Market analysis pharmacy business plan

Students Our Competitive Advantage The retail pharmacy industry is known to be highly competitive in the U. S and in most parts of the world.

Market analysis pharmacy business plan

This sample marketing plan was created with Marketing Plan Pro software. Situation Analysis The Discount Pharmacy is in the first year of business as a start-up operation. The Pharmacy believes that the market demand for their services will be great and are convinced that a cohesive marketing strategy is required for The Pharmacy.

The Pharmacy offers a wide range of prescription medicine for pick up at their store front or it can be distributed by mail order. Get practical ideas and good models with dozens of examples of successful marketing plans with Sales and Marketing Pro.

Finish your own Marketing Plan Market Summary The Discount Pharmacy posesses good information regarding their market and the target segments that they wish to serve. The Pharmacy will leverage this information to better understand who is served, their specific needs, and how The Pharmacy can better serve them.

This market need is important as many Americans are faced with the dilemma of using their limited income on food or meds. The Discount Pharmacy seeks to fulfill the following benefits that are important to their customers.

The Pharmacy offers a wide range of medication, both originals as well as generic alternatives. Products are distributed through their conveniently-located store front, or can be shipped within the U. The Pharmacy recognizes the value of having outstanding customer service.

Market Trends The market trend for pharmacies reinforces consolidation. Now insurance companies are adding pressure to decrease costs since they are a main party in the payment for meds. The Discount Pharmacy is able to coexist in this consolidation environment by achieving cost efficiencies through their unique business model of mail order service and a decrease in the normal pharmacist offered services.

The industry is forecasted to continue its record growth. This growth can be attributed to several factors, the underling driver is scientific progress. As our scientific community continues to make breakthroughs in medical applications, people become more and more reliant on medication to lengthen and improve their quality of life.

American society in particular has become increasingly reliant on medication. This conclusion seems to be fairly intuitive as many individuals have a vested interest in living longer and more comfortably.

This demand applies pressure to the scientists and pharmaceutical companies who are always on the lookout for the next big blockbuster drug which will ensure profitable returns.

Executive Summary

While America remains as the largest consumer of medication in the world, to a large degree based on the simple quantitative measurement of GNP, it is reasonable to expect that the retail distribution of these drugs will achieve extraordinary growth rates if they are employing creative business models or if they are one of the "giants.

Strengths A unique, current business-environment-appropriate business model. Excellent staff who are highly trained and very customer attentive.

market analysis pharmacy business plan

The ability to scale rapidly for the mail order side of the business. Weaknesses The lack of visibility and brand equity of a start-up business. Lack of true experience running a mail order outfit.

Opportunities Outside pressure on consumers to purchase meds mail order. The constant growth of the number of people taking medication. Newly formed alliances of insurance companies and mail order pharmacies. Threats The entry into the mail order market by an established company.

Regulatory legislation that curtails the mail order medicine industry. Some event that cripples interstate commerce in regards to shipping. Competition Competition takes many different forms in the pharmacy industry.

These are state or national chains such as Rite-Aid. The advantage to these chains are better prices through economies of scale as well as personalized service.

The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you have disclosed to them. These are the pharmacies where you typically know the pharmacists and they know your medical history. This option is high in personalized service and convenience, and high in price.

Mail order and Internet pharmacies: These are similar to The Discount Pharmacy. These pharmacies are located in Canada where the cost of drugs is lower than in the U. These pharmacies can be accessed through mail order, the Internet, or via travel.

Recently there has been the trend for trips arranged for senior citizens in northern states to travel up to Canada for the day to pick up their meds.The market analysis section of your business plan comes after the products and services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.

The executive summary page of the plombier-nemours.com pharmacy sample marketing plan. Our Brands: Search. Sample Marketing Plans; Marketing Software Business Plan Software; How To Write A Marketing Plan; Product Marketing The Pharmacy will increase its market share through targeted advertising to increase the number customers who are .

Profitability

The target market for Park Plaza Pharmacy will be those customers in the Park La Brea community who seek to get their pharmaceutical services from a Pharmacy which stresses a higher level of customer service regardless of price.

This sample marketing plan was created with Marketing Plan Pro software. Executive Summary The Discount Pharmacy is a brick and mortar and mail order pharmacy that sells prescription medication at lower prices than other pharmacies. Business Plan Writer $ Flat Rate No Templates Used 7 Day Turnaround All Purchased Plans No Templates Used 7 Day Turnaround All Purchased Plans Are Updated for Pharmacy SWOT Analysis.

Strengths. As such, these requirements make it extremely difficult for new agents to enter the market. Weaknesses.

market analysis pharmacy business plan

Analysis of the Pharmacy Industry by Robert Shaftoe Half of independent community pharmacies have a formal program to increase medication adherence, such as refill synchronization programs.

How to Write a Market Analysis (with Pictures) - wikiHow