If you choose to open an independent pharmacy, you’ll probably receive a lot of recommendation on how to achieve success. Some online corporations provides you with advice and administrative assistance in the first phases of your enterprise. However, it could be helpful to learn about the pitfalls faced by other individuals who have undergone the same process. Here are guidelines on things to avoid when launching an independent pharma startup.
1. Don’t minimize the planning phase
Once you have made the decision to open a business, it’s comprehensible that you just’re excited and want to open it as soon as possible. However, a detailed marketing strategy will assist you and your team outline your strategy and be certain that no essential steps are missed. Make sure each member of the management team understands their role and what a part of the business they are responsible for. Research the financial features of the business and make sure you have a plan to meet these financial obligations when they arise.
2. Don’t miss any legal obligations
Every company needs a license and a Tax Identification Number, so meeting these requirements shouldn’t surprise you. To make clear who will probably be officially responsible for launching your independent pharmacy, you wish to resolve whether you will probably be the sole owner (sole proprietorship) or whether you’ll have one (or more) partners. Your state’s board of pharmacy will determine what regulatory requirements have to be met – including a DEA number, a National Provider Identification (NPI) number, and a National Association of Boards of Pharmacy (NABP) number. For legal purposes, you may even need an Employer Identification Number (EIN.)
3. Don’t forget about fire safety
When opening a pharmacy, fire safety could also be the final thing on your mind. However, your organization will need a fire protection system that complies with the NFPA25 Code. Under this code, the fire protection system have to be subjected to scheduled visual and functional tests to ensure it is current and operational. These tests must be performed monthly, quarterly, semi-annually, annually and thereafter repeated every five and ten years.
4. Don’t select an office design just because of its appearance
You may have an idea of what you wish your pharmacy to appear to be, but your organization’s design must be strategically planned. Remember that the success of your enterprise will depend on how comfortable your customers feel when they enter the pharmacy. It may even be essential to plan the design of the area where pharmacists and technicians will move and work. Get ideas by visiting other independent pharmacies and looking at their layout before deciding on an office design.
5. Do not get rid of hazardous waste without caution
Every company generates waste and pharmacies are no exception. Whether your pharmacy waste comes from discarded medications, chemotherapy waste, or used sharps, make sure you know and understand your state’s hazardous waste disposal regulations. Companies that fail to comply with these regulations could also be subject to day by day fines of up to $37,500 per event.
6. Don’t post all of your job requests online
When your store opens, you will need pharmacists and technicians, in addition to cashiers, to work. Many corporations make the mistake of posting their job offers only online. However, statistics show that while job seekers can find some job opportunities online, 80% of job offers are not published there. It is often helpful for corporations looking for skilled employees to use trade magazines or contacts they have in the industry.
Starting a latest business all the time comes with challenges, and your pharmacy business will bring you many challenges to overcome. The planning phase will assist you create a clear plan to guide you, and then you definitely can strategically implement that plan. By avoiding the mistakes that hindered the development of other pharmacies, you’ll ensure your success. Best wishes to your latest, independent pharmaceutical startup!