Are you about starting a wholesale pharmacy? If YES, here is a complete sample wholesale pharmacy business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a wholesale pharmacy. We also took it further by analyzing and drafting a sample wholesale pharmacy marketing plan template backed up by actionable guerrilla marketing ideas for wholesale pharmacy businesses. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Wholesale Pharmacy Business?
- 2 Wholesale Pharmacy Business Plan – Executive Summary
- 3 Wholesale Pharmacy Business Plan – SWOT Analysis
- 4 Wholesale Pharmacy Business Plan – MARKET ANALYSIS
- 5 Wholesale Pharmacy Business Plan – SALES AND MARKETING STRATEGY
- 6 Wholesale Pharmacy Business Plan – Publicity and Advertising Strategy
- 7 Wholesale Pharmacy Business Plan – Sustainability and Expansion Strategy
Why Start a Wholesale Pharmacy Business?
Pharmacy business is a lucrative business and if you have what it takes to run such a business, then you should consider starting a wholesale pharmacy company. Whole-selling pharmaceuticals is a profitable and viable business and you can be rest assured that your products will be purchased by retail pharmacy stores and medical clinics/hospitals.
When it comes to starting a wholesale pharmacy business, you have to ensure that you get your strategy right; you will need robust business relationship with pharmaceutical manufacturing companies and also retail pharmacy stores in and around your target market location.
Wholesale pharmacy business is still pretty much open for investors to come in and compete for the available market.
If you are sure this type of business is what you truly want to do after you must have conducted your feasibility studies and market research, then the next step to follow is to write a good business plan. The truth is that it is one thing to have a fantastic idea cum business plan, but it is another thing for the business plan to translate to profits, which is why it is important to assemble a team of dedicated workers if you want to be successful with your wholesale pharmacy business.
Below is a sample wholesale pharmacy company business plan template that will help you successfully write yours without much stress.
A Sample Wholesale Pharmacy Business Plan Template
- Industry Overview
The Pharmaceutical Wholesaling industry covers businesses that wholesale pharmaceuticals or medical goods. These are distributed to pharmacies, specialist retailers, hospitals, and other specialist medical practitioners. Generally, pharmaceutical wholesalers purchase drugs, medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver these products and related services to medical and dental practitioners, clinics and hospitals et al.
The pharmaceutical industry is highly regulated because the devastating effects of fake drugs or drug abuse can’t be quantified. As a matter of fact, there are several universal laws and regulations that govern the patenting, testing, safety, efficacy and marketing of drugs. For example, in the United States, new pharmaceutical products must be approved by the Food and Drug Administration (FDA) as being both safe and effective before they can be allowed into the market.
Statistics have it that global spending on prescription drugs grew to a whopping sum of $954 billion in 2011, and the United States accounts for more than a third of the global pharmaceutical market, with an estimate of $340 billion in annual sales.
The Pharmaceutical Wholesaling Industry is a thriving sector of the economy of countries like India, China, United Kingdom, Germany and the United States of America. Statistics have it that in the United States alone, the industry generates over $192 billion annually from more than 11,156 registered and licensed generic pharmaceutical manufacturing companies scattered all around the United States of America.
The industry is responsible for the employment of over 220,330 people. Experts project the industry to grow at a 1.7 percent annual rate from 2012 to 2017. Cardinal Health Inc., Owens & Minor Inc., AAH Pharmaceuticals Ltd, Phoenix Healthcare Distribution Ltd and Walgreens Boots Alliance Inc. have lion shares of the available market in the industry.
A recent report published by IBISWORLD shows that the Pharmaceutical Wholesaling industry is in the mature phase of its life cycle. As is evident within its European and US counterparts, the industry is subject to an ongoing consolidation process as its operating environment continues to develop in line with the dramatic changes occurring within the pharmaceutical supply chain.
With upstream manufacturers and downstream markets transforming the supply chain and pushing out the middleman, wholesalers are facing a wide array of challenges. In addition, the industry is contending with intense competitive pressures, which is indicative of a mature industry. Over the decade through 2022-23, industry valued added, which measures the industry’s contribution to GDP, is anticipated to increase at a compound annual rate of 2.2 percent.
The bottom line is that the Pharmaceutical Wholesaling industry is still very much open for new entrants; the competition within the industry is not as stiff as similar industries. If your product is good, it can gain fair share of the available market in any country or region you intend launching the business.
Wholesale Pharmacy Business Plan – Executive Summary
Health Pro® Pharmaceuticals Distribution, LLC is a licensed wholesale pharmacy company that will be located in an industrial area in Des Moines – Iowa. We have been able to secure a long-term lease agreement for a facility in a strategic location with an option of a long-term renewal on an agreed terms and conditions that is favorable to us.
Health Pro® Pharmaceuticals Distribution, LLC will engage in the wholesale of prescription medicine, medical products, therapeutic appliances and equipment et al. We are also in business to make profits and at the same time to give our customers value for their money. We want to give people and businesses who patronize our pharmaceutical products the opportunity to be part of the success story of our brand.
We are aware that there are several wholesale pharmacy companies scattered all around the United States whose products can be found in every nooks and crannies of the United States of America, which is why we spent time and resources to conduct our feasibility studies and market survey so as to enable us locate the business in an area that can easily accept our products and brand.
We ensured that our facility is easy to locate and we have mapped out plans to develop a far-reaching distribution network for our pharmaceutical products all around Des Moines – Iowa and throughout the United States of America.
Much more than wholesale distribution of pharmaceutical products, our customer care is going to be second to none. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they purchase any of our products.
Health Pro® Pharmaceuticals Distribution, LLC will ensure that all our customers are given first class treatment whenever they order our products. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they may grow to. We will ensure that we get our customers involved when making some business decisions that will directly or indirectly affect them.
Health Pro® Pharmaceuticals Distribution, LLC is a family business that will be owned by Emmanuel Foster and his immediate family members. Emmanuel Foster who is the Chief Executive Officer of the Company is a graduate of Pharmacology and he holds a Master’s Degree in Business Management (MBA).
He has over 12 years’ experience working in related industry as a senior sales manager prior to starting Health Pro® Pharmaceuticals Distribution, LLC. He will be working with a team of professionals to build the business and grow it to an enviable height.
- Our Product
Health Pro® Pharmaceuticals Distribution, LLC is going to run a licensed wholesale pharmacy company whose products will not only be distributed in Des Moines – Iowa but throughout the United States of America. We are in the pharmaceutical wholesaling industry to make profits and also to give our customers value for their money.
These are some of the products that we will be distributing;
- Pharmaceutical wholesaling
- Medical goods wholesaling
Our Vision Statement
Our vision is to establish a standard pharmaceutical wholesaling Company whose products will be not only be distributed in Des Moines – Iowa, but also throughout the United States of America.
- Our Mission Statement
Our mission is to establish a standard pharmaceutical wholesaling company that in our own capacity will favorably compete with leaders in the industry. We want to build a business that will be listed amongst the top 20 pharmaceutical wholesaling brands in the United States of America.
- Our Business Structure
Health Pro® Pharmaceuticals Distribution, LLC is established with the aim of competing favorably with other leading pharmaceutical wholesaling brands in the industry. This is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.
In view of that, we have decided to hire qualified and competent hands to occupy the following positions that will be made available at Health Pro® Pharmaceuticals Distribution, LLC;
- Chief Executive Officer (Owner)
- Warehouse Manager
- Human Resources and Amin Manager
- Merchandize Manager
- Sales and Marketing Manager
- Information Technologist
- Customer Services Executive
Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for fixing prices and signing business deals
- Accountable for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Signs checks and documents on behalf of the company
- Evaluates the success of the organization
Admin and HR Manager
- Accountable for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities
- Responsible for organizing the safe and efficient receipt, storage and dispatch of warehoused goods
- Responsible for liaising with customers, suppliers and transport companies
- In charge of planning, coordinating and monitoring the receipt, order assembly and dispatch of goods
- In charge of coordinating the use of automated and computerized systems where necessary for the distribution of drugs
- Responsible for keeping stock control systems up to date and making sure inventories are accurate
- Responsible for producing regular reports and statistics on a daily, weekly and monthly basis
- In charge of overseeing the planned maintenance of vehicles, machinery and equipment.
- Ensures that proper records of goods are kept and warehouse does not run out of products
- Ensures that the warehouse facility is in tip top shape and goods are properly arranged and easy to locate
- Controls pharmaceutical products and medical equipment distribution and supply inventory
- Supervises the workforce in the warehouse floor
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Responsible for the purchase of prescription medicine, medical products, therapeutic appliances and equipment for the organizations
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Manages the organizations website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manages the organization’s CCTV
- Handles any other technological and IT related duties.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
Distribution Truck Drivers
- Assists in loading and unloading prescription medicine, medical products, therapeutic appliances and equipment
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
- Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment
- Assists the transport and logistics manager in planning their route according to a distribution schedule.
- Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients and collect cash.
- Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
- Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
- Collects and verifies delivery instructions
- Reports defects, accidents or violations
Wholesale Pharmacy Business Plan – SWOT Analysis
We are quite aware that there are several wholesale pharmacy companies in the United States of America which is why we are following the due process of establishing a business so as to compete favorably with them. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Health Pro® Pharmaceuticals Distribution, LLC employed the services of an expert HR and Business Analyst with bias in startup businesses to help us conduct a thorough SWOT analysis and to help us create a business model that will help us achieve our business goals and objectives.
This is a summary of the SWOT analysis that was conducted for Health Pro® Pharmaceuticals Distribution, LLC;
Part of what is going to count as positives for Health Pro® Pharmaceuticals Distribution, LLC is the vast experience of our management team, and we have people on board who understand how to grow a business from scratch to become a national phenomenon.
So also, the wide varieties of pharmaceutical products that we sell, our large national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
A major weakness that may count against us is the fact that we are a new wholesale pharmacy company in the United States and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business especially when big names like Cardinal Health Inc., Owens & Minor Inc., AAH Pharmaceuticals Ltd, Phoenix Healthcare Distribution Ltd and Walgreens Boots Alliance Inc. et al are already determining the direction of the market.
The opportunities available to wholesale pharmacy companies are enormous. This is because almost all Americans take drugs for different reasons. Demand for medical supplies has increased as a result of the rising age of the US population and of course the changing demographics in the US population will have a favorable effect on the medical supplies sector.
As a result of that, we were able to conduct a thorough market survey and feasibility studies so as to position our business to take advantage of the existing market for pharmaceutical products and also to create our own new market.
We are quite aware that just like any other business, one of the major threats that we are likely going to face are economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new wholesale pharmacy company in same location where ours is located.
Wholesale Pharmacy Business Plan – MARKET ANALYSIS
- Market Trends
A close study of the trends in the Pharmaceutical Wholesaling industry shows that the industry is expanding rapidly. This is due to the demand for the industry’s products by the aging population with more chronic illnesses. The regulatory provisions of the Patient Protection and Affordable Care Act expanded consumer access to prescription insurance and provided increased opportunities for product development. Going forward, the industry revenue growth is expected to outpace revenue growth for the Brand Name Pharmaceutical Manufacturing industry.
A large number of brand name drugs manufacturers lost patent protection for blockbuster drugs beginning in 2010; demand for generics subsequently grew, as consumers demanded affordable versions of these high-profile products. These trends are expected to continue in the next five years.
Lastly, the pharmaceutical wholesaling industry is the adoption of eco-friendly approach towards the production and packaging of its products. As a matter of fact, the industry’s adoption of eco-friendly practices will likely persuade environmentally conscious consumers to buy its products, while increasing operators’ efficiency.
- Our Target Market
When it comes to selling pharmaceutical products, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just retail pharmacy stores, but every business that deals in drugs and medical equipment within our target market locations.
In view of that, we have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to engage in marketing and distribution of generic drugs and medical equipment. Our target markets are;
- Retail pharmacy stores
- Specialist retailers
- Hospitals/Medical clinics
- Doctors and other specialist medical practitioners
Our Competitive Advantage
A close study of the pharmaceutical wholesaling industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are well prepared to compete with other wholesale pharmacy companies.
Health Pro® Pharmaceuticals Distribution, LLC is launching a standard wholesale pharmacy company that will indeed become the preferred choice for businesses in Des Moines – Iowa and every city where our products will be distributed.
Having links with suppliers, having a clear market position and access to the latest available and most efficient technology are part of what is going to count as competitive advantage for Health Pro® Pharmaceuticals Distribution, LLC. We are not ignoring the vast experience of our management team; we have people on board who understand how to grow a business from the scratch to becoming a national phenomenon.
So also, the wide varieties of generic pharmaceutical products and medical equipment that we distribute, our large and far reaching national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the pharmaceutical wholesaling industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
Wholesale Pharmacy Business Plan – SALES AND MARKETING STRATEGY
- Sources of Income
Health Pro® Pharmaceuticals Distribution, LLC is established with the aim of maximizing profits in the pharmaceutical wholesaling industry in both the United States of America and Canada and we are going to go all the way to ensure that we do all it takes to sell a wide range of generic pharmaceutical products to a wide range of customers.
Health Pro® Pharmaceuticals Distribution, LLC will generate income by selling the following;
- Pharmaceutical wholesaling
- Medical goods wholesaling
One thing is assured when it comes to a wholesale pharmacy company, if your products are well – packaged and branded and if your warehouse is centrally positioned and easily accessible, you will always attract customers.
We are well positioned to take on the available market in Des Moines – Iowa and every city where our generic pharmaceutical products and medical equipment will be distributed and we are quite optimistic that we will meet our set target of generating enough profits from the first six months of operations and grow the business and our clientele base.
We have been able to critically examine the generic pharmaceutical manufacturing industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Des Moines – Iowa.
Below is the sales projection for Health Pro® Pharmaceuticals Distribution, LLC, it is based on the location of our business and other factors as it relates to small and medium scale wholesale pharmacy startups in the United States.
- First Fiscal Year: $250,000
- Second Fiscal Year: $550,000
- Third Fiscal Year: $950,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor in the same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Health Pro® Pharmaceuticals Distribution, LLC and the kind of pharmaceutical products we will sell, we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market in our target market locations. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.
We hired experts who have good understanding of the pharmaceutical wholesaling industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market.
In summary, Health Pro® Pharmaceuticals Distribution, LLC will adopt the following sales and marketing approach to sell our pharmaceutical products and medical equipment;
- Introduce our wholesale pharmacy company by sending introductory letters to pharmacy stores, hospitals, pharmaceutical merchants, pharmacy retailers and other stakeholders in Des Moines – Iowa and other cities in the United States of America
- Advertise our products in community based newspapers, local TV and radio stations
- List our business and products on yellow pages’ ads (local directories)
- Leverage on the internet to promote our wholesale pharmacy company
- Engage in direct marketing and sales
- Encourage the use of word of mouth marketing (referrals)
Wholesale Pharmacy Business Plan – Publicity and Advertising Strategy
Health Pro® Pharmaceuticals Distribution, LLC has a long-term plan of distributing our generic pharmaceutical products and medical equipment in various locations all around the United States of America which is why we will deliberately build our brand to be well accepted first in Des Moines – Iowa before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for selling our products but to also effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Health Pro® Pharmaceuticals Distribution, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, et al to promote our generic pharmaceutical product brand
- Install our billboards in strategic locations all around Des Moines – Iowa and in major cities in the United States of America
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting customers
- Ensure that our products are well branded and that all our staff members wear our customized clothes, and all our official cars and distribution vans are customized
Our Pricing Strategy
We are aware of the pricing trend in the generic pharmaceutical manufacturing industry which is why we have decided to distribute various sizes of pharmaceutical products as regulated by the industry.
In view of that, our prices will conform to what is obtainable in the industry but we will ensure that within the first 6 to 12 months our products will be sold a little bit below the average prices in the market. We have put in place business strategies that will help us run on low profits for a period of 6 months; it is a way of encouraging people to buy into our generic pharmaceutical product brands.
- Payment Options
The payment policy adopted by Health Pro® Pharmaceuticals Distribution, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Health Pro® Pharmaceuticals Distribution, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for generic pharmaceutical product and medical equipment purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
- Startup Expenditure (Budget)
If you are looking towards starting a wholesale pharmacy company, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard warehouse facility, you will need money to acquire medical equipment, drug supplies and distribution vans and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
The items listed below are the basics that we would need when starting our wholesale pharmacy company in the United States, although costs might vary slightly;
- The total fee for registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Health Pro® Pharmaceuticals Distribution, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for start-up inventory (purchase of wide varieties of drugs and medical equipment meant for distribution) – $150,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase of distribution vans – $60,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, Fax Machines, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- The cost for our opening party – $10,000
- Miscellaneous – $10,000
We would need an estimate of five hundred thousand dollars ($500,000) to successfully set up our wholesale pharmacy company in Des Moines – Iowa.
Generating Startup Capital for Health Pro® Pharmaceuticals Distribution, LLC
Health Pro® Pharmaceuticals Distribution, LLC is a family business that is owned and financed by Emmanuel Foster and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sell of stocks
- Source for soft loans from family members and friends
- Apply for loan from the Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
Wholesale Pharmacy Business Plan – Sustainability and Expansion Strategy
The future of any business lies in the number of loyal customers they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Health Pro® Pharmaceuticals Distribution, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our generic pharmaceutical products and medical equipment a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Health Pro® Pharmaceuticals Distribution, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and construction of standard warehouse: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members and friends: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of the Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Launching party planning: In Progress
- Establishing business relationship with vendors – pharmacy stores, hospitals, pharmaceutical production companies/merchants: In Progress
Latest posts by Joy Nwokoro (see all)
- A Sample Syringe Manufacturing Business Plan Template - February 18, 2020
- A Sample Carton Box Manufacturing Business Plan Template - February 18, 2020
- A Sample Jute Bag Manufacturing Business Plan Template - February 18, 2020