Pharmacy Business Plan In Tanzania 2021

If you want to start a Pharmacy or expand your current Pharmacy business in Tanzania, you need a pharmacy business plan in Tanzania.

The following Pharmacy business plan template gives you the key elements to include in a winning Pharmacy business plan.

Below are the main section to each of the key sections of your Pharmacy business plan:

I. Executive Summary
II. Company Overview
III. Industry Analysis
IV. Customer Analysis
V. Competitive Analysis
VI. Marketing Plan
VII. Operations Plan
VIII. Management Team
IX. Financial Plan

I. Executive Summary

 

Business Overview

[Company Name] is a pharmacy in the [location] area. It provides a wide range of branded and generic medicines, medical devices, personal care products and other basic everyday needs. It aims to be a pharmacy that offers supreme service and easy access to the local residents. In order to meet its customers’ needs, [Company name] is open 24/7.

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[Company Name] is the brainchild of [Founder’s name], a pharmacist, working at a local drug store in [location]. Through her 5 years of experience in the medical field, [Founder] saw the need for an accessible pharmacy that stocks all major medicines and medical devices and offers them at an affordable rate.

Products Served

Here are the products as well as services that [Company name] will offer to our consumers:

  • Generic over the counter drugs
  • Generic prescription drugs
  • Branded over the counter drugs
  • Branded prescription drugs
  • Basic medical equipment
  • Medicine delivery and pick-up services
  • Health and wellness products
  • Selfcare products

Customer Focus

[Company Name] will primarily serve the residents who live within a 5-mile radius from our pharmacy. The demographics of these customers are as follows:

  • 62,237 residents
  • 4,500 workers (who do not live the neighborhood)
  • Average income of $57,300
  • 49% married
  • 42% in Mgt./Professional occupations
  • Median age: 39 years

Management Team

[Founder’s Name] is a pharmacist at a local drug store. Her experience in the medical field gives her a great advantage in building a pharmaceutical business. Before pursuing a career in the medical field, she attended [University Name], where she earned a degree in Business Management, which means she is not only capable of saving lives, but also managing a business.

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[Company name]’s management team will also include registered pharmacists and highly skilled and trained employees that will contribute greatly to its success.

Success Factors

[Company Name] is uniquely qualified to succeed for the following reasons:

  • The area is in need of a pharmacy.
  • Our location is in a high-volume population and business district and will thus be highly convenient to significant numbers of passersby each day.
  • The management team has a track record of success in business.
  • The pharmacy business has a positive track and has succeeded in communities throughout the United States

Financial Highlights

[Company Name] is seeking total funding of $260,000 of debt capital to launch. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

  • Store design/build: $150,000
  • Inventory: $50,000
  • Working capital: $60,000 to pay for marketing, salaries, and lease costs until [Company Name] is cash-flow positive
 Year 1Year 2Year 3Year 4Year 5
Revenue$1,080,000$2,472,768$2,830,825$3,240,728$3,709,986
Total Expenses$962,000$1,539,107$1,719,742$1,901,321$2,112,641
EBITDA$118,000$933,661$1,111,082$1,339,407$1,597,344
Depreciation$25,600$25,600$25,600$25,600$25,600
EBIT$92,400$908,061$1,085,482$1,313,807$1,571,744
Interest$29,946$26,202$22,459$18,716$14,973
Pre Tax Income$62,455$881,858$1,063,023$1,295,091$1,556,772
Income Tax Expense$21,859$308,650$372,058$453,282$544,870
Net Income$40,595$573,208$690,965$841,809$1,011,902
Number of locations11111
Average customers/day75100125150175

II. Company Overview

Who is [Company Name]?

[Company Name] is a pharmacy in the [location] area. It is a trusted health and wellness partner that provides a wide range of branded and generic medicines, medical devices, personal care products and other basic everyday needs. It aims to be a pharmacy that offers supreme service and easy access to the local residents. In order to meet its customers’ needs, [Company name] is open 24/7.

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[Company Name]’s History

[Company Name] is the brainchild of [Founder’s name], a pharmacist working at a local drug store in [location]. Through her 5 years of experience in the medical field, [Founder] saw the need for an accessible pharmacy that stocks all major medicines and medical devices and offers them at an affordable rate.

With a few of her colleagues, she conceptualized and planned to start her own pharmacy. She was able to raise funding from her own pocket, as well as from friends and local residents’ investments since they also knew that [Founder]’s idea of building a pharmacy in the area would be very helpful to the community.

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In [Month,Year], [Company Name] was legally formed. [Founder’s Name] incorporated [Company Name] and was able to achieve the following milestones since then:

  • Determined the final list of medicines, vitamins, supplements and items to sell
  • Determined equipment and inventory requirements
  • Developed the company’s name, logo and website located at www…
  • Began recruiting key employees with experience in pharmacology, business and medical field

[Company Name]’s Products/Services

Here are the products as well as services that [Company name] will offer to our consumers:

  • Generic over the counter drugs
  • Generic prescription drugs
  • Branded over the counter drugs
  • Branded prescription drugs
  • Basic medical equipment
  • Medicine delivery and pick-up services
  • Health and wellness products
  • Selfcare products

III. Industry Analysis

The Pharmacy industry experienced steady revenue gains, as the number of people with private health insurance increased, resulting in more prescription medications being filled. Moreover, the burgeoning elderly population boosted industry growth, as this consumer bracket generally requires medication to address chronic ailments, resulting in steady revenue streams. As a result, industry revenue is expected to increase an annualized 1.6% over the next five years.

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This anticipated growth will follow many operators expanding their stores’ services to include preventive care options and additional front-end offerings. Additionally, as the number of insured individuals is expected to remain high, individuals will continue to experience low out-of-pocket costs and easier access to prescription medications. As conditions for the industry continue to improve, average industry profit is expected to stabilize and rise marginally.

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Competition within the industry largely comes from online pharmacies and big-box retailers. In response to the growing external threats, many larger players started offering online and mail prescription services to combat growing competition from outside the industry. Additionally, many large players are adding general health services to their establishments, in hopes of making their stores closer to a one-stop health shop.

These stores include more niche and specialized equipment, such as sleep apnea machines, and are expected to offer ancillary health services, such as screenings and a significant number of immunization shots. This is causing operators to diversify and expand their offerings.

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IV. Customer Analysis

Demographic Profile of Target Market

[Company Name] will serve the residents and the people working in [company location] and its surrounding areas.

The area we serve is very diverse. The precise demographics of the town in which our location resides is as follows:

 GlendaleHighland
Total Population26,09710,725
Square Miles6.893.96
Population Density3,789.202,710.80
Population Male48.04%48.84%
Population Female51.96%51.16%
Target Population by Age Group
Age 18-243.68%3.52%
Age 25-345.22%4.50%
Age 35-4413.80%13.91%
Age 45-5418.09%18.22%
Target Population by Income
Income $50,000 to $74,99911.16%6.00%
Income $75,000 to $99,99910.91%4.41%
Income $100,000 to $124,9999.07%6.40%
Income $125,000 to $149,9999.95%8.02%
Income $150,000 to $199,99912.20%11.11%
Income $200,000 and Over32.48%54.99%

Customer Segmentation

We will primarily target the following four customer segments:

  • Families: the town has a large population of families who need medications and everyday vitamin intake.
  • Clinics and Patients: The pharmacy is near some clinics. This will help people have easy access to the drugs their doctors prescribed them.
  • Nursing Homes: There are a number of nursing home facilities in the area that will be ideal targets to form strategic partnerships for all of their pharmaceutical needs.
  • Local office workers: approximately 10,000 individuals work in offices within half a mile of our location and we expect a fair portion of these individuals to frequent us during the morning and lunch hours.

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