How much does it cost to open a Pharmacy.

[Sean.Flynn.13]

Hello.

I am studying A level Chemistry and hope to start a pharmacy degree in september 2010, i am just wondering how much it would cost to set up a pharmacy, and what type of returns i would expect to get. For example, revenue and profit.

I would also like to know what salary i could expect to earn from working as a pharmacist in both industry and in hospitals.

i would appreciate any help you guys could give me.

Thanks.

Sean.

[DavidS]

Gosh Sean, if you're planning that far ahead you are a most unusual student

I suggest you pop into your local pharmacy and ask if they can let you have/keep for you one or more back copies of the Pharmaceutical Journal. This is a weekly publication that, at the moment, all Pharmacists receive, usually on a Friday.

In the back of that magazine are adverts from various business transfer agents. That will give you an idea of what it will cost, although most of the cash would be raised as a loan from a bank and paid back over ten years or so.

Also at the back are job adverts for retail and hospital pharmacy.

Once you have done that, let us know what you think.....

[Sean.Flynn.13]

Gosh Sean, if you're planning that far ahead you are a most unusual student

I suggest you pop into your local pharmacy and ask if they can let you have/keep for you one or more back copies of the Pharmaceutical Journal. This is a weekly publication that, at the moment, all Pharmacists receive, usually on a Friday.

In the back of that magazine are adverts from various business transfer agents. That will give you an idea of what it will cost, although most of the cash would be raised as a loan from a bank and paid back over ten years or so.

Also at the back are job adverts for retail and hospital pharmacy.

Once you have done that, let us know what you think.....

Nice one for that mate, it's helped me a lot. I've arranged some work experiance in the local pharmacy and will ask for that when i start. I know i have thought very far into the future, but i have been told there is a lot of money to be made in owning a pharmacy, so i'm just looking for a quantifiable figure to give me an idea, if it's not as high as i expected i will probably go along the industrial chemistry route in university insead.

Thanks again for your help.

Sean.

[Pharmanaut]

Nice one for that mate, it's helped me a lot. I've arranged some work experiance in the local pharmacy and will ask for that when i start. I know i have thought very far into the future, but i have been told there is a lot of money to be made in owning a pharmacy, so i'm just looking for a quantifiable figure to give me an idea, if it's not as high as i expected i will probably go along the industrial chemistry route in university insead.

Thanks again for your help.

Sean.

Sean,
There are and will be opportunities for niche pharmacies and I would expect that the whole landscape will have changed when you arrive on the register in 5+ years.
Keep your eye on the future and gather the skills you need.
By the way most weeks the PJ arrives monday. Used to arrive friday though.

[Jeff]

BBC iPlayer - Home For Life: Episode 1

One of the homes is that of a pharmacist

Jeff

[Tony Schofield]

Sean, how long is a piece of string?

Pharmacies vary enormously so there is no figure that can be quoted. Pharmacies in health centres are very busy but have astronomical overheads, some housing estate pharmacies cost very little to run but don't do massive business. There is also the question of how good a businessman you are. It isn't a natural skill and some excellent pharmacists make poor managers/businessmen.

I was qualified 3 years when I first bought a business with two pharmacist partners. In that time I have seen some extreme highs and some dreadful lows:- falling out with partners, problems with the bank, near bankruptcy, NHS remuneration cuts, industrial tribunals with staff, ruinous rent reviews amongst them.

However in that time I have been an autonomous professional who practiced pharmacy as I wished, completely responsible for my own destiny who has chosen to explore avenues that are just not available to employee pharmacists. I also developed a superb business which has given me a very good lifestyle despite surviving a very expensive divorce!

By the time you qualify there will be opportunities for "niche" pharmacies (as explained elsewhere) which may not make you rich but they will afford you the autonomy most pharmacists dream of. But if you are lucky you may well be the next Allan Lloyd (original creator of Lloyds!)

I have always found that the harder I worked, the luckier I got. However please remember to get the work/life balance right.

That is the real trick.

[DavidS]

if it's not as high as i expected i will probably go along the industrial chemistry route in university insead.

I thought that at your age: but someone in industry told me that it would be really useful to get a professional qualification, as I would then have a more secure future jobwise, and would still be able to pursue an industrial chemistry future if I wished.

(This would have entailed some exrta study, but as I was keen on chemistry that didn't put me off).

Anyway, you see the result!

[johnep]

What industrial chemistry industrial? pretty well non existent in UK.
BSc chemist made redundant at same time as me worked as taxi driver as unable to get a job in industry. Me redundant on the Tuesday, next Monday I was working in community.
johnep

[Pharmanaut]

What industrial chemistry industrial? pretty well non existent in UK.
BSc chemist made redundant at same time as me worked as taxi driver as unable to get a job in industry. Me redundant on the Tuesday, next Monday I was working in community.
johnep

Pharmacy's a good fall back position if you want to go further education, such as PhD etc.
The locum work you can pick up with regular weekends or unsocial hours. Also better rate if you can drop everything to cover someone who has an emergency.
And, as has been pointed out, always a good second string to your bow.

[Asterix]

What is a 'niche' pharmacist?

tony: you really are the messiah of pharmacy, I have utmost respect for all your posts.