Embarking on a new business venture may be daunting but it can also be a rewarding experience. It offers you the chance to be independent and to harness your creativity into something that you are passionate about. This is certainly the case when running your own community pharmacy. You will be able to decide how you want your pharmacy to operate, choose how to best tailor your business to community needs, and offer important services to improve quality of life.
You might be thinking: how should I go about opening a community pharmacy, given it’s such a highly regulated industry? Well, you have already taken a big first step in conducting your research. Luckily, you have arrived at the perfect starting place. In this article, we give a run-down on what you will need to do and think about in order to open your very own community pharmacy.
Academic Requirements
You will need to be a licensed pharmacist in order to own and operate your own pharmacy. To become a registered pharmacist, you would need to have done the following: undertake a Bachelor or Master of Pharmacy degree at a university, complete a one-year paid internship, and pass the Pharmacy Board of Australia’s registration exams.
By far, this is the most time-consuming step in the process. For further details visit the Pharmacy Board of Australia for your next steps in greater depth.
Business Structure
It is important that you first establish the structure of your business. This is an essential step to determine how you want your pharmacy to operate. Most pharmacies are structured as either partnerships or sole trader businesses. Both structures have their pros and cons which you can read about here. If you decide to go into a partnership, each partner must be a registered pharmacist.
Registering your business
Operating a community pharmacy will require you to register your business by obtaining an Australian Business Number (ABN). Applying for an ABN is a simple and quick process. Lawpath offers an easy-to-use ABN registration service to help complete your application in less than 5 minutes.
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Once you have your ABN, you can then register your business name. A name that is catchy and easy to pronounce is recommended so the business is more accessible to customers and patients.
Location, location, location
The whereabouts are everything when it comes to ensuring your new business thrives in the competitive market. We recommend getting out there to investigate which community could benefit from having a local pharmacy. More importantly, what is an area that actually needs a pharmacy? There are various routes you can take in terms of location such as in a shopping centre, medical centre, private hospital, or even as a standalone. You should also consider how far you are willing to travel to get to your business. Whichever decision you make, remember to run it through the relevant council to obtain approval.
Getting approval to establish a new pharmacy
There is no doubt that opening a community pharmacy would mean that you will be supplying medications subsidised by the government according to the Pharmaceutical Benefits Scheme (PBS). You would have to seek approval to do so by submitting an application to the Australian Community Pharmacy Authority (ACPA). This can be a lengthy process so make sure you know all the details of your proposed business such as the location, your pharmacist registration details, and ABN. To find out more about how to apply and what to expect from the process, head to this website.
Final remarks
Remember, these are just the initial steps. Once you get your OK to go ahead, your pharmacy will be governed by various codes, guidelines and policies. It will require daily maintenance and record-keeping. But don’t let this deter you. After all, the aim of the regulators aligns with yours: to ensure the health and safety of your community.
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