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SIC 5912 Miscellaneous Retail - Drug stores and proprietary stores

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Pharmacy Business Plan

The Discount Pharmacy

This sample business plan can be edited directly in Business Plan Pro software.

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Strategy and Implementation Summary

The Discount Pharmacy will use their website to develop visibility and disseminate information.

5.1 Competitive Edge

The Discount Pharmacy's competitive edge is superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.

We will be able to do that by eliminating some of the services traditionally offered by pharmacies. For example, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use pharmacists. Other efficiencies are created by having only a small store front and conducting most of our business through mail order.

Finally, The Discount Pharmacy is not designed to hold the patient's hand during their purchase. We expect that the vast majority of our customers will already be informed of how to take the medication, and any side effects or drug interactions that should be avoided. We will simply provide each patient with a print out of all the relevant information for consumption of the medication.

5.2 Marketing Strategy

The marketing strategy will be based on targeted advertisements, appealing to the customer's sense of value. The marketing campaign's goal will to be increase awareness of The Discount Pharmacy with their target market.

5.3 Sales Strategy

The sales strategy will be based on generating long-term relationships with customers. To facilitate that, we will provide medications at superior prices, have medicines in stock for both quick shipment and store front pick up, and provide superior customer service. All sales agents will be trained to provide friendly, knowledgeable customer service. By keeping to these simple, yet effective, business practices, we expect that our customers will make The Discount Pharmacy their exclusive source for medications. For some, medications are an integral part of their lives, so establishing long-term relationships will ensure a large, loyal customer base.

5.3.1 Sales Forecast

During the first month we will focus on setting up the store front and generating both local and national visibility. Sales activity will begin in month two. Sales during months three through five there will mainly consist of local business through the store front. In month six we expect to see a jump in sales from mail order. Sales will grow steadily from month six on.

5.4 Milestones

The Discount Pharmacy will have several milestones early on:

• Office/business set up.
• Establishment of the first strategic relationship.
• Profitability.