What is an independent pharmacy?

The independent pharmacy is owned and operated by the sole owner or group of small business owners. This type of pharmacy is usually not associated with a retail chain or brand unless it is a franchise position. Owners and operators are in business for themselves and must design their own marketing and customer strategies. Some independent pharmacies may belong to a national or local organization that helps them provide discounted prices for deliveries and take advantage of effective distribution network. Rather than getting direction from a corporate office or a guaranteed salary, an independent pharmacist takes over the financial and managerial responsibilities of business ownership. It is similar to the ownership of independent grocery trade, insurance agency or the service of dog care. In order to make profits and maintain operations, a pharmacist usually needs to propose a business plan that will control expenses and generate appropriate income.

Independent pharmacy employees are usually hired and managed by the owner. The owner will often work longer than employees, especially in the early stages of the pharmacy. The owners have to decide how many employees the company can afford, as well as their planning, payment rate and employee benefits package. Some operators buy an existing company from another owner, set up their own location or buy a franchise place with an established brand.

Expenditure and ordering of supplies are also usually managed by the owner of an independent pharmacy. For example, all necessary equipment, including cash registers and delivery vehicles, is purchased and maintained by the company owner. Some countries have a national association that can join independent pharmacies to help them negotiate with insurance companies and prescription drug suppliers. This association usually maintains a large distribution network that provides an ordered product to independent places that can imitatet internal distribution of larger society.

The owner of an independent pharmacy is also responsible for the development of promotional and customer service strategies. As for the service, the owner usually decides how to distinguish the place from the competitors of the retail chain. A higher level of personalization is a common customer service strategy, as promotional budgets can be close to owners of small business. One of the main advantages for the owner is the ability to perform your own ideas and finally determine your own work plan.