In today’s writeup, the top Business Ideas for Pharmacists are unveiled and the essential things you must know are made comprehensible
So you’ve completed your degree in pharmacy but aren’t sure of what next you want to venture into as a graduate?
Overview on business ideas for pharmacists
As a recent graduate of pharmacy, there are a ton of business ideas you may want to consider aside from the 9-5 jobs.
The important thing is to ensure you focus on what you want to do and stick to it with every commitment you can possibly muster.
Conceiving the idea of setting up a business for fellow graduates to patronize is one of the best decisions you can ever make.
This also shows you’re broad-minded and you’re not ready to waste your time looking for office jobs around before you can start making things happen.
In the light of the above, this article will walk you through some business ideas for a pharmacist, and as a smart graduate; you sure don’t want to waste this carefully mined-out gold. Anyways, below are some of them:
And guess what? The first on the list is the popular but untapped pharmacy store.
Forget the popular opinion that running a pharmacy store is such a very tedious venture, too dull for any socially active person. But trust me, that’s not right!
Pharmacy stores are one of the most frequent places, and such a place can never be as boring as touted.
Once you complete your pharmacy degree, you can open a pharmacy store and start with this. This business is profitable and quite interesting as well.
You can always try out other ideas as time passes, but as a recent pharma graduate, setting and running a store will win several hearts, and also, the business makes you move from one point to another, more like a bridge kind-of-a-job.
You can also start a franchise company as there are many healthcare service companies, including Lifecare Clinic and Apollo Clinic.
This means you don’t have to start from the top, embrace the bottom-up approach, which is always the best for any rookie in a business.
When you do this, you tend to gain a lot of money to set yourself up in life as a new pharma graduate. But before starting off the franchise clinic, never forget to check and verify all info about each company beforehand.
Here are some of the items you need: A store, furniture and a small amount of investment.
Natural Home Remedy
Many people are undergoing minor sicknesses and infections at home and as a graduate of pharmacy, starting a natural home remedy that takes care of these people is a great option you may want to consider.
Also, you can be creating awareness among the people in your vicinity about the availability of natural home remedy that helps in arresting minor sicknesses such as headache, jaundice, and the likes.
You also may want to consider writing a book on some of the home remedies and before you realize this, many people are already reaching out for the book.
You also can list your written books on sites like Amazon, where you get paid anytime people purchase the book. The good thing is that the book is available to everyone on the internet, improving your reach.
Online pharmacy store
All thanks to the advent of the internet. Many people do prefer to shop online as this can be done in the comfort of the room. What this means is another opportunity for any business-oriented pharmacist to tap into.
As interesting as these sounds, you also still need to comprehend the nitty-gritty of the offline pharmacy store if truly you want to make the most of this opportunity. Invest the time and resources to understand how an offline pharmacy store is run, and you can take a strong cue from that.
Here are some of the things you need to put into consideration:
- You need to contract the services of a logistics team for effective supply of the ordered products.
- You may have to hire a pharmacist team for proper prescription and billing. However, you can do handle this as well, if you’ve got the time.
- You’ll also need an accountant
- You’ll need a team of software and web handling team who will take care of your website.
- You may need to also hire a social media and search engine marketing team to help handle your marketing campaigns.
Production of Medicines
Though not a cakewalk, but manufacturing of medicine is another brilliant idea for any pharmacist who wants to go into business.
Yes, the investment here is huge, and many young pharmacists may not be able to hop on this shortly after completion of their degree, but whoever is able to should take this up.
Nonetheless, you can opt for a small-scale pharmaceutical manufacturing hub, as this is capitally less intensive.
But it’s crucial you ask yourself some serious questions before you start off the journey. Questions such as, what exactly do you want to do? Is it the production or the marketing aspect? Or do you want to start marketing and production together?
Answering these questions well will set you on a path to success as these are critical elements on which the structure of the business will be built.
Here are some of the things you need to put in place to kick-start this project:
- You will need some drug production licensures to be able to manufacture drugs.
- You’ll also need to invest in a couple of equipment to get it up and running.
- You’ve got to prepare for the employee salary as well
- You’ll contract the services of some skilled production management team
- Don’t forget the marketing aspect of the business as well. It’s crucial.
Manufacturing of Cotton wool
Another business idea for every young pharmacist is the production of absorbent cotton wool. This is one of the most demanded items in any pharmacy store, and producing this means you get to reel several bucks for yourself.
Aside from the medical stores, there are a ton of places where absorbent cottonwool is still needed.
This item is used in the production of pads, balls, cotton rolls, baby diapers, and whatnot. You sure want to take this opportunity up as a young pharmacist who’s ready to take the industry by surprise.
The cottonwool industry is huge, and the most interesting thing about this is that it’s still a growing one, which means there’ll be a lot of opportunities down the funnel as time goes on.
But, as with everything in life, you sure want to have a concrete knowledge of the industry before you jump into it.
Do the due diligence by learning from those in the business already, research, and take some strict decisions because a manufacturing industry means big investment and some real hard work. Below are some of the things you need to get the business on and moving:
- You’ll need a couple of licensures before you’re able to practice.
- Seek the service of a technical consultant to advise you on how to run the business sustainably and successfully.
- You’ll also make some investment with regards to the machine needed in the production of absorbent cotton wool.
- If available, try to get Government loans to help you cushion the effects of incurring some capital assets to kick start the business.
Production of Saline Water
Another exciting business idea you can venture into is the manufacturing of saline water. As a recent graduate of pharmacy, this is something you can hop on to start making some money for yourself. But it’s pretty important you get to know what and what the business entails before you get on it.
First things first, you need to do thorough research on the production and marketing of this product.
Are there challenges in the process? What are these drawbacks? You’ll need to get to the bottom of this before you even start assembling your production team and the likes.
Here are some of the things you need to set up before starting out:
You’ll need to get some licensures before you can start producing saline water for companies
You’ll make some real investment with the machines you need for the production of this water
You should contract the services of a technical consultant who can give you some solid advice on how to go about things.
You also need to be ready to spend a bit of time with those who are already in the field to get a full grasp of what and what not to do when you finally make that leap into the business.
A pharmacist isn’t just someone who’s only responsible for dispensing drugs of all kinds to people. No, pharmacists can take advantage of a ton of business ideas. They need to do the necessary research before taking this big step in their career.
The job of a pharmacist is more such a very big one, without which other medical professionals such as doctors, nurses, and the likes aren’t complete.
The business ideas highlighted above further emphasize this importance as there are responsible for producing a ton of things needed in the medical industry for the proper treatment of patients.