Are you a pharma graduate and looking for innovative pharma-related business ideas? If YES, find here the best small business ideas for pharmacists. Regardless you are a fresher or want to change your career, these pharmacy business opportunities will definitely help you in initiating a great venture in the pharmaceutical industry.
Basically, pharmacists are drug dispensers. However, there are several other opportunities that you can explore as a pharmacist.
Other than dispensing medicines, pharmacists are also involved in drug consultation and development. And literally, every niche segment of the medical industry directly or indirectly depends on the pharmacists. So, it is not that the pharmacists will work only as a medicine dispenser.
15 Innovative Pharmacy Business Ideas for Pharmacists
Here is a list of new and innovative pharmacy business ideas that pharmacists can explore and start their own ventures.
#1. 24 Hours Medicine Shop
If you are a pharmacist, then you can consider initiating a 24 hours medicine shop in your area. And if you don’t have any commercial experience in the drugs industry, then you can open the store as a franchise partner of a reputed brand.
Generally, 24 hours of medicine shops provide medicines all the time day and night. So, these stores earn more revenue than the medicine stores that maintain an opening and closing time.
#2. Aerobics Center
Basically, aerobics is a specific form of physical exercise. Also, it combines the different forms of a fitness activity like stretching, strength training, etc.
Actually, aerobics helps in preventing illness and promoting body fitness. Also, the different steps of aerobics help burn calories and fat. So, the demand for the aerobics center is always there both in developed and developing countries.
#3. Alternative Medicine Selling
Alternative medicines are also popular as fringe medicines. Though several controversies are there, these medicines have a wide market globally. And alternative medicines getting huge popularity day-by-day.
Hence, alternative medicine selling is a great business for pharmacists who want to start a retail business in the pharmaceutical industry.
#4. First Aid Box Retailing
Actually, the first aid box is an essential item not only for students but also in different medical, commercial, and industrial establishments. So, there is already a very good market for the first aid box.
If you just want to start a selling business, then you can consider this opportunity. Apart from retail distribution, you can sell the boxes online also.
#5. Medical Store
One can start a medical store business with extra value-added services like a doctor’s chamber, some testing facilities like blood pressure, oxygen supply, etc.
As a startup, you can buy a franchise of an established brand or you can start your own. In the medical store business, the retail margin is very inspiring.
#6. Medicine Distribution
Currently, medicine distribution is one of the best businesses for pharmacists. Actually, pharmacists know medicine better than any other else.
However, like any other retail distribution business, medicine distribution demands moderate capital investment initially. Also, it is a suitable business for the experience holders only.
#7. Mobile Pharmacy
This is another great business for pharmacists. Depending on the demographics and the market potential of your area, you can consider initiating a mobile pharmacy that provides medicines for all.
The business demands strategic planning, proper licenses, and moderate startup investment. Some of the major investment areas are arranging a vehicle, procuring medicines, hiring manpower, utilities, etc.
#8. Online Pharmacy
Online pharmacy is the most trending retail business model currently throughout the globe. Actually, the ease of buying makes the business highly successful across the globe.
If you check Google, you will find a lot of online pharmacies that deliver medicines at the customer’s doorstep. Also, the business has enough potential for expansion.
#9. Rehabilitation Center
Initiating a rehabilitation center is one of the best self-rewarding business for pharmacists. Actually, these centers help individuals to leave the addiction to psychoactive substances such as alcohol, prescription drugs, and street drugs such as cocaine, heroin, or amphetamines. Hence, it something giving back to society also.
#10. Vitamin Retailing
This is another very potent business for pharmacists who what to start a retail business. These days, you can find a lot of effective ways of selling vitamins both offline and online.
#11. Wholesale Distribution of Medicines
You can start wholesale retail distribution or can sell from a brick and mortar store. On the other hand, you can sell medicine online from a small eCommerce store.
#12. Manufacture Medicines
If you have reasonable funds to invest or investors ready to fund you, the manufacturing of medicines can be a hugely profitable business.
#13. Manufacture Surgical Bandages
The need for surgical bandages remains all throughout the year in hospitals and nursing homes. You can start a small scale surgical bandage manufacturing unit with a small investment.
#14. Open a Pharmacy Coaching Center
If you have experience in pharmacy-related work, consider starting coaching the students aspiring to be pharmacists.
#15. Start a Healthcare Blog
As a pharmacist, you must be having experience in medicine-related matters. You can share your health-related knowledge with online readers searching for information by creating a blog.
Globally, the pharmaceutical industry is responsible for the development, production, and marketing of medications. Thus, it has an immense impact on the entire business eco-system. According to the revenue, the USA holds the first position. Currently, China is one of the most growing countries is the pharma industry. We hope, this list of pharmacy business ideas and opportunities will help you in initiating your own venture.