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What Are the Top 10 Pharmacy Business Ideas? Pharmacy business ideas are plentiful and each of   them comes with its own unique challenges. Whether  you’re looking to start your own full-service   pharmacy or you want to break into the specialty  niche, there are many different opportunities   available in this lucrative industry. Regardless  of which type of pharmacy you choose to open,   these are the top 10 pharmacy business  ideas that are worth looking into. number one, Manufacturing of medicines, This is one of few business ideas in pharmacy   that can be started with minimum investments.  All you need to get started is an active license   from relevant authorities. You can buy pre-made  medicines or make them yourself at your place.   The best part about manufacturing medicines  yourself is that you can set your own price   for each medicine, so you’re not limited  by any supplier when it comes to pricing. number two, Drug Research and Development, New prescription drugs come to market   each year, but it’s no easy feat  getting a drug approved by FDA.   The application process is long and complex,  and clinical trials are extensive and expensive.   In fact, getting a new drug from laboratory to  pharmacy shelf takes about 13 years on average—and   costs hundreds of millions of dollars. Because  of these high barriers to entry, it’s safe to   say there will always be demand for pharmacists  willing to pursue research as a business idea. number three, Vitamin shop,  The most profitable pharmacy business plan is one  that focuses on selling supplemental products.   A vitamin shop is a great way to go about  it because vitamins are relatively cheap   and have huge margins. Best of all,  you can diversify your inventory   over time as your customer base grows. So how  much money can you make with a vitamin shop?   In an independent study conducted in 2010, they  were able to increase revenue by approximately   $500 per day after implementing their new  branding efforts and marketing strategies. number four, Online Pharmaceutical Coaching, In an ever-changing pharmaceutical environment,   it is important to keep up with changes  in legislation, insurance and marketing.   Online Pharmaceutical Coaching is a great  business idea for people who are already   working full-time jobs. Clients pay a  fee to access your one-on-one sessions   via Skype or Google Hangouts, answering any  questions they have about their pharmacy business   and providing advice on how  they can grow their business   by implementing changes to everything  from advertising copy to website design. number five, Manufacturing of saline water,  One of top pharmacy business ideas is to  consider manufacturing of saline water   or sterile water. This idea is profitable and will  be easy to start as all you will need is a license   and a good location with sufficient flow of water.  Choose an area where there are multiple hospitals   or clinics in your region and you will have  good returns on your investment. You could also   consider selling other pharmacy related products  like eye drops, reagents, bottles and soaps. number six, Manufacturing of cottonwool,  Cottonwool manufacturing is a profitable business  that offers many opportunities for entrepreneurs   looking to start a pharmaceutical business.  The cottonwool production industry uses scrap   cotton or waste wool from textile industries  and is generally used for medical purposes.   Because of these medical uses, it’s not  hard to imagine why there’s great demand   for cottonwool products in hospitals,  clinics and other healthcare facilities. number seven, Franchise Clinic, Owning a franchise is an excellent way   to enter into entrepreneurship because it presents  a well-defined model for success. You won’t have   to worry about coming up with an idea, or find  investors—just identify your favorite franchise,   and you’re in business. But if you aren’t  sure which franchise is right for you,   there are many services that can  help narrow down your options:   Entrepreneur magazine has a great interactive  find your franchise tool on its website. number eight, Online pharmacy store, One of my favorite business ideas for   pharmacy students is to start an online store. You  can use your existing network and contacts (you   went to school with thousands of people!) to build  a substantial and sustainable e-commerce business.   Plus, it’s pretty easy these days to start  an online store from scratch with Shopify or   even a WordPress site; you don’t need years  of e-commerce experience like Amazon does! number nine, Consultancy Services, You can work for other people,   who are usually happy to get you on  board as a business coach or consultant.   This is a flexible option that allows you to take  on as much or as little work as you want. You   can also use your knowledge and skills to help  other pharmacists set up their own businesses.   It’s something only licensed pharmacists  are allowed to do in some states,   so check your local laws before  trying it out for yourself. number ten, 24-hour Pharmacy, In a 24-hour pharmacy,   you get to work at any time of  day or night, including holidays.   If you’re able to work around your own  schedule and need less structure in your job,   then a 24-hour pharmacy could be for you. This is  also great for places that experience high volumes   of traffic due to tourists or locals living on  opposite ends of town from their nearest pharmacy.