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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Success is Never Ending and Failure is Never Final.

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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A Delhite in Toronto

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.

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.

Quote:

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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.

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A Delhite in Toronto

Quote:

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Originally posted by Delhite

Quote:

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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.

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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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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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