The pharmacy industry can be lucrative if you know what you’re getting into and what to look out for. However, not many people go into this venture prepared and pharmacies can quickly begin to struggle. If you’re thinking of starting and running a pharmacy of your own, you’ll need to know the work you’re in for. Let’s discuss some frequently asked questions individuals have about starting a pharmacy.
Who should get into pharmacy ownership?
There is no set standard to determine who would be a good pharmacy owner and who would not. As long as you have the passion and determination to do it, owning a pharmacy is right for you. Recently graduated, unemployed pharmacists, or even those that have always wanted to own a pharmacy can get started.
What licensing is required to own a pharmacy?
Before you start a pharmacy, it is crucial that you know what state and federal licenses and permits are needed. Specific requirements will vary depending on the state you reside in, but basic requirements include:
· Pharmacy license
· Drug Enforcement Agency (DEA) number
· National Provider Identifier (NPI) number
· Employer Identification Number (EIN)
· Association of Boards of Pharmacy (NABP) number
· National Council for Prescription Drug Programs (NCPDP) number
How long does starting a pharmacy take?
Planning is a crucial factor in when your pharmacy will be up and running. If you’ve done all of the preliminary planning and have everything in place, you could potentially open your pharmacy six months after signing your lease. However, this is in the most ideal circumstance it could take much longer if you are integrating independent pharmacy software or renovating your space to match the vision you have for your pharmacy.
Now that you have a bit more information on starting a pharmacy, you can start working towards ownership with confidence.