How do I start the path to owning my own pharmacy?
Not the type of blog you were expecting from a locum agency website? Maybe not but then again even an agency can appreciate that not all locums aim to locum long term. You may have other goals, such as working as a locum to save up to buy your own pharmacy business. If you have any questions about how to start looking into buying your own pharmacy business, this blog from Steve at Pharmacy Seekers might just answer some of your initial concerns.
There are still over 5,000 independent pharmacies in England and after years of decline the independent sector is now expanding again.
The large multiple Pharmacy companies are now offloading pharmacies in many of locations because the multiple has lost business to an ambitious local operator.
Putting Myths To Bed
So lets put a few myths to rest first;
Now that the Category M clawback has finished, we are close to a new pharmacy contract agreement. Independent pharmacy has a bright future. Especially if the PSNC achieve a multi-year settlement for the pharmacy contract.
Money is available from many banks to support the buying of pharmacies. Especially where the new operator has a good business plan to take advantage of the local opportunities that exist. Its not just the High Street names either. Over twenty banks are keen on lending to community pharmacy.
Help is available from numerous sources to advise on securing finance, appointing specialist accountants and solicitors, pharmacy contract specialists etc.
Opening an internet pharmacy from scratch using the contract exemption for internet pharmacies is a cheap entry into the market. However, it is very difficult unless you have a local USP or a large sum of money available for marketing. Even a successful internet pharmacy does not create long term capital value in the same way that a bricks and mortar pharmacy does.
Its not a quick process (3-6 months or sometimes even longer). But there are points within the buying process where you effectively reach a point of no return with the project, well before you actually legally commit. A successful purchase is all about planning ahead and lots of research!
Read the next blog in the ‘Buy your own Pharmacy Business’ series here.
If you need some informal advice now on how to purchase your first pharmacy then contact steve@pharmacyseekers.com