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  Canada Immigration Forum > About Canada > Business > Pharmacy Business
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Pharmacy Business




Hi Guys,

I have question related to pharmacy business. I am asking on behalf of my best friend who is pharmacist. I may do the partnership with him but that is different story.

Just come across an opportunity to get franchise of pharmacy (Medicine Shoppe).

How good is the pharmacy business?
Is it worth to own this kind of business vs current job as pharmacist (40 hours)?
What are default expenses of running pharmacy?
What do you think about average Number of prescription per week for this kind of business?
What do you think about running this business from Monday to Saturday and taking off on Sunday?
What do you think about store hours only 9am to 6pm?
Any idea about average margin on medicines?
Any idea about average amount per prescription including prescription reading fees (Thinking $10 for prescription reading fees)?

I know these are very generic questions and hard to answer but I am looking for range to assume some numbers for calculation.

Initial cost of above pharmacy is about $250K and royalty is about 5%.

Do you think we can build the goodwill more than investment and sell in future easily (like other food franchise businesses)

Thank you very much in advance...

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meitsme

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Member since: Feb 06
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Post ID: 223598 26-06-15 14:28:24
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Delhite
Senior Desi
Member since: Nov 04




Posts: 938
Location: Brampton


I have a known person who started as pharmacist around 15 years back. Later he started a franchise. Now he owns 4 locations all have their own full time pharmacists. Initially he has worked over 70 hrs a week but now, he has limited to only 40 hrs a week and that too in managing them. He is only going to the counter if someone is taking off.

For most of your questions, I think location is most important and the answer depends upon the location. Pick a similar location if the proposed location is not in existence and carry out some observations. Check how many customers they are filling every hrs during different hrs of the day and different days of the week. You will get the ground reality.

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Post ID: 223606 26-06-15 14:53:22
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adamthorat
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Member since: Aug 11




Posts: 1041
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If you are a Pharmacist yourself its a very good business and if your kids/wife etc are a pharmacy technician themselves its even better.

But if you run a franchise and you are not a pharmacist ..its hard :( . The pharmacist himself will first take his
$ 100,000 salary then all the technicians will take their salaries ..and you will have rent and other overheads etc.

You won't have much left over :(

Most of the money is on precription fees etc..not much on the drugs itself as the margin is fixed by the province.


 
Post ID: 223609 26-06-15 15:10:16
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febpreet
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Member since: Jan 07




Posts: 3252
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Franchise is a scam, regardless of the business. Don't fall for it - unless you open one of your own , where you will be working as a Pharmacist.

Stay away as far as you can.


 
Post ID: 223620 26-06-15 16:46:44
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Delhite
Senior Desi
Member since: Nov 04




Posts: 938
Location: Brampton


Quote:
Originally posted by febpreet

Franchise is a scam, regardless of the business. Don't fall for it - unless you open one of your own , where you will be working as a Pharmacist.

Stay away as far as you can.



I believe most of the Pharmacies are franchise. The know person I am talking about has pharmacies in Loblaws and Pharmasave. Not sure about Shoppers Drug Marts.

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A Delhite in Toronto

 
Post ID: 223623 26-06-15 17:06:15
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febpreet
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Posts: 3252
Location:


Quote:
Originally posted by Delhite

Quote:
Originally posted by febpreet

Franchise is a scam, regardless of the business. Don't fall for it - unless you open one of your own , where you will be working as a Pharmacist.

Stay away as far as you can.



I believe most of the Pharmacies are franchise. The know person I am talking about has pharmacies in Loblaws and Pharmasave. Not sure about Shoppers Drug Marts.



Well, regardless. One must weigh in how much the employees get paid. The technicians and Pharmacists are not the minimum wagers, but highly qualified Professionals. The profits must ensure, you get paid at least $10k/month after the cost, and your own salary. Anything less than 10k (Profit) + $5000 (Salary) is fruitless in this day and age, and is applicable for any franchise business. These figures are minimum.


 
Last edited by: febpreet on 26-06-15 18:14:17
Post ID: 223627 26-06-15 18:12:38
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rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2713
Location: Kitchener, ON


One pharmacy near my home recently reduced their hours as they cannot afford two staff to cover both shifts. I believe one pharmacist is putting in a 9-hour shift each day (Monday to Saturday). So I would say location is very important.
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Post ID: 223635 26-06-15 20:06:52
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