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Technology has revolutionized many industries, and the field of pharmacy is no exception. The integration of technology in modern pharmacies has improved the quality, safety, and efficiency of patient care. Technological advancements in pharmacy practice are shaping the future of the profession.

Major Technological Advancements in Pharmacy Practice

Telepharmacy and remote consultations

Telepharmacy allows pharmacists to provide remote consultations and support to patients and other healthcare providers. This can be particularly beneficial in rural or underserved areas where access to a pharmacist may be limited. Telepharmacy services can include medication therapy management, patient counseling, and remote monitoring of patient adherence to treatment plans.

The Benefits of Technology for Patients and Pharmacists

Patients benefit from technological advancements in pharmacy through increased safety, reduced wait times, and better access to care. Telepharmacy, in particular, can help bridge the gap for patients who live in remote areas or have difficulty accessing a pharmacy.
Pharmacists benefit from technology by gaining more time to focus on patient counseling, medication therapy management, and other clinical services. Improved efficiency also means that pharmacists can better manage their workload, leading to reduced stress and increased job satisfaction. Additionally, shift work apps provide pharmacists with the flexibility to work on their terms and create a personalized work schedule

The integration of technology in pharmacy practice also comes with challenges. Pharmacists must stay up-to-date with the latest advancements and adapt to new systems and processes. Additionally, concerns about data security and privacy must be addressed to maintain patient trust and protect sensitive information.

Technology has undoubtedly transformed the field of pharmacy, improving patient care and safety, streamlining workflows, and expanding the role of pharmacists. As technology continues to advance, the pharmacy profession must embrace these changes and adapt to new ways of delivering care. By staying at the forefront of innovation, pharmacists can ensure that they continue to provide optimum care for their patients.

If you are considering pharmacy ownership but don’t know where to start, we’re here to help you figure it out. 

What Does it Mean to Take Over a Pharmacy? 

Taking over a pharmacy means you’re buying a pharmacy business that is already established. You would then be the new owner and be responsible for day-to-day operations and the pharmacy’s success. 

Who Should Take Over a Pharmacy? 

The short answer is anyone with the drive, desire, and determination to take over a pharmacy can do it. It’s important to remember, though, that much more work goes into it on top of just being a pharmacist. To have successful pharmacy ownership, you should be: 

• Eager to learn 
• Dependable 
• Innovative 
• Financially savvy 
• Patient 
• Self-motivated

What Does a Day in the Life of a Pharmacy Owner Entail? 

Owning a pharmacy comes with several responsibilities, and while your work tasks may vary from day to day, there are a few things you can expect to address daily. These tasks include: 

• Accurately filling and dispensing medications
• Verifying prescriptions
• Ordering and distributing medical equipment
• Managing pharmacy workflows 
• Advising about over-the-counter medications
• Overseeing day-to-day pharmacy operations 
• Conducting medication consultations

You will also handle patient interactions, maintain patient records, and ensure the pharmacy runs smoothly during business hours. You can learn more about a day in the life of a pharmacist here. 

What Should a Pharmacy Have in Place if You’re Considering Ownership? 

Before buying a pharmacy business, you should consider a few different things. Is the pharmacy profitable? Do they have a robust client base and a strong reputation? Do you like the current location?  You want to make sure you’re making a sound investment in a pharmacy business before you move forward with the acquisition. 

Researching and Analyzing the Pharmacy 

Take time to perform a valuation on the pharmacy you are considering. This is where you will look at various factors, including: 

• Pharmacy profitability 
• Revenue trends 
• Growth potential 
• Incurred expenses 
• Cost-saving opportunities 
• Prescription volume and mix 
• Long-term contracts 

Looking at all these things can help you decide if the pharmacy you want to take over is the right one for you. 

Legal and Regulatory Considerations 

Legal and regulatory factors will vary from state to state, so it’s important to know the laws and regulations in your state. You’ll also need to get several licenses to own a pharmacy. These will include: 

• Employer Identification Number (EIN)
• Drug Enforcement Administration (DEA) Number 
• National Association of Boards of Pharmacy (NABP) Number 
• National Provider Identification (NPI) Number 
• State Board of Pharmacy Permit 

How Long Does it Take to Take Over a Pharmacy? 

Timelines will vary depending on how long it takes you to find a pharmacy, get financing, obtain licenses, and negotiate your purchase agreement. In most cases, the process can take between six and 12 months. 

Developing a Plan for Acquisition 

Once you’ve found the pharmacy you’d like to buy, you’ll need to develop a detailed plan for the acquisition. This includes developing a business plan and entering negotiations with the current owner. 

Creating a Business Plan for Taking Over a Pharmacy 

Your business plan guides the direction of your pharmacy business and helps you know which steps to take — and when — to achieve your business goals. The business plan is also essential for gaining financing for your pharmacy, so you want to ensure it is detailed and accurate. Here are a few things to include in your business plan. 

• Pharmacy niche and branding 
• Target market 
• Location and space
• Potential team members and titles 
• Potential expenses 

Negotiating With the Current Owner 

One thing you’ll need to know about how to take over a pharmacy is that you will end up negotiating the purchase agreement with the current owner. During these negotiations, you’ll settle on various factors, including the purchase price, employee retention, included items, and more. 

Your Pharmacy Owner Checklist 

Once you are ready to move forward with pharmacy ownership, here are a few essential things you need to take care of as part of your pharmacy owner checklist. 

Financial Plan 

Even though you are acquiring an existing pharmacy, you still need to have a clear idea of how you’ll fund the business under your ownership. You’ll need to create a plan to secure financing to buy the pharmacy and cover operating expenses. 

Register Your Pharmacy for Taxes 

As part of your financial plan, you must register the pharmacy for taxes under your new business name. When you do this, you’ll get a federal and state tax ID number and multiple accounts, including payroll, property, and sales tax accounts. 

Open a Business Bank Account and Credit Card 

Take time to open a business account and get a credit card for your pharmacy. Doing this separates your personal and business funds, protecting your own money and helping build the credit your pharmacy has. 

Set Up Accounting for Your Pharmacy 

Whether you handle the finances yourself or hire a professional, you’ll need to set up business accounting for your pharmacy. This is the easiest way to track your expenses and keep all the info in one place come tax time.

Marketing Plan 

Although you are buying a pharmacy business that has already been established, you’ll want to create a marketing plan that builds brand recognition and customer loyalty under your ownership. As part of this plan, you should do the following. 

• Create a new pharmacy website 
• Build an online presence on social media sites 
• Set up your new phone system
• Offer incentives to draw customers into your new pharmacy 

How Do Pharmacies Make Money? 

As part of pharmacy ownership, one of your main focuses will be profitability. Pharmacies make their money based on their goods and services, so you should aim to get your medications and products at a lower cost to help you make a profit. 

When opening an independent pharmacy you’re acquiring from someone else, look at their revenues, expenses, and free-flow cash projections to help you determine if the pharmacy is currently making money. 

Managing the Transitions and Operations

So, how do you take over a pharmacy already in business? You’ll need to focus on the transition and operations. 

Planning for a Smooth Transition to New Ownership 

You’ll likely acquire all existing employees when you take over a pharmacy. Take time to meet your employees and learn how they function in the pharmacy. Do what you can to make the transition smooth, and wait to make significant staff or operational changes until you get a better feel for the pharmacy. 

Managing Day-to-Day Pharmacy Operations 

You should spend a few days working alongside your employees to get a feel for the day-to-day operations. Before making any changes, this is essential so you can determine what is working and what can be improved. 

Are You Ready to Buy a Pharmacy Business? 

Pharmacy ownership can be an exciting venture, and many pharmacists see it as a natural step after earning their degree and working in the field for a few years. If you think owning a pharmacy is the right choice, you should start looking for purchase opportunities in your area. 
If you aren’t quite ready to take over a pharmacy but want to enhance your experience in the industry, consider joining ShiftPosts. Our innovative, user-friendly app helps you find open shifts in different areas and gives you more experience in various roles while increasing your earning potential. Contact our team today to learn more.

We’re Raising Funds to Better Serve Our Clients.

Great news for ShiftPosts supporters! In February of 2023, we launched our first phase of market development in 5 key states across the U.S. Along with the Canadian market, recruiting a loyal, high-skilled base of healthcare professionals is just the beginning. Once we recruit a vetted crew of professional pharmacists, we will open the platform for work opportunities. Much like our first market in Canada, it should only be a matter of months before wages begin to rise and operational challenges begin to fall for the retail pharmacy industry.

To accelerate our growth in the U.S., we need to grow our investor base. To leverage our great base of investors from our very successful fundraising effort on SeedInvest in 2021, we will start a new round of crowdfunding on StartEngine. StartEngine acquired SeedInvest in 2022, and finally, they are ready! Funding from this campaign will enable us to serve our clients better, grow our membership faster, and move more quickly in the market. Our goals are to provide more options for shifts that offer work when you need it and enable pharmacies to post jobs more easily. At the same time, we need to expand our staff and invest in the critical features and functions that will make it even easier to take a shift, fill a position, and process payments.

How You Can Help Us 

To be successful on StartEngine, we need your help. Crowdfunding platforms need traffic, and making our offer popular is how we get funding. Once we launch our campaign, the more people who visit the StartEngine website and search for ShiftPosts, the better! Plus, once there, you’ll find the latest news (on ShiftPosts), just how much we’ve grown, where we are heading, and how you can get involved in moving pharmacy staffing forward.

Note there are strict rules on who can invest on crowdfunding platforms, so you should check the StartEngine website for the rules. Your interest in our company and searching for us on the site adds to our success. For those who qualify to invest, think of it this way — would you have invested in UBER, AirBnB, or InstaCart when they were only in two or three cities? We are at that inspirational starting point now. You can join us at this ground level and grow your investment as we grow!

Seed investments on StartEngine have a minimum investment requirement and also short-track the opportunity for investors because they have thoroughly vetted every company. StartEngine follows SEC guidelines and does both background checks and financial reviews of every company before they launch, so once ShiftPosts launches, you’ll know that we’ve met all the regulatory requirements set by the SEC. 

We understand that many of our users (Pharmacists and Pharmacy Owners) are based in Canada, where crowdfunding is currently restricted, but there are still ways you can help us grow!

If you are in Canada, you can do the following:

1. Click the link to show your support for our efforts. We get rewarded not only for getting investors but growing our and the StartEngine brand. So, a simple link click goes a long way!
2. Share this link and spread the word with friends in Canada and the United States. If your friends are in the U.S., they have the opportunity to open a StartEngine account and invest in the ShiftPosts brand.

If you are in the U.S.

1. We want you to be a part of our growth! Becoming a Seed Investor is an excellent opportunity to get in early with our company and allow you to grow your investment more. Plus, it helps us accomplish some major goals, like implementing new and innovative features that benefit all ShiftPosts users. Click the link to learn more about this opportunity available to you!
2. You can also simply click the link and share this with your network. It goes a long way toward helping us accomplish our mission, which is nothing short of revolutionizing the way pharmacists are hired and paid and the ease by which pharmacies can hire!

We are working hard toward some lofty goals with StartEngine and have a 30-day window to accomplish them. With your help, we can accomplish these goals to open up more fundraising opportunities and allow ShiftPosts to achieve its goals more quickly.

Thank You for Joining Us on Our Journey 

We want to extend our sincerest appreciation for your help and support of ShiftPosts. You’re helping us reimagine the way pharmacy professionals connect with great opportunities, and — together — we’re creating a positive change in the healthcare industry.

Share our story!

https://www.startengine.com/investor-faq

On StartEngine, you can connect with support startups and early-growth companies that you are passionate about. This is different from helping a company raise money on Kickstarter. You aren’t buying products or merch. You are buying a piece of a company and helping it grow. In time, you may make a profit on your investment if the company grows and becomes more successful, and your investment holdings become worth more.

Standby; we are working on launching on Start Engine soon! We’re excited to give everyone a chance to support us and take advantage of the value ShiftPosts has brought to the market. Watch for upcoming updates from our team!