November 4, 2020
• Operations in Victoria, Kelowna and the Greater Vancouver region
• $20,000 in revenue since January 1, 2021
• We are working with 13 contractor Delivery Drivers
• Currently serving 32 pharmacies in British Columbia

2.4 Company Values

• HAVE INTEGRITY
• CONTINUE INNOVATING
• DRIVE SAFELY
• TAKE CARE OF OUR CLIENTS
• BE EFFICIENT

2.5 Goals and Objectives

• Secure $60,000 in funding from Main Lender / BDC
• Conduct Leasehold improvements
• Expand to pharmacies in Greater Vancouver by August 1, 2021
• Expand to Toronto by October 1, 2021
• Begin selling over the counter pharmaceutical products through our ecommerce website

2.6 Key Success Factors

• Continue to offer a cost-leadership strategy (the lowest prices available)
• Continue hiring and retaining driver’s with integrity
• Continue to demonstrate strong cash flow management
• Continue to grow the samplepharmacy.com domain authority
• Focus on search engine optimization

2.7 Staffing

SALES ASSOCIATES

Our sales associates utilize outbound lead generation “Section 5.2 – Key Channels” to build connections with retail pharmacists.  This position presents pricing and plans, while securing new pharmacies on a monthly basis.

FIELD DISPATCHER

Our field dispatchers receive calls from our team of delivery drivers and clients.  Problems are addressed proactively, while tracking the delivery status of products.

REGIONAL MANAGER

Our Regional Manager is responsible for ensuring all deliveries are performed effectively.  Moreover, anytime there is a conflict in delivery the Regional Manager must oversee the completion of the order.

CONTRACTOR DELIVERY DRIVERS 

A criminal record check is performed, and once the driver passes this phase we complete a screening form, where their results are reviewed by management.  Next, the driver receives 2 hours of onboarding training through video-call where we discuss our processes.  We monitor the driver closely for their first shift and make ourselves available to assist them in any way possible.  Their primary responsibilities include maintaining quality control, driving safely, and ensuring prescriptions are delivered to the correct address.

2.8 Management Team

Dr. Pharmacist

Chief Executive Officer

Dr. Pharmacist  has a managerial and sales background with over 7 years of experience. He has always strived for roles in which he can exert his natural leadership skills, and entrepreneurial attitude.

In recent years Dr. Pharmacist obtained a role with the Believe Festival located in Whistler, BC in which he increased sales and event engagement by the thousands. He has been a recognized manager at multiple animal hospitals.

These small wins led Dr. Pharmacist to develop an accessible prescription delivery service, and become Chief Executive Officer and Founder of samplepharmacy.com. He took the initiative to devote his time and resources to the RX delivery business and ensure those without direct access to pharmacies can have their prescriptions immediately.

He has established the domain of samplepharmacy.com and elevated his business to an e-commerce site as well. The e-commerce website was developed in order to assist in the purchase and delivery of over-the counter products.  By way of his vision and determination, samplepharmacy.com is set to become a leader in the Online Pharmacy Sales & Delivery space.

Jase Pharmel

Chief Operating Officer

• Managing up to 30 people at a time
• Proficient in filing payroll
• Working with Microsoft office, PowerPoint
• Bilingual: English and Farci

  EDUCATION:

• Entrepreneurs Management 2020, BCIT
• High School Diploma 2010, Carson Graham Secondary School

Receiving Manager

Bed Bath & Beyond – North Vancouver, BC

June 2005 to December 2010

My job was to manage a team of receivers in order to receive deliveries through Monday to Friday. My main responsibility was that all of the goods enter the store and the sale floor while meeting the company’s standards. Making sure all the inventory is received properly, and keeping the environment friendly and happy for everyone.

Store Manager

Madhatters Superstore – North Vancouver, BC

December 2005 to June 2016

Opening and closing the store.  Ordering the merchandise needed. Making schedule, doing payroll, receiving and organizing new merchandise. Achieving the company goals, setting targets for associates, following up on them and giving constructive feedback. Hiring and training new staff.

Assistant Manager

Mc Donald’s fast food restaurant – North Vancouver, BC

November 2005 to January 2018

Duties: supervising shifts, helping the front counter and kitchen staff.

Opening and closing shifts paper works.

Being in charge of hiring and training new staff.

3.0 Products & Services

Since its inception, the 5 Hour Express Delivery Service by samplepharmacy.com has been a titanic success.  Pharmacies and their respective customers have switched service providers to retain the company’s sought after delivery service.  Express delivery is important to pharmacies, as medication is delicate to the health of their patients, and often must be delivered within a specific timeline; therefore, increasing customer satisfaction and loyalty.  In addition, this sets a bold precedent to our competition, and is essentially unmatchable by guaranteeing no extra cost.  Each and every time our 5 Hour Express Delivery Service is provided, we build more trust with our customers and gain further recognition within our industry.

Over the Counter Ecommerce Sales & Delivery

For clarity, there are a handful of existing Online Pharmacies serving Canada and the US.  What will differentiate us from our competition is a customer’s ability to purchase an item from samplepharmacy.com then have it delivered through our 5 Hour Express Delivery Service.  Consumers today are seeking the quickest, most seamless processes available and the samplepharmacy.com Online Pharmacy Sales & Delivery service is just that.  In order to bring this best in class service to market there are multiple upgrades to the samplepharmacy.com ecommerce site that must be made.  Once completed, we will have a clear advantage over our competition by offering the most efficient Online Pharmacy Sales & Delivery service on the market.

4.0 Operations

At the center of the samplepharmacy.com operational plan is it’s Head Office and Dispatch Centre located at 885 Location St.  Operations are conducted 24 hours a day, 7 days a week, 365 days of the year.  The company’s Head Office and Dispatch Centre will play a vital role in controlling operational costs as it expands across the nation, which will be crucial in carrying out its cost-leadership strategy.

From this very location the dispatch team can oversee the 5 Hour Express Delivery Service taking place in other parts of the nation.  This will be imperative to controlling costs and staying consistent across Canada.

4.1 Expansion Plan

samplepharmacy.com has an aggressive growth strategy. For the remainder of 2021 we will focus on two of Canada’s largest metropolitans: the Greater Vancouver and the Greater Toronto areas. When expanding to a new operational area the company will put out Craigslist and Indeed advertisements in an effort to recruit Contractor Delivery Drivers.  The process explained in “1.7 – Staffing” will take place, and a “Regional Manager” will be hired which will live in the area of expansion.

4.2 Licenses and Certifications

College of Pharmacists Confidentiality between the company and specific pharmacies.

College of Pharmacists Confidentiality for Contractor Delivery Drivers.

Confidentiality from the company to our contract delivery drivers.

Career Agreement between the company and contractor delivery drivers.

Liability Insurance for delivering prescription medications.

5.0 Market Overview

The global Online Pharmacy Market is expected to grow at a compound annual growth rate (CAGR) of over 20% during the period of 2020-2025.  The global online pharmacy market size is likely to cross revenues of over $131 billion by 2025, growing at a CAGR of over 20% during the forecast period. The industry is heading toward unprecedented growth in both developing and developed economies. The US, the UK, France, Germany, Italy, Spain, China, India, and Japan are the key growth potential markets across the world.  The growth of ecommerce and awareness of online Over the Counter (OTC) benefits are major factors contributing to the growth potential in the US and Germany.

The importance of pharmaceutical care is growing with the increase in the need and demand of self-medication. Self-care is gradually enhancing due to an increase in health awareness in the population of both developed and developing economies. The increase in demand for self-care is expected to increase the demand for online services, especially for OTC medicines. The role of pharmacies has been changing over the years.  The increased collaboration is another significant driver that contributes to the growth of the market with online pharmacy companies collaborating with MedTech, health tech, and insurance companies to increase their reach and revenue.

5.1 Market Trends

• Increase in Health Awareness & Demand for Self-medication, which has largely been driven from Covid-19
• Increased Collaboration among Stakeholders
• Availability of large Product Offerings, Competitive Price, Heavy Promotion, and Different Business Models
• Consumers are adapting to E-Commerce and other technologies of this generation
• Consumers are looking for ease of use in ordering products and having them delivered

5.2 Competitive Advantage

Simply put, samplepharmacy.com offers the most efficient and cost effective pharmaceutical delivery service available.  Our fleet system is by far the most advanced of our competitors. Drivers pick up and deliver multiple prescriptions in an efficient and secure manner; meanwhile, the end-user is able to track the location of their order as it’s being delivered.

Our innovative approach to the delivery of prescription medicines has given us a clear edge over our competition. Through API integration the samplepharmacy.com in-house portal is connected to the leading fleet management software application, “Fleetbase”.  In doing so, our delivery driver’s receive new orders instantly, and our dispatch is able to input up to 10,000 orders per hour; therefore, providing the market with our 5 Hour Express Delivery Service .

5.3 Risk Analysis

Having a competitor join our team to gain knowledge of our process and technology.  Our delivery drivers have a solid understanding of our operation, but are not briefed on our API integration of the Fleetbase app and online-portal.

Having a driver deliver the wrong medications and a customer consuming the wrong medications.   We have insurance of up to $5,000,000 for anything related to prescriptions, or our contractor delivery drivers.  Additionally, taking the time to review each order and its respective address is a core part of our operations.

New entrants into the Pharmaceutical Delivery Space.

We have studied the market, and our competitors.  Our 5 Hour Express Delivery Service is not only more efficient, but also more cost-effective.  The risk of new market entrants isn’t a concern due to our unique offering.

New Waves of Covid-19

Fortunately, our business model is effective whether Covid-19 is here or not.  Essentially our entire process is contactless; from hiring, to expansion, to picking up and dropping off medications.

6.0 Sales & Marketing Plan

The company’s involvement in the pharmaceutical space comes with laws and regulations, which will continue to be abided by.  Before outlining our Sales & Marketing Plan we will outline the Pharmaceutical Advertising Laws and Regulations in Canada.

Pharmaceutical Advertising Laws and Regulations in Canada 2021

Advertisements must not be false, misleading, deceptive, or likely to create an erroneous impression regarding the character, value, quantity, composition, merit or safety of a product. Claims about the performance or efficacy of a product must be based on adequate and proper testing, which must be conducted before the claims are made. Advertisements must also be aligned with the products terms of market authorization, which is issued when Health Canada authorizes the sale of the product in Canada. (Sometimes a TMA will limit a sponsor’s advertising activities for that product).

The FDA also prohibits the advertising to the general product of any drug as a treatment or cure of any disease listed in Schedule A of that act, which includes diseases considered to be sufficiently serious to warrant this prohibition such as cancer, diabetes, and hypertension.  The Pharmaceutical Advertising Advisory Board (“PAAB”) maintains the Code of Advertising Acceptance (“PAAB Code”), which applies mainly to advertising directed at healthcare professionals. Ad standards maintains the Canadian Code of Advertising Standards, the Guidelines for Consumer Advertising of Health Products for Nonprescription Drugs, Natural Health Products, Vaccines and Medical Devices, and other guidance documents related to advertising of health products to the general public.

Advertising is defined as: Advertising is defined broadly in the FDA to include any representation  by any means for the purpose of promoting, directly or indirectly, the sale or disposal of any drug. This definition is also reproduced in various regulations made under the CDSA.  The distinction Between Advertising and Other Activities (“Distinction Policy”) is the principle document which helps determine whether certain company communications and representations will be considered to be drug advertising.

Generally, the Distinction Policy differentiates between advertising and non-promotional activities based on the purpose of the message. (Messages intended to promote drugs are advertising, while messages intended to provide information are generally not. Non- prescription drugs that have market authorization, including both over the counter drugs and natural health products may be advertised to the general public to the FDA and its regulations. Non- prescription drugs and natural health products may be advertised as a preventive for Schedule A diseases, but not as a treatment or cure. Internet advertising must comply with all standards as previously described. 3

SUMMARIZATION OF PHARMACEUTICAL ADVERTISING

After seeking legal counsel, we have been advised that in “marketing to consumer” (Business to Consumer) we are safest to focus on search engine optimization.

In regards to advertising our 5 Hour Express Delivery Service to retail pharmacies (B2B); we are able to reach out over the phone, email, or through other forms of outbound lead generation.

6.1 Target Customer

RETAIL PHARMACIES

McKesson Canada, Metro, Brunet, Costco, DRUGStore Pharmacy, Familiprix, Jean Coutu, Lawtons, Proxim, Rexall, Uniprix, Value Drug Mart, Walmart, London Drugs,

Small “one location retailers” or “mom and pop shops” are foundational for us, although “multi-pharmacy chains” provide us with higher growth potential.

Demand for pharmaceuticals increases in line with the aging population. As the population ages, the incidence of health ailments such as chronic illness increases, which stimulates demand for pharmaceutical drugs. For example, the use of cholesterol-lowering drugs is more prevalent among the older population. The number of adults aged 65 and older is expected to increase in 2021.

Over the five years to 2025, revenue for the Pharmacies and Drug Stores industry in Canada is forecast to grow an annualized 1.7% to $50.8 billion, as the burgeoning elderly population increases demand for prescriptions to address their chronic illnesses. According to IBISWorld estimates, the number of adults aged 65 and older in Canada is projected to increase an annualized 3.4% over the next five years, undergirding expansion for a crucial market segment.

6.2 Key Channels

SEARCH ENGINE OPTIMIZATION

• “Pill prescription” gets searched worldwide approximately 15,000 / month
• Local citation (SEO) in each city we grow to, linking to local directories
• com is a site with a strong history that has around 500 pharmaceutical sites redirecting to it
• Our site already has a strong SEO foundation that we will grow on

OUTBOUND LEAD GENERATION

In marketing to retail pharmacies, we can take a bolder stance.  This process has gone quite well so far.  Essentially we utilize the following channels to reach out, and let retail pharmacies  know about our services.  This benefits us, the pharmacy, and most importantly the end-user who is simply looking for the quickest and most seamless process available.

6.3 SWOT Analysis

7.0 Financial Plan

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Online Pharmacy Business Plan

Put together a 3-year business plan for an online pharmacy with this downloadable template.

• The purpose of the Business Plan is to secure either loan financing from a bank or equity capital from investors.
• The proceeds will be used to develop an interactive online pharmacy website which will sell pharmaceuticals, medical supplies and equipment to both consumers and health care workers.
• The website will also contain a database of medical information for consumers and health care professionals.
• The business plan template includes an analysis of the internet pharmacy market, a marketing strategy, a financial model, and a Confidentiality Agreement.
• Available in MS Word format and fully editable so you can adapt it to fit your specific circumstances.

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How do I go on starting an online pharmacy?

Thursday, April 18, 2024

• Pharmacology

Ahemed Abbas

• Monday, March 2, 2020, 4 years ago

The increase of the Online Pharmacy business is associated with a rising number of internet customers, expanded availability of web-based services, and increasing the implementation of e-prescriptions in clinics.

Though, commencing your presence as an online pharmacy app necessitates a lot of effort resulting in helping people to lead a better and healthier life. A transition from owning a retail pharma store to approaching the online market certainly requires some concerns to be addressed and if exerted with a proper vision and guidance can lead to the best online pharma business.

Significant benefits

• Your retail pharmacy can get over geographical boundaries for sales
• Have your business expanded to 627 million internet users
• Have customer database promptly accessible
• Stay connected with recurring customers through online pharmacy app or best pharmacy website, and
• Experience extended sales.

Being a retail Pharma store owner, you may need to consider these guidelines while planning to have their own pharmacy app:

• Administrative Outline , you may need to structure and evaluate the outline of a business plan. All the administrative tasks need to be allocated to concerned individuals. This might get extended to configuring the workflow. We understand that you are going online with your business but it still needs a workforce to manage orders, bills, delivery through online pharmacy platform and support the customer.
• Regulatory Look-over , looking at a broad picture of establishing an online presence, you may also need to pursue legal support by an e-pharmacy consultant to assist you with the Board of Pharmacy application rules and building policy manuals for your online pharmacy app.
• Up-to-date Medicines Database , you always have to make sure that your drug inventory is readily available for delivery to your customers. All medicines database provided by EMedStore can be of help. A monthly report on the frequency of sales of medicines and other healthcare supplies may also help you in updating the stock regularly. You are also required to identify an authentic and reliable medicines stock supply and delivery partner for your pharmacy. As an online pharmacy app is approachable 24*7 by customers and increasing health consciousness and health hazards have made it even more prominent for pharmacies to have a wide variety of medicines available for patients.
• Registered Pharmacist on Board , you are not just done when you have all the plans of online pharmacy business ready with you. In short, a registered pharmacist needs to be readily available to verify a prescription, validate the prescription or non-prescription drugs, check medicines supply before distribution to each customer, and sign a bill to be sent along with the medicine delivery.
• Administrative to Customers , customer retention, is always suggested to stay in touch with your customers and keeping them updated with their medicines refill. A medical app solution can help you set reminders for your customers and keep them posted weekly or monthly as needed. This could turn out to be the best medium through which you will have your customers re-visiting your pharmacy app or website.
• Qualified Support Personnel , a support staff, 24*7 online medical store needs someone to respond to orders or queries at any point in time. Make sure you have your own support staff to help your customers as and when they need it.

Now you have a set of execution plans before you look forward to a technology preference or a company to help you in e-pharmacy app development.

“E-pharmacies business is foreseen to rise to $55 billion by 2020. Industry experts predict the market to be creating 3,000-4,000 orders regularly. Invest in a remarkably growing industry to revolutionize the pharmaceutical industry.” 

Let us talk about the technological perspective while you are planning to have an online presence. You may have a question in your mind like what technology will be preferable to develop a medical store app or online pharma website? EMedStore, being a global pharma IT company dedicated to pharmacies, can certainly help you in decision making. We have various services and few of them are online pharmacy platform development, medical store app development, and e-pharma website development. The most interesting part of working with us could be, we have already developed 320+ applications dedicated to the pharmaceutical industry. So, you will be getting your application developed in just a few days.

But putting a pharmacy mobile app to play store or app store and waiting for customers to come to utilize it is not how exactly the internet works. Online marketing is an important call to make sure that your pharmacy website is getting proper attention through implementing marketing plans including social media marketing and search engine optimization. Online competition is fierce and thus your marketing team needs to look forward to various paths to opt for online marketing.

Hence, we do not restrict our conversations about your online pharmacy platform development but assist you in choosing a proper online marketing plan to grow your e-pharmacy business.

Stop by EMedStore, explore our demo application, share your ideas of customizations, if needed, and enjoy uninterrupted service provided by the experts. Experts at EMedStore can assist you with practised guidance in any area of your online pharmacy business.

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My approach is to make technology so easy that everyone can use it without any hassle is the mantra on which EMedStore works. I have worked with more than 20 countries and designed healthcare products according to the needs of government e-healthcare projects, medical institutes, hospitals, and the pharmaceutical industry.

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How to Start an Online Pharmacy Business in Easy Steps

Are you a retail pharmacy owner? Thinking of starting an online medical store business? The major beneficial aspect is online pharmacy businesses allow you to distance selling. Here in this article, find a stepwise guide to starting an online pharmacy business with little money.

Industry experts predict a huge growth of the online pharmacy industry in the coming years. It is due to people from tier-2 and tier-3 along with tier-2 cities are more and more buying medicines online due to heavy discounts provided by the companies. It is expected that there will be around 512 million customers buying medicines on online platforms. If you are looking to start a tech startup , an online pharmacy business can be a good option.

Brick & mortar retail stores don’t allow distance selling. Another benefit of setting up an online store is you don’t need to pay any rent for retail space. Yes, you will need to build your own website. You can sell only non-essential medicines from your own ePharmacy.

With the arrival of so much eCommerce software, initiating an online pharmacy business is really easy and cost-effective. Here in this article, we intend to explore an online pharmacy business plan sample with a very small investment.

Table of Contents

Here are the 6 Steps to Start Online Pharmacy Business

1. know the market.

If you are seriously planning to start an online pharmacy business, it is mandatory to conduct in-depth market research beforehand. Keep in mind that there are both scopes and threats in running the business.

Some of the positives are high-profit margins, access to 100% FDI capital, easy shopping experience, unlimited market potential, and low running costs compared to traditional pharmacy businesses.

Read :  How to do Market Research for a Startup

However, there is also a good number of cons that must be accounted for before launching an online pharmacy. The prominent negatives are complex legal processes, lack of awareness among people, technology breaches, and hassles due to drug abuse by customers.

ePharmacy owners must be willing to supply medicines against a prescription to anyone in India. It is also important to know more about your potential competitors. Presently 1mg, Netmeds, Apollo pharmacy, PharmEasy, and Medlife are the major players operating in the online pharmacy sector.

2. Create a Business Plan

It is essential to make a detailed business plan before starting an online pharmacy shop business.

Plan about the products first. There are several product categories. Such as prescription medicine, non-prescription medicines, baby care products, personal care products, ayurvedic products, clinical accessories, testing equipment, and cosmetics products.

You will need to determine the product range. Proper inventory management plays a crucial role. Aim to find yourself a niche product as this will make your business stand out from the crowd.

Talk to the courier companies. Fix a renowned and reliable courier company for delivery. Craft a financial plan including the working cost and marketing cost.

3. Business Registration

Registration of business is a must. Register your organization with ROC. One Person Company is the recommended business structure for newbies with a low budget.

You can form Pvt. Ltd. or LLP for partnership operation. GST registration is a must. You can apply to your state’s Sales Tax department.

4. Procure Licenses and Permits

A drug license is mandatory. You will need to obtain a Retail Drug License.

In most states, a retail drug license is only issued to persons who possess a degree or diploma in pharmacy from a recognized institute or university after depositing the requisite fee on account of the fact that it is a specialized job and only qualified persons can handle it.

If you have the qualification, it’s good. Otherwise, you must employ a person, who has such a degree on a full-time basis. You will need to submit the following document to get the retail drug license.

• Application form in the prescribed format
• Covering Letter with the intent of the application signed with the name and designation of the applicant
• Challan of fee deposited for obtaining drug license
• Declaration form in the format prescribed
• Key plan(Blueprint) for the premises
• Site plan (Blueprint) for the premises
• The basis of possession of the premises
• Proof of ownership of the premises, if rented
• Proof of constitution of the business (Incorporation Certificate / MOA / AOA / Partnership Deed)
• Affidavit of no conviction of proprietor/partners/directors under the Drugs and Cosmetics Act, 1940
• Affidavit of a registered pharmacist or competent person working full time
• Appointment letter of registered pharmacist/competent person, if an employed person.

You will also need an FSSAI license if you plan to sell food and nutritional items. Also, a shop and establishment license and warehouse license are some more basic licenses that will be needed to start an e-pharmacy business in India. It is advised to talk to a local competent lawyer or concerned authority and learn more about the type of licenses needed.

5. Setting Up Online Pharmacy Business

You can start the business in two ways. One is setting up your store through the WooCommerce plugin on WordPress. If you are technically good at WordPress and have knowledge about the plugin you can try WooCommerce.

Another option is initiating your store through eCommerce platforms . We recommend Shopify for beginners planning to start a small online pharmacy shop. Shopify is a website builder & online shopping cart system that has every feature you need to run your online business. With Shopify, You will get the following features for free.

If you want to allow more time for promotion, sourcing, and growing the business, Shopify is the best option . Creating and managing the store with a lot of technical aspects will be handled by the Shopify team. Their support system comes with a total eCommerce solution.

But for a larger scale, it is recommended to hire competent professionals having previous experience in setting up pharmacy online stores.

6. Promote Your Online Pharmacy Business

A word-of-mouth campaign is the best option for a small online store promotion. Be aware of everyone in your store including your family, friends, and relatives.

You must promote the stor e online. SEO optimization is a must. Shopify will take care of the SEO optimization of your pharmacy. Every time you update your website, you want Google to know.

Shopify does this by generating the sitemap.XML files to help your edits get indexed faster. You can take advantage of Shopify’s coupon and discount features.

Create coupons and assign discount codes to generate more business. Email marketing is another great way to promote an online pharmacy store. You can also promote your online pharmacy business with social media.

The Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium-scale businesses.

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How To Start An Online Pharmacy Business In India? | Growth And Future Of E-Pharmacy In India

Devashish Shrivastava

With the advancement in a civilization, there has been a significant increase in the types of ailments and diseases we are subjected to. Medical conditions unheard of a century back have now become a common occurrence. People now need hospitals, medicines, and pharmacies more than ever.

However, one wants convenience within minimal time. Going to nearby stores for much-needed medicines also seems a huge task because of the time it may take. People want to avoid standing in queues and with COVID-19 around, the fear of catching the disease by traveling to hospitals, and pharmacies are widespread.

This is where an online pharmacy business plan can solve the concerns. E-pharmacy apps and websites such as 1mg, Netmeds, and Practo have become the talk of the town.

What Is An E-Pharmacy? Advantages Of Ordering Medicine From An E-Pharmacy Online Pharmacy Business In India How To Start An Online Pharmacy Business In India? Growth And Future Of E-Pharmacy Business In India Challenges For E-Pharmacy Business In India Frequently Asked Questions

What Is An E-Pharmacy?

An online drug store, web drug store, or an E-pharmacy is a drug store that works over the web. It facilitates the availability of medicines and other healthcare items without the need for people to visit brick-and-mortar pharmacies.

Kinds of E-pharmacies (Online Pharmacies)

• Genuine Internet drug stores (online pharmacies) in the same nation wherein the customer placing the order resides.
• Genuine Internet drug stores in a different nation as the customer who's placing the order. This drug store, as a rule, is authorized by its nation of origin and pursues the nation's guidelines.
• Unlawful or exploitative web drug store. The site page for an illicit drug store may contain lies about its nation of origin, methodology, or affirmations. The "drug store" may send obsolete or fake prescriptions, and may not pursue ordinary procedural protection.

Online Pharmacy Business

Online pharmacies allow you to arrange medications over the internet through websites and applications (web/mobile). Medicine business online save you the hassle of visiting an actual pharmacy. You need to upload the actual prescription or doctor's note on the online pharmacy's portal, and then make the payment.

According to Tracxn, the restorative information expert firm, more than 60 online drug stores are operating in India and occupied with the conveyance of medications through web portals, mobile apps, and websites.

Advantages Of Ordering Medicine From An E-pharmacy

For customers.

• You get your medicines and supplies while sitting at home.
• Great discounts and other incentives like free shipping.
• Get reminders about your medical needs and order.
• Access a vast range of information on prescription drugs and medicines.

For Pharmacies

• Pharmacies can establish an online presence and increase their customer base.
• They can attract new customers and reach out to new geographical locations.
• Stores can manage their inventory digitally and get helpful reminders/notifications on expiry dates.
• Offer different schemes and marketing campaigns to customers.
• Provide a superior level of customer service.
• An opportunity to retain customers.

Online Pharmacy Business In India

Which are the top online pharmacies in India today? Here is a gander at some of the top e-pharmacies in India .

Practo is a famous name in the area of medical checkups and surveys. It is an online medicine business in India . The organization has initiated its online drug application in more than 100 urban areas in India like Delhi, Mumbai, Bengaluru, Gurgaon, Chennai, Ahmedabad, Pune, and Lucknow. You can arrange more than 40,000 medications by using Practo.

Practo health app has tied up with several medication stores and drug retailers to convey physician- recommended prescriptions at your doorstep on schedule. The application allows you to order medicines once you upload the prescription on its portal. Practo will automatically top off the medications as and when needed. The portal additionally recalls your past requests and prepares them, if required.

1mg allows you to purchase medication on the web and access data concerning your prescribed medication. You can also get different insights into your drugs through the application. The organization has set up associations with nearby drug stores to deal with the client's needs.

The best part of 1mg is that you can enter the prescription and get less expensive options through a similar compound i.e. a generic alternative. The application additionally offers well-being tips from famous specialists, depending on the medication you request.

NetMeds is a prescription requesting application, launched by the Dadha Company, which has been in India since 1914. A rebate of 15% is relevant on a wide range of prescriptions and the conveyances are made within 2 to 3 days. You can also pay in installments.

BookMeds offers various categories; drugs, care items, orthopedic consideration, mother and infant care, emergency clinic hardware, therapeutic contraptions, protein supplements, wellness items, and whatnot.

The administration is operational in over 600 Indian postal codes covering spots like Delhi, Hyderabad, Bhopal, Lucknow, Kolkata, Patna, Indore, and several other districts. You can get your prescription drugs inside 4 hours of requesting (generally, but depends on other factors as well). The online drug requesting application is available on both Android and iOS.

Yodawy isn't available in India but deserves mention. Yodawy is the most famous drug requesting application in Egypt. The application gives clients a chance to look from a gigantic database of prescriptions and even proposes the right spellings to simplify inquiries. You can likewise transfer an image of your manually written solution and have specialists decode the penmanship.

The organization has tied up with more than 500 neighborhood drug stores in Egypt to fulfill different requests. Prescriptions are conveyed quickly from the closest drug store all over the nation. The application likewise submits guarantees for your sake if the protection supplier is recorded in its system.

SmartMedics

SmartMedics can be utilized for requesting medicines and for counseling from specialists across different departments. You can request drugs online crosswise over various urban areas in India by calling SmartMedics' customer service or through its website/ application. The drug store will collect the prescription from your home. You can also upload an image through the application. The application guarantees a markdown of 22% on all human services items and conveys the medications within 48 hours.

You can buy medicines from WeChemist's application by uploading an image of the prescription or the doctor's note. At that point, you have to choose your location and affirm the request to get the items delivered to your home.

BrownPacket

Requesting medicines online is a breeze with BrownPacket. You simply need to upload your prescription and give the fundamental conveyance subtleties. Your prescription is generally delivered within 2 hours to 48 hours of submitting the request. You can enjoy up to 22% discount on your order. The administration is at present available in Bengaluru, Patna, and Delhi. BrownPacket accomplices with neighborhood drug stores and welcomes medication stores to join its network.

PharmEasy is one of the biggest online membership drug gateways in India. With this application, you can arrange OTC items, human services items, and drugs and get them home-conveyed within 24-48 hours. You can book well-being tests as well. Alongside sparing flat 20% on each request, PharmEasy offers you a rebate of up to 70% on well-being tests and bundles with zero sample pickup charges. At present, PharmEasy is working in 1000+ towns and urban communities, covering more than 22000+ stick codes crosswise over India. This application will assist you with medicine adherence by reordering your drugs each month. With PharmEasy, you will never fall short on your prescription.

How To Start An Online Pharmacy Business In India?

We don't have many online drug store stores in India. There are numerous reasons why beginning an online drug store, or e-pharmacy, in India is an overwhelming assignment. Be that as it may, the two principal reasons are the absence of mindfulness and the law. About mindfulness, only a couple of minds think about online drug store stores. However, they don't delve deep into the implementation aspect.

A significant number of them don't comprehend what an online store implies because it may be deciphered from numerous points of view. Secondly, different laws and guidelines are intense and difficult to adhere to, demoralizing individuals from beginning an online drug store. For instance, the Laws of Pharmacies in India were composed before the invention of computers. Outdated, right?

Also, India doesn't have any solid law characterized explicitly for E-trade organizations . Assuming you are successful in launching an e-pharmacy in India, you will need to maintain severe laws and guidelines characterized by the legislature of India. If you go outside the point of confinement, you will be reprimanded by the authorities.

For instance, the laws for the transportation of medicines from one state to another are not clear. Can the online store take cash before the conveyance of the prescription? Not clear.

First, you need to enlist your business or store as indicated by the tradition that must be adhered to. There are various classifications that may enlist your drug store under. Some of them are clinic drug stores, chain drug stores, and township drug store. In any case, the best one is setting up an independent drug store business since it limits numerous liabilities. Here are some of the other steps to be followed:

Tax Registration

You need to acquire VAT enlistment from the express your drug store is situated in. Every drug store is required to have a VAT enrollment and adhere to VAT regulatory expenses.

Medication License

You need to get a permit from the Central Drugs Standard Control Organization and State Drugs Standard Control Organization. There are two kinds of licenses: one is a "retail drug license", and the other one is a "wholesale drug license".

Prerequisite For Obtaining License

For a retail medication permit, you must have a confirmation or a degree in pharmaceutical studies (e.g B.Pharma). You should have a territory of 10 sq. meters for the store. Refrigerators and climate control systems should be in place.

Documents Required

Numerous documents like your ID, address proof, application structure, and any other relevant information would be required.

Beginning An Online Version

You should have an expert drug specialist in your ambit for guaranteeing the nature of medications and different prescriptions.

You need to counsel your legal advisor in light of numerous laws and guidelines. Apply for every license referenced in the above paragraphs. Fabricate an association with your providers. You should ensure that your providers are certifiable and not providing any fake drug.

The initial move towards making your online store involves purchasing a domain name. If you haven't thought of making an online business webpage, enlist a web designer as soon as possible to get started. You should have a wide range of installment choices, including money down.

To assume online installments from praise/platinum card or net banking, you can pick an installment portal for your website. When your site is up and running flawlessly, you have to showcase your business on the web. The absolute best techniques are promotion via Facebook, Google AdWords, YouTube, press releases, and so forth. There are several resources available on the internet to learn about promotion and publicity.

Give your best continuously to promote the authenticity of your online pharmacy.

Growth And Future Of E-Pharmacy Business In India

The Indian pharmaceutical market was esteemed at $36.7 bn in 2018 and remained the third biggest market in terms of volume. It was the thirteenth biggest in terms of net worth. It was expected to reach $55 bn by 2020 at a CAGR of 12% from 2015 to 2020 while ascending in the maturing populace, constant maladies, rising dispensable earnings, and expanding mindfulness.

A low generation cost, which is around 33% of the production costs in the US gives India an advantage as an assembling goal. Roughly 50% of the Indian-made medications are traded to more than 200 nations on the planet, while the other half is utilized for household utilization. The Indian pharmaceutical industry is profoundly divided with ~24,000 medications and out of this, a lion's share is disorderly.

For every household utilization, Indian retail drug stores are the overwhelming dispersion channel with over 85% portion of the general pharmaceutical deals in India. Retail drug store alludes to retail channels which sell solutions, over-the-counter medications, FMCG items , and testing administrations; for example, blood testing, sugar testing, need for blood, and so forth. As per IBEF, the Indian retail pharmaceutical division is expected to reach $59 bn in 2023 from $25 bn in 2017, developing at a CAGR of 15% between 2018-23.

Lately, around 250 online drug stores have emerged in the nation. As indicated by Frost and Sullivan, the e-pharmacy store showcase in India is estimated to develop at an exponential CAGR of 63% and reach $3.6 billion by 2022 from its value of $512 million in 2018. As indicated by NetMeds, the e-drug store represents 1.5% to 2% of the complete pharma deal, and by taking a gander at the quick development that the business is seeing today, the share can go to over 10% by 2023.

Developing web entrance, different e-medicinal services activities like Ayushman Bharat, expanding healthcare coverage infiltration, availability in remote zones, cost reserve funds on bills, and doorstep conveyance inside a brief time-frame is expanding the dominance of online drug stores over disconnected retail drug stores. Numerous players have realized the benefits and potential of the online pharmacy segment, for example, Netmeds, PharmEasy, Medlife, 1MG, and LifeCare.

Additionally, online drug stores offer preferable estimation over disconnected stores. However, they need to follow a framework set up for approval on remedies through an authorized drug specialist. Further, they have a standard inventory of medications identified with interminable and uncommon sicknesses, which neighborhood drug specialists may discover trouble to stock as a result of the significant expense engaged with the acquisition.

Online pharmacies have difficulties of their own. Some of them are web-based discrepancies. missing things, value contrast or inaccurate estimating, receipt of substitutes or diverse brand's prescription, deferral or refusal of request as well as installment, inert client care, and so forth. A few concerns have been identified with the fundamental tasks as well:

• Absence of physical assessment.
• Abuse of a solution, particularly in opiate and psychotropic medications, and plan X drugs.
• Absence of comprehension of the therapeutic history, if purchasing from various online drug stores.
• Absence of cold chain strategic administrations and additionally; it is extravagantly costly for rustic regions.
• Absence of information security.
• Unlawful e-drug store sites selling tainted, corrupted, or lapsed medications.
• Unregulated clearance of medications.
• Absence of explicit overseeing guidelines in the case of online pharmaceutical stores.

Nonetheless, with arrangements like unified e-remedy administrations, innovation headway for solid safety efforts, and explicit guidelines, online drug stores are now efficiently handling difficulties in the retail drug store advertising segment.

Challenges For E-Pharmacy Business In India

At present, no particular guidelines are overseeing e-drug stores in India. And this is a significant development inhibitor for the online drug store showcase in India. Every single online drug store is working according to the Drugs and Cosmetics Act, 1940, Drugs and Cosmetics Rule, 1945, Pharmacy Act, 1948, and Information Technology Act, 2000.

The Union Health Ministry in August 2018 turned out with draft leads on the closeout of medications by e-drug stores to direct the online clearance of medications and patients' availability to real medications from true online sites. Notwithstanding, this draft is as yet anticipating formalization and finish.

In December 2018, the Delhi High Court requested a total restriction on the online drug stores crosswise over India as it was firmly contradicted by more than 800,000 conventional scientific experts because online deals are illicit and simple accessibility of medications can prompt its abuse. Be that as it may, around the same time, the Madras High Court followed up on an intrigue recorded by a gathering of online drug store organizations to suspended the boycott till a choice is declared and along these lines, gave some help to these elements. The development street isn't as straight going ahead.

Online drug stores offer overwhelming limits to customers to pick up the piece of the overall industry. However, a forceful medication value control system by the administration will put weight on pharma organizations, eventually swaying their edges antagonistically. This rebate technique probably won't be conceivable to proceed within the long haul.

Besides, the e-drug store isn't just rivaling conventional drug stores yet; the administration-backed Jan Aushadi Kendra, which is another activity by the administration, offers limited medications and meds. Furthermore, the sufficient store network for convenient accessibility of medications, particularly in Tier 2 and rustic territories, is a test for e-drug stores and requires increasingly capital mixture and money for innovation.

In any case, the market has colossal potential as a result of its model of access to prescriptions a lot quicker, center accommodation, and genuine investment funds for purchasers. The segment is worthwhile for financial specialists, who have fueled $711 mn during 2018 and $189 Mn in 2019 in online drug stores. Explicit guidelines for online drug stores are of great importance; this will enable such stores to work in a directed environment, thereby profiting both e-drug stores and customers.

Experts accept that once the particular guideline will be concluded, there will be an ever-increasing number of online players in this undiscovered market with gigantic potential. In the midst of this, shoppers will consistently be a high priority for both online and disconnected pharma retailers with regard to drugs.

Frequently Asked Questions

How much money do you need to open a pharmacy in india.

The pharmacy franchise calls for an initial investment starting from INR 8 – 10 lakhs, which includes licensing and documentation. The operational expenses may cost anything between INR 30,000-80,000.

How can I promote my online medicine business in India?

Ways to promote online pharmacy business plan in India :

• Use a professional search engine.
• Online marketing – AdWords.
• SEO positioning.
• Diversify with other types of products.
• Keep a blog (health-related questions get lots of hits).
• Create videos.

How profitable is a pharmacy business?

compared to other businesses, independent pharmacies make a healthy profit. The average independent pharmacy profit margin in 2018 was 21.8 percent. The number one profit margin in the 2017 report was only 18.4 percent. Independent pharmacies outrank accountants, legal services, and even physicians.

How can I get pharmacy license online in India?

Licensing: Online pharmacies have to register with the Central Licensing Authority (CLA) to operate, without which, no person or company can distribute, sell, stock, or exhibit drugs through e-pharmacy portals. E-pharmacies have to pay a fee of ₹50,000 to register for a three-year license.

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8 Small business ideas for pharmacists

Table of Contents

Outpatient clinic

Online pharmacy, pharmacy tutoring, healthcare channel, rehabilitation and support centre, physical therapy, medical supplies manufacturer, keep your finances healthy with a simple app.

Pharmacology covers a wide variety of industries, so there are loads of opportunities for pharmacists to start their own small businesses. 

In this guide, we’ll be looking at some small businesses that pharmacists can start and some advice on how to go about it. 

Specifically, we’ll talk about these business ideas:

• Online store
• Pharmacist tutoring and coaching
• Rehabilitations centre

So, whether you’re a newly qualified pharmacist with an entrepreneurial spirit or an industry veteran looking to branch on your own, here are some ideas to help you get started with our own small business . 

The first business idea that most people think about for pharmacists is, of course, a pharmacy. You can set up a physical storefront, working in conjunction with local GPs.

Your main income will come from medicine licensed by the Medicines and Healthcare products Regulatory Agency (MHRA). The kinds of medicine you can sell are:

• Prescription-only medicines that can only be supplied by a registered pharmacist. 
• Pharmacy-only medicines that can be supplied without a prescription, but only from a pharmacy with a registered pharmacist in the store. 
• General sales listed medicines that most shops can sell, like paracetamol. 

But it’s not just medicine. Pharmacies can also generate a fair amount of income from selling:

• Specialist healthcare items.
• Toiletries, cosmetics, perfumes, hair care products.
• Baby care items and baby food. 
• Health foods, vitamins, and supplements.
• Living aids for elderly and disabled people.
• Alternative medicines, like aromatherapy and homoeopathy products.
• Pet care products.
• Accessories like jewellery and sunglasses.
• Electrical items like shavers and hair dryers.

Alongside selling products, you can also supply some services like digital photo printing, blood pressure tests, and cholesterol tests. 

Setting up an outpatient clinic is a good idea for those looking to specialise in a specific field.

Clinics act as a service for the public to help treat patients outside of hospitals. They often work in tandem with other health services via referrals, but they also accept walk-ins. 

Here are some examples of clinics you can start: 

• Public health clinics.
• Private clinics.
• Health centres.
• Polyclinics.
• Family planning clinics.
• Sexual health clinics. 

Most clinics are normally non-profit organisations. But private clinics are also a viable option if you’re more interested in making profits. 

If you like the idea of running a pharmacy without having to rent a physical building, you might want to look into running an online pharmacy by building an e-commerce website .

You can accept paper prescriptions by post or set up an electronic prescription service with a GP. 

Alternatively, you can combine the service with online consultations. Again, you’d partner with a GP and arrange appointments online, then fill out the prescriptions through your site. It’s a convenient service that is great for patients who are affected by COVID-19 restrictions or find it difficult to meet in person. 

If you feel like you have a flair for teaching, you might want to consider becoming an independent tutor for pharmacy students. 

It may take a while to build up enough clients to make some serious money, but when you’ve built up your client list and increased your reputation, the business can quickly scale to a reliable source of income.

Another option for the more performative pharmacists is to start a media channel on Facebook, Twitter, Instagram, LinkedIn, or Youtube . 

You could offer insider knowledge and advice about healthcare practices, do product reviews for new products and trends, or perform an “agony aunt” type service where you answer questions submitted by your followers. 

It can take a while to make any serious money from social media channels. But, when you get enough followers, you can make some serious money by monetising your channel and seeking out independent sponsors. 

If you’d like to work directly with the public, helping them with some challenging issues, you might consider setting up a rehabilitation or mental health support centre. 

Centres like this can work in tandem with the NHS as charities, or there are upmarket private companies that offer a more catered approach to rehabilitation. 

Either way, you could offer services that help with:

• Drug addiction.
• Alcoholism. 
• Mental health problems. 

The service can focus on helping people manage their addictions and mental health or help families affected by these issues. 

Physical therapy is also an excellent service that can be set up in the same way as rehab centres. You could focus on general health physical activities like yoga, combining mental and physical health. 

Alternatively, you could work with more specific physical therapies for injured or disabled people, helping them complement their regular healthcare routines with targeted physical activities.  

If you’d rather work as a wholesale supplier, there are plenty of pharmaceutical supplies that you can start producing in bulk to sell to hospitals and pharmacies. If you decide to go down this route, your profit margin will be heavily affected by your ability to find the right suppliers . 

Here are some ideas for things you can start mass-producing to sell for profit:

• Cotton wool swabs and gauze.
• Saline solution. 
• Imported drugs and medicines. 
• Self-manufactured drugs and medicines. 

If you decide to take the last route and develop your own drugs or medicine, you need to start with a specific product in mind and invest a lot in research and development. 

For example, a lot of British companies found business producing COVID-19 vaccines. A very specific product that’s in high demand will ensure sales without overstretching your budget. A clear idea of your place in the market will help focus your business and make it easier to find financial support from investors. 

Financial management can be stressful and time-consuming when you’re self-employed. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are. 

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward! 

Find out more here .

• Counting Up on Facebook
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Flight information, infinity mileagelands, business travel, please select your country / region of residence, news releases, eva, egas win iata ceiv pharma certifications again designation signifies excellence in pharmaceutical logistics.

Apr 17, 2024

EVA Air and Evergreen Airline Services Corp. (EGAS) both earned certification once again from the International Air Transport Association’s (IATA’s) Center of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV Pharma). This certification verifies the highest standards in EVA’s and EGAS’s cold chain air and ground service operations at Taoyuan International Airport (TPE). It also distinguishes EVA as the only Taiwan-based airline and one of the few airlines in the world to have obtained certification for air and ground handling operations simultaneously, strengthening its position as one of the leading global one-stop cold chain pharmaceutical product carriers.

IATA provides consistency and standardization of global pharmaceutical transportation needs, standardizes and assists the air transportation supply chain to establish safe and reliable logistics standards. CEIV Pharma (Center of Excellence for Independent Validators) certification is regarded as the highest standard in the cold chain transportation industry, re-certification is required every three years. The companies not only have to put in a tremendous amount of funding to upgrade existing or build new cold chain facilities, but also arrange for employees to receive professional training and establish a complete quality control system in accordance with CEIV certification requirements to comply with international standards for transportation and storage. Standard specifications, especially for handling special pharmaceutical products that are temperature-sensitive, emphasize the need for strict standards and equipment.

EVA and EGAS pay special attention to the risk assessment and management of pharmaceutical cold chain transportation, with the complete planning for station capacity analysis and evaluation, personnel training, and handling procedures before each transportation. During certification process, it was highly recognized by IATA. In 2021, EVA and EGAS obtained the certification for the first time, it has created an average 30% annual growth rate for pharmaceutical cold chain transportation in the recent years. We expect the re-certification can help business growth in cold chain transportation, bringing the positive effects to Taiwan's biotech industries and connecting with the world.

Due to the strict temperature-controlled transportation conditions of cold chain logistics, starting 2018, EVA has formed a team of experts to cooperate with several domestic and overseas temperature-controlled container suppliers to provide refrigerated, low-temperature, extremely-low temperature and other transportation services. Temperature-controlled containers can rely on physics and chemical reactions to keep it cold up to 144 hours, without the need for dry ice. The containers can be closely monitored to track the temperature and humidity of transported products, providing safe, diverse, convenient and rapid cold chain transportation services. During the COVID-19 epidemic in the past, we provided fast air transportation services to import and export different vaccines, making the contributions to the society and epidemic prevention.

The advancement of the cold chain transportation can fulfill the needs for economic development, it has proven its capability to ensure the dire needs of transportation of important supplies, especially in the face of an unknown epidemic. IATA’s CEIV Pharma (Center of Excellence for Independent Validators) certification can enhance the brand image for EVA and EGAS, and further gain the trusts from customers, making us to become a strong supporter for global pharmaceutical cold chain transportation.

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IRS delivers strong 2024 tax filing season; expands services for millions of people on phones, in-person and online with expanded funding

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IR-2024-109, April 15, 2024

WASHINGTON — With the April tax filing deadline here, the Internal Revenue Service highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during the 2024 filing season.

Through Inflation Reduction Act funding, the IRS continued to expand taxpayer service levels not seen in more than a decade with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered over 1 million more taxpayer phone calls this tax season, helped over 170,000 more people in-person and saw 75 million more IRS.gov visits fueled by a new and expanded Where’s My Refund? tool.

“Taxpayers continued to see major improvements from the IRS during the 2024 tax season,” said IRS Commissioner Danny Werfel. “A well-funded IRS is like night and day for taxpayers. With the help of more funding and added resources, service for taxpayers this filing season eclipsed levels seen during the past decade. This tax season meant real-world improvements for people looking for help, whether calling, visiting in-person or using IRS.gov.”

“We still have much more work to do, both to finish the 2024 tax season as well as put in place continued improvements made possible by Inflation Reduction Act funding,” Werfel said. “But this filing season marks another important chapter where we’ve improved service for taxpayers, continuing an accelerating trend in the story of transforming the IRS.”

Through April 6, the IRS processed more than 100 million individual tax returns. Tens of millions more will come in advance of the April deadline, the busiest time of the year for tax returns. The IRS also projects about 19 million taxpayers will file extensions, which will be due Oct. 15.

Since the start of the January tax season, the IRS has delivered more than $200 billion in refunds through early April. The average refund was $3,011, a 4.6% increase from last April’s average of $2,878.

Here are major filing season numbers in 10 key areas. These numbers, generally from late March and early April, reflect the historic 2024 tax season taking place at the IRS:

• Improved phone service . Continuing a trend seen last year following the addition of 5,000 new telephone assistors, the IRS level of service on its main phone lines reached more than 88%. That’s above the 84% level seen last year and more than a five-fold increase from the phone service levels seen during the pandemic era period, when the level of service was at just 15% in 2022.
• More calls answered. The IRS answered more taxpayer calls on its live assistor lines this year, a 16.8% increase from 2023. IRS assistors handled 7,608,000 calls, up from 6,513,000 the year before. IRS automated lines handled another approximately 7 million calls, 280,000 more than the previous year.
• Faster response times. Taxpayers waited, on average, just over three minutes for help on the IRS main phone lines. This is down from four minutes in 2023 and 28 minutes in filing season 2022.
• More callback options. The IRS offered callback options on 97% of the phone lines this filing season. The agency offered call back for over 4 million taxpayers this tax season, more than double the 1.8 million calls in 2023. This option, offered when phone lines were busy, saved taxpayers nearly 1.4 million hours of wait time on the phones.
• More in-person help. The IRS helped 170,000 more taxpayers in-person this filing season than in 2023. IRS employees at Taxpayer Assistance Centers (TACs) served 648,000 taxpayers this year, up from 474,000 in 2023, a 37% increase.
• Expanded in-person hours . The IRS added extended hours at 242 TAC locations across the nation, generating more than 11,000 extra service hours for taxpayers during the 2024 filing season. In addition to extended service hours, IRS also offered taxpayer assistance on Saturdays in more than 70 locations. These evening and Saturday hours made it more convenient for thousands of hard-working taxpayers to get help.
• Additional free help at volunteer sites. The IRS saw tax return preparation work at volunteer sites increase to more than 2.3 million returns this tax season, up 200,000 from last year following work at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites.
• More taxpayers file for free. In addition to volunteer sites, the IRS saw more taxpayers file for free this year; in all, there were over 450,000 more returns filed between volunteer sites, Direct File and Free File. The new Direct File pilot, offered on a limited basis in 12 states, generated more than 60,000 tax returns after opening widely in mid-March. At the same time, the IRS partnership with the Free File partners offering free private-sector software via IRS.gov saw growth with more than 2 million tax returns filed, an increase of 11.2% or more than 200,000 more Free File returns than 2023 .
• Higher usage of IRS.gov. Driven by increased use of the expanded information on the Where’s My Refund? for the 2024 filing season, IRS.gov saw large increases in traffic. The website had nearly 500 million visits, an 18% increase. And Where’s My Refund? accounted for more than 275 million of those visits, up 62 million from 2023 representing a 29% increase.
• More chatbot use. The IRS saw more use of its virtual assistant tool on key IRS.gov pages. There were 832,000 uses this filing season, up nearly 150% from 330,000 uses in 2023.

“These numbers illustrate the strength of this year’s filing season, but the IRS needs to continue working hard to make more improvements and continue transforming to serve taxpayers – not just through the April tax deadline but throughout the year and into the future,” Werfel said.

With the April deadline approaching, the IRS reminds taxpayers there are many ways to get last-minute help. They can visit the special free help page on IRS.gov.

For taxpayers who need an extension of time to file their taxes, there are several options to get an automatic extension through Oct. 15. Although an extension grants extra time to file, it does not extend the obligation to pay taxes due on April 15, 2024. To avoid penalties and late fees, taxpayers who owe should pay either their full tax bill or at least what they can afford to pay by the April 15 deadline.

The IRS estimates 19 million taxpayers will file for an automatic extension.

Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year. This is because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia.

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PBMs Should Be Health Plan Fiduciaries, Employers Tell Congress

By Sara Hansard

Pharmacy benefit managers should be required to act as fiduciaries acting in the interest of health-plan beneficiaries in providing benefits and paying plan expenses, a House subcommittee was told at a Tuesday hearing.

Three PBMs— CVS Health , Optum RX , and Express Scripts —"have taken over the market share” for self-insured health plans, controlling the prescription drugs that are covered on health plan formularies and price rebates on those drugs, said Russell DuBose, vice president of human resources for Tuscaloosa, Ala.-based manufacturer Phifer Inc. DuBose was one of several speakers at the hearing before the health subcommittee of the ...

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