How does location play a unique role for compound pharmacies?

Jessica RajputApril 2, 2022

What do you think is the role of a good location while opening a compound pharmacy? Is providing good quality custom-made medicines sufficient for the successful run of a compound pharmacy? Well, opening a compound pharmacy clearly shows the pharmacist’s dedication to serving the general public. But in order to reach the masses it is crucial to choose the location for the pharmacy wisely.

Every pharmacist must put in a lot of thought in compounding pharmacy locations. A mere decision regarding the place of the pharmacy can help you make it to the list of accredited compounding pharmacies. The aim of compounding pharmacies near you is to improve the treatment quality. Access to quality medical facilities is the right of each and every individual.

Points to decide the perfect location for compound pharmacy:

Studio city compounding pharmacy is popular amongst the general public because of its location. Just like any other business, opening a compound pharmacy has a detailed process. One must have all the necessary documents in place to begin with the personalisation of medicines.

While detailing out the plan for a compounding pharmacy ensure that you are devoting sufficient time on location analysis. The key locations for a compounding pharmacy are commonly near chain store pharmacies, residential areas, near medical facilities, within the clinic of a doctor, in free-standing buildings or on highways.

Let us have a closer look on each of the possible locations to access its feasibility:

1. Close to chain store pharmacies –

Chain stores have a huge footfall. Stores like Walmart, Target, etc spend enough resources on conducting a detailed study about various locations. Just by opening a compound pharmacy near these chain stores, the pharmacists can save a huge sum of money allocated to location analysis. This money becomes useful in other key areas. Additionally, almost every household visits a chain store every fifteen days. Being close to such popular chain stores reduces the need for marketing and promotion. When customers see a compound pharmacy regularly while visiting the chain stores they tend to remember it. As a result, the location comes to the benefit of the pharmacy owner.

2. Residential area –

We witness huge footfall at pharmacies present within a residential area. The pharmacies in residential areas usually become a household name. Commonly the pharmacists here try to meet every drug need of the residents. Having said that, the pharmacies selling commercially available drugs can not meet the demand for personalization. Hence arises an opportunity for a compound pharmacy. As per observations, there are very few compound pharmacies present in the vicinity of residential areas. Therefore, opening a compound pharmacy within a residential area can bring in a lot of business. It creates a win-win scenario for both the pharmacist and the residents residing close by.

3. Near medical facilities –

The most common location for a compound pharmacy can be near medical facilities. Every big hospital, testing center, etc will have a pharmacy in the vicinity. While opening a compound pharmacy near medical facilities seems like a great option, it is not always the correct one. Because there are so many pharmacies already present in this location, the competition can be very high. As a result, the pharmacist tends to deviate from the main aim of providing supreme quality custom-made medicines to the patients. A significant amount of resources goes into marketing the strengths of the compound pharmacy.

4. Within the clinic of a doctor –

Every good doctor has a pharmacy within the clinic. Commonly, the doctor is not the owner of the pharmacy. Both the doctor and the pharmacist collaborate for the sake of business. Now compound pharmacies can open a store within the clinic of a doctor. But will it be a feasible opportunity? Well, opening a compound pharmacy within the clinic of a doctor can be more of a limitation rather than an opportunity. Such pharmacies then become limited to providing their services mainly to the patients visiting the doctor. Other potential customers are not aware of the existence of such pharmacies.

5. Free standing building –

Compound pharmacies have the option of free-standing building. Clearly, compound pharmacies are capable of selling themselves on the unique selling proposition of custom-made medicines. By establishing a free standing building, the compound pharmacies benefit both from the sale of the medicines as well as the ease of expansion.

6. Highways –

One of the best locations for starting a compound pharmacy can be highways. Because highways have very few pharmacies, this brings up a great opportunity. The pharmacist can provide their services to the nearby residential areas as well as the travelers on the highways. In fact, the potential for good business on highways is immense.

Deciding Note:

The choice of location for a compounding pharmacy should aim at reaching the masses. Make sure that you are visible to your customers even from a distance. Your location should market your pharmacy and not the other way around.

Just like a pharmacist gives their all in deciding upon the salts that will treat the medical concerns of a patient, he or she should not miss out even the minutest detail when conducting the location feasibility analysis.