10 Things to Consider Before Opening a New Pharmacy

A Practical Guide by rxadvisorinc

Opening a pharmacy is a major milestone for healthcare professionals and entrepreneurs alike. While the idea of running your own pharmacy may sound exciting, the process requires careful planning, compliance, and strategy. From licensing to location, and from inventory to insurance networks, every decision plays a critical role in your pharmacy’s success.

At rxadvisorinc, we’ve helped dozens of new pharmacy owners get started on the right foot. Whether you’re launching your first independent store or transitioning from a corporate chain, here are 10 essential things to consider before you open your doors.

1. Understand State and Federal Licensing Requirements

Every state has its board of pharmacy with unique regulations. Before anything else, make sure you understand what’s required to legally operate in your location. This includes:

Pharmacy license
Pharmacist-in-charge registration
DEA registration (if dispensing controlled substances)
Business registration

rxadvisorinc offers consulting services to help you manage your licensing from start to finish—ensuring your application is error-free and submitted on time.

2. Choose the Right Location

Location can make or break your pharmacy. Look for a site that has:

High visibility and foot traffic
Proximity to clinics, hospitals, or senior communities
Adequate parking and accessibility
Favorable lease terms

Consider doing a demographic analysis to identify potential gaps in service.

3. Secure Pharmacy Accreditation (If Needed)

Depending on the services you plan to offer—like DME, specialty medications, or compounding—you may need additional accreditation such as:

URAC
NABP’s Drug Distributor Accreditation
ACHC or BOC (for DMEPOS)

We at rxadvisorinc can guide you through the entire accreditation process and ensure compliance with industry standards.

4. Develop a Business Plan

A pharmacy is a business, not just a medical service. Your business plan should outline:

Start-up costs
Revenue projections
Services offered (e.g., immunizations, MTM, compounding)
Marketing strategy
Staffing model

A well-prepared business plan is also vital for securing financing or investment.

5. Choose Your Pharmacy Software Wisely

Your pharmacy management system will control everything from prescription filling to inventory and reporting. Key features to look for:

E-prescription capabilities
Insurance claim processing
Workflow customization
Integration with other tools like POS or CRM

Choosing the right system now will save you time, money, and frustration later.

6. Establish Third-Party Insurance Contracts

To serve most patients, you’ll need to be in-network with major pharmacy benefit managers (PBMs). Common ones include:

CVS Caremark
Express Scripts
OptumRx

The credentialing process can be lengthy, so start early. rxadvisorinc can handle this process on your behalf, ensuring proper documentation and faster approvals.

7. Hire and Train the Right Team

From pharmacists to technicians and front-desk staff, your team defines your patient experience. Ensure your staff is:

Licensed and certified where required
Trained in HIPAA, customer service, and product knowledge
Comfortable using your pharmacy software system

You may also consider cross-training to improve flexibility.

8. Plan Your Inventory Strategy

Stocking the right medications, OTC products, and medical supplies is crucial. Avoid overstocking early on. Instead, focus on:

Fast-moving generics
Medications aligned with local provider specialties
High-margin OTC items

Inventory management tools can help you track usage and prevent losses.

9. Prepare for Compliance and Inspections

Even before your first prescription is filled, your pharmacy will be subject to inspections and audits. Common compliance areas include:

Record-keeping (controlled substances, prescriptions, logs)
Cleanliness and safety
HIPAA privacy standards
Inventory control

rxadvisorinc offers pre-inspection audits and compliance training to help you avoid costly violations.

10. Create a Marketing & Patient Engagement Strategy

No one will know your pharmacy exists unless you market it. Start with:

Google Business Profile setup
Local SEO and pharmacy directories
Physician outreach
Patient loyalty programs
Community health events

Engagement doesn’t stop at opening day. Consistent outreach and quality service are what retain loyal patients.

Final Thoughts

Starting a pharmacy involves more than just filling prescriptions. It’s a business that requires vision, planning, compliance, and community trust. The good news is, you don’t have to do it alone.

At rxadvisorinc, we specialize in helping pharmacy startups launch successfully—with licensing, PBM contracting, accreditation, marketing, and more. Whether you’re still exploring or already planning to open, we’re here to guide you every step of the way.

📞 Ready to start your pharmacy journey?
Contact rxadvisorinc today for a free consultation and customized startup roadmap.