Best Business Ideas For Pharmacists
Would you like to start your own business as a pharmacist or earn money on the side but still need to find the right pharmacy business idea?
There are many pharmacy-related business ideas you can start in 2024. While it sounds exciting to start pharmacist business ideas, you must run with the right idea.
Your goal should be to build successful pharmacy business ideas in a niche that is not only profitable but can also ensure your long-term success.
Hopefully, you will find inspiring pharmacist-related business ideas in this list.
1. Start a medicine distribution business
A pharmaceutical distributor purchases pharmaceutical products directly from manufacturers and sells them to pharmacies.
To start a pharmaceutical business, you can take three different options.
- Begin a pharmaceutical business with a manufacturing unit
- Market medicines under a franchise
- Team up with an established drug manufacturer and become their distributor
Keep in mind that the drug and pharmaceutical industry is highly regulated, so you must meet all the licensing and permits to operate.
2. Start a consulting business
Consulting businesses are booming, more so than ever before, and seeing year-over-year growth. With an accumulated value of about $250B, the global consulting industry is one of the biggest markets within the professional services sector.
If you want to start your own consulting business with valuable insights from industry experts, reading about their entrepreneurial journey will help you decide how you should go about it.
How much you can make: $100 — $1,500,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 60 days (?)
Cybersecurity consulting firm Eden Data, launched in March 2020, scaled to four team members and generated over $45k MRR without large startup costs through their unique Virtual CISO offering, which outsources cybersecurity and compliance needs for a flat monthly price, rather than charging by the hour or for long-term commitments.
3. Start a blog
In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:
- Blogs have been rated as the 5th most trustworthy source of gathering online information.
- 77% of internet users read blogs.
- Each month, approximately 409 million people view more than 20 billion pages.
Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.
If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.
How much you can make: $100 — $293,220/month
How much does it cost to start: $500 (?)
How long does it take to build: 44 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
4. Start a supplements company
A supplement business makes money by selling dietary supplements, vitamins, protein powders, and health foods to customers.
These products are often sold directly to customers or through distributors and retailers.
Your target customers will likely include fitness enthusiasts, health-conscious individuals, wellness influencers, and those who prioritize their nutrition daily.
Starting a supplement brand is becoming increasingly popular because it's relatively inexpensive, and you can run the business from your home.
How much you can make: $1,000 — $3,500,000/month
How long does it take to build: 200 days (?)
A military officer turned entrepreneur built sports nutrition brand Bare Performance Nutrition from $15,000 in year one to on track to generate $6m in revenue this year, leveraging social media platforms and creating interactive, relatable and valuable content to create a community and a brand voice.
5. Start a home healthcare service business
Today’s lifestyle patterns have introduced new diseases, and the demand for healthcare services is rising. As we age, we develop different health problems resulting in medical services. Thus, starting a health service business can be a lucrative opportunity with the rising demand for healthcare.
Niche markets within the healthcare industry include:
- Ambulatory surgery centers
- Medical labs
- Kidney dialysis facilities
- Outpatient clinics
- Mental health facilities etc.
To start a health service business, research the market and acquire all necessary medical equipment. You can choose a franchise or partnership or start your own health center from scratch.
How much you can make: $300,000/month
How long does it take to build: 135 days (?)
Healthsols Facilitators Pvt Ltd is a medical equipment and surgical items supplier to B2B entities such as hospitals and clinics that started around 6 months ago with an investment of INR 3000 and have now recruited 18 employees in 11 cities, while planning to establish their own manufacturing unit.
6. Start a drug testing business
Drug testing examines illegal or prescription drugs in urine, saliva, hair, or sweat. The purpose of drug tests is to look for drug abuse or misuse.
The drug testing profession is highly in demand at ports of entry and exit and the sporting sector. A drug testing business can be a lucrative business opportunity. You will need a fully equipped laboratory and an elaborate business marketing plan to reach the relevant customers.
7. Start a retail pharmacy
Starting your retail pharmacy can be a rewarding venture that offers you independence and the opportunity to define your work schedule. If you are considering starting a pharmacy, understand the licensing requirements and comply with the National Council For Prescription Drug Program.
Then, define the business model. You may opt to start an online retail pharmacy or a brick & mortar establishment. For a brick-and-mortar establishment, rent a physical location and take care of staffing costs and inventory keeping.
How much you can make: $515/month
How much does it cost to start: $3,000 (?)
How long does it take to build: 730 days (?)
Medical Bag Tags, LLC creates customizable medical and allergy awareness bag tags for personal items while raising awareness of medical and allergy conditions, all while overcoming personal tragedy and balancing being a single mom of 8 children, and is now in talks with a possible pharmaceutical investor to expand and grow the business.
8. Start a vitamin shop
The global dietary supplements market is expected to expand at a compound annual growth rate of 8.9% in the next few years. Increasing consumer awareness of personal health and wellbeing remains the key driving factor for dietary supplements. Besides, the working population is struggling to fulfill the daily nutrient requirements.
Therefore, starting a vitamins and supplements business can be lucrative if you do it right. Choose a target market and evaluate the current competition to start a supplements business. You can partner with a vitamin supplier or develop your line of supplements.
How much you can make: $250,000/month
How long does it take to build: 300 days (?)
Vitafive, a direct-to-consumer custom gummy vitamin pouch business founded by 21-year-old Nik Hall and his business partner, Garret, reached a seven-figure business and will earn $3m in revenue in 2021, despite starting with only 31 orders after launch, with a focus on Facebook and Instagram marketing, and expanding into retail with eco-friendly packaging.
9. Start an in-home senior care business
With the busy lifestyle, family members are often absent and employ in-home caregivers to look after the elderly parents.
Caregivers assist the elderly with personal care routines, including bathing, grooming, dressing, toileting, and exercising. Caregivers also oversee medication & prescription usage and administer medicine.
Researchers anticipate a shortage of more than 100,000 caregivers for the elderly in the next decade. Therefore, starting an in-home senior care business is a great opportunity if you enjoy caring for the elderly and spending time with them. You can choose to work as an overnight caregiver or whichever work schedule suits you.
How much you can make: $250,000/month
How long does it take to build: 150 days (?)
The CareSide scaled to $5 million in revenue over 3 years by utilizing a data-driven approach to sales and marketing, with a focus on Google Adwords and Facebook ads, and implementing extensive automation into back end systems.
10. Start a drug rehabilitation center
Are you passionate about counseling drug users and helping them live meaningful life? Opening an alcohol and drug rehabilitation center is a noble idea.
Substance abuse, tobacco, alcohol, and drug addiction are rising globally. According to research, the addiction treatment market is approximately $35 billion a year and growing. Therefore, starting a drug recovery business can be rewarding.
If you plan to start the rehabilitation center, remember that rehab centers are comparable to private medical practices. So you are required to be licensed to operate the business in the addiction field.
Thus, you must attain legal licensure and all regulations and paperwork ready to operate as a drug rehabilitation center.
11. Start a polyclinic business
Polyclinics provide subsidized primary care, which includes primary medical treatment, preventive healthcare, and health education. With a good patient flow, polyclinics can make a good profit. The polyclinics startup cost is less than that of starting up a hospital.
With general medicine, pharmacists can start a polyclinic and provide convenient medical care to the community. To set up a polyclinic, hire a practice manager and pick the right location. Hire support staff and ensure professional services.
12. Start a pharmaceutical manufacturing business
Pharmaceutical manufacturers research, develop and bring new medicines that will improve patients' health and quality of life across the globe. Although starting a medications manufacturing business requires huge capital, it can be a lucrative venture. Medication drugs are always in demand and, therefore, can be a profitable business.
How much you can make: $500,000/month
How long does it take to build: 720 days (?)
Case study: EC Nutrition, a manufacturer of nutraceuticals, started with no buildings or equipment and now operates out of a 100,000-square-foot facility, experiencing 400% growth in revenue over the past six years and anticipating another 400% increase in the next five years by expanding into new markets and launching new products targeting brain health and sports nutrition.
13. Start a pharma raw material suppliers business
The pharmaceutical industry is booming and offers a massive opportunity for entrepreneurs interested in the sector. A good business opportunity within the pharmaceutical industry is the supply of raw materials. Pharmaceutical raw materials include fungi, leaves, seeds, flowers, fruits, and synthetic products. Suppose you are interested in the drug manufacturing sector but do not want to focus on production or distribution. In that case, you can take up the pharmaceutical raw materials supply business.
14. Start a talk show
A talk show is a live or prerecorded broadcast where a host asks the guests questions, the most popular format being interview-based ones. Talk shows are usually syndicated for airing on radio and/or television stations.
Talk shows can also be described as podcasts, where listeners subscribe to certain podcast channels to get entertainment, news, and educational content.
15. Start an epigenetics coaching business
An epigenetics coach teaches clients how to activate or suppress gene expression. To become an epigenetics coach, you have to take a certification course. You will learn genetic interpretation, lifestyle coaching, environmental design, business development, and peak performance coaching.
Then, you need to work under an experienced professional to gain the experience and knowledge required to practice.
16. Start a 24 hours medicine shop
A medicine store that remains open 24 hours a day typically earns more revenue than a store with an opening and closing time. A pharmacist can start a 24-hour medicine shop in his area. If you have no commercial experience in the drug industry, you could become a franchise partner of a reputed brand and operate 24 hours.
17. Start a pharmacy coaching center
A pharmacy coaching center focuses on helping aspiring pharmacists acquire the skills. The business targets upcoming pharmacists who are looking for internship opportunities or want some coaching from experts. You can start a pharmacy coaching center if you are an experienced pharmacist looking for ways to earn extra money.
18. Start a travel medicine clinic
Are you an expert in tropical and travel medicine looking for a good business opportunity? Starting a travel medicine clinic business can be profitable. The travel clinic offers travel immunizations, other travel medications, and expert travel advisories to dignitaries.
19. Start a pharmacy franchise store
The pharmacy industry is getting a boost across the globe. However, starting own line of pharmacy business can be tedious, given the licensing and regulations. Thus, a pharmacy franchise would be a good option.
A pharmacy franchisee receives a well-known brand name and access to an existing network of reliable suppliers. Besides, a franchise allows you to get goods at a better price and access to proven business processes.
If you are considering investing in the pharmacy business, consider a franchise model.
20. Start a drive-thru pharmacy
Drive-thru pharmacies allow dispensing of medicine through pharmacy windows where customers or patients ask for their medication while in the car. Just like the brick-and-mortar pharmacies, pharmacists will assist the patients and respond to their questions. The pharmacy window provides an opportunity for real-time support.
With quick service and reliable practices, drive-thru pharmacy can be a profitable business.
21. Start a herbal drug pharmacy
An herbal pharmacy dispenses medicine created using herbal formulas based on traditional recipes. With herbal medicine becoming a popular option for treating various illnesses, starting a herbal medicine shop can be a lucrative business.
To start your business, you may partner with herbal medicine makers and become their distributing agent. Alternatively, if you have the knowledge or expertise to formulate herbal medicines, you can produce and sell your own medicine.
22. Start a drug marketing business
The drug marketing business focuses on generating new business leads and customers. To start a pharmaceutical marketing business, identify a target customer base and partner with manufacturers of trusted medicine.
You can market medicine online, or become a local distributor for the medicine companies you are affiliated with.
23. Start a mobile pharmacy
A mobile pharmacy allows customers to order and manage their prescriptions anytime and anywhere. The mobile pharmacy delivers the medication to the customer's doorstep at no extra cost.
To start a mobile pharmacy, create a website or an application through which customers will place orders. Then, market your mobile pharmacy via online platforms and traditional marketing methods.
24. Start an online pharmacy
Online pharmacies enable customers to purchase medicines, health supplements, and nutraceuticals online without visiting physical chemists. The growth of online pharmacies is attributed to the rising number of internet consumers and increased access to web-based and online services.
Therefore, starting an online pharmacy can be a lucrative venture.
How long does it take to build: 700 days (?)
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
