We Care Pharmacy Project Scope We Care pharmacy has been in operation for one year now. The pharmacy believes that demand for its services will continue to increase, and for this to be realized, a cohesive marketing strategy needs to be in place. This pharmacy offers a wide range of prescription medicines, which the Read More
Visit the URL and place your order with us. Fill basic details of your research paper, set the deadlines and submit the form.
Chat with our experts to get the best quote. Make the payment via online banking, debit/credit cards or through paypal. Recieve an order confirmation number.
Sit back and relax. Your well written, properly referenced research paper will be mailed to your inbox, before deadline. Download the paper. Revise and Submit.
We Care pharmacy has been in operation for one year now. The pharmacy believes that demand for its services will continue to increase, and for this to be realized, a cohesive marketing strategy needs to be in place.
This pharmacy offers a wide range of prescription medicines, which the client can either pick up or get through mail order. This pharmacy has some good prices compared with other pharmacies, and therefore, its services will continue to be attractive for individuals who just need to buy their medicine at fair prices.
We Care Pharmacy has some good information concerning the market and the target segments that they would like to serve. The pharmacy has been providing the market with a good source of discounted drugs. This market need is essential since many Saudis are faced with the dilemma of using merger resources on medications. The We Care pharmacy seeks to address this problem by;
The market trend for pharmacies underlines consolidation. The entire medical fraternity has pressure being applied on them to attain cost efficiencies and to bring down the costs of various products and services (Parker & Garcia, 2019). In the last couple of years there has been extensive consolidation mostly to ensure cost efficiencies are attained.
The pharmacy will stock all types of medicines and medical self-test kits. For the enterprise to gain market share, subsidized deals will be offered to increase sales. The particular services to be offered will include consultative services concerning medication and wellness strategies, medical education, pharmacogenomics testing for prescribing personalized medications, and the disposal of obsolete personal medications. The products will include prescription compounded medications, over-the-counter medications, herbal supplements, home health care products, medical supplements, and vitamins, and lastly, medical books and journals.
The nearby clientele may stop by the We Pharmacy store to pick up their medication. For the time being, the pharmacy will serve self-paying customers. Customers will be attracted to the store by the superior prices that will be offered. For most Saudi Arabians who do not have drug plans, including the majority of the population that is over 60 years old, a less expensive pharmacy will be welcomed by the vast majority who live on tight budgets. We Care Pharmacy will still be sustainable on low margins due to operating efficiencies accrued from not accepting policy drug plans.
We Care pharmacy key activities will include dispensing prescriptions, communicating with prescribers on the dosage of the medicine that they buy, and ensuring patients’ safety by checking medication every time they get a prescription or a refill.
Another activity that the pharmacy will undertake includes counseling patients, especially regarding adverse reactions to medication, training the patients on how and when to take their doses, and making follow-ups to see to it that the medications taken are working.
Another activity of the pharmacy will comprise sharing advice on non-prescription remedies with patients, taking health supplements like vitamins, exercising, and maintaining a healthy diet. The pharmacy will also manage staff by mentoring them to become experts in the field.
We Care Pharmacy will partner with wholesalers, bankers, lawyers, service providers, medical supplies bodies, and local government authorities, among others, to ensure that the business runs smoothly. Regular communication will be maintained with these partners to ensure that everyone is on the same page.
We Care pharmacy observes that healthcare is changing. There is a need to move from the traditional model, in which patients could only get prescriptions by attending clinics (Harris, 2018). The pharmacy seeks to offer efficiency and convenience. Highly trained pharmacists will run it to ensure that the clientele gets safe, efficient, and convenient services.
The patients who will access the services from the chemist will be assured of the highest clinical standards. The pharmacy will follow the highest clinical standards. The philosophy of the pharmacy will be to ensure patient safety as the key priority. Convenience will also be a priority.
The relationship that a business has with its customers continues to have a defining role in how customers perceive a business as a valuable resource (Peppers, Rogers & Kotler, 2016).
The pharmacy will seek to make patients feel comfortable and provide easy access for customers. It will endeavor to build confidence, reliability, and trust.
This will be achieved through better customer care and service by listening to and addressing their concerns. By effectively delivering valuable customer service, the customers will see value in the establishment. The pharmacy will take a proactive approach with the aim of bringing customer outcomes through initiatives like counseling, therapy management, and disease state management
By segmenting the customers, We Care Pharmacy will be able to see the brand through the eyes of its customers, which will feature in the different market segmentations, thereby ensuring its success.
The customers will be segmented through psychographic segmentation, which divides them based on their interests, activities, lifestyles, and opinions. Other segmentation includes demographics.
This will consist of dividing the population by variables like gender, age, family size, occupation, and religion. Behavioral characteristics will also do the segmentation.
The customers will be divided through their behavior towards the brand by observing parameters like purchasing habits, awareness of the business, product knowledge, and usage level, among others.
Channel refers to the strategy used to communicate with customers (Forsyth, 2020). We Care pharmacy will use various channels to communicate with its customers. These will include posters that are displayed strategically where they can be seen.
It will also use billboards and word of mouth from satisfied customers. The pharmacy will also use fliers and leaflets and have a website where customers will be able to gather information that they want and also look up health and wellness information that they might be interested in.
It will also consider having a heavy presence in medical forums and discussions, where customers can learn more about their products.
(vii) Cost structure
The pharmacy’s financial overview will be linked to the marketing strategy. The first three months will be used to establish the store’s visibility.
The money that will be generated in the first six months will be plowed back into the business to improve the business and add more stock. The expenses will be limited to only a third of the profits that will be generated
(viii) Revenue streams
The pharmacy will make revenues mainly from selling prescribed drugs to walk-in customers. In addition, the firm will carry out allergy tests, lab tests, and point-of-care wellness tests.
The pharmacy will also perform pharmacogenetic interpretation tests and sell supplements and other closely related retail products. It will also generate money from weight loss coaching. People are becoming increasingly conscious about their weight, and it would be prudent to have this as a revenue-generating entity for the pharmacy (Wexler, 2016).
Figure 1: Expected sales from various brands of medicines for the pharmaceutical industry
| Pharmacy | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| CV | 1000 | 2000 | 3500 | 4000 | 4700 | 6000 |
| Alnahdi | 5 | 1400 | 1900 | 2400 | 2900 | 3700 |
| Aldawaa | 5000 | 10000 | 8000 | 11000 | 12000 | 13000 |
The pharmacy will be headed by a general manager who will make day-to-day decisions. The general manager will have an assistant who will assist the general manager in carrying out some tasks.
The pharmacy will have two divisions: pharmacy and retail. The pharmacy section will be headed by a head pharmacist, who will have several workers under him.
The retail section will be headed by a retail manager who will be the head of the retail side of the business. The head pharmacist and the retail manager will be tasked with certain responsibilities that concern their areas. These functions will include employing and dismissing employees and scheduling tasks for them.
They will also be tasked with submitting budgets for approval to the owner and making orders concerning inventory. The head pharmacist will also link with pharmaceutical companies and relevant healthcare regulatory bodies.
We Care Pharmacy will set up its business after considering several factors that will boost its sales. For any retail business, location is a critical success factor (Joseph, 2010). One of the things that will be considered will be traffic. This will include whether that location has many people frequenting that area.
It will also consider available opportunities. These will include looking at nearby businesses that complement the pharmacy, whether the medical officers are available, and whether the area has a constant flow of potential customers. Also to be considered will be visibility.
It is expected that the pharmacy will be easily noticeable and should not be in an area that has many obstructions and signs that are limited. The business will take into consideration accessibility factors.
The question that will need to be asked is whether people can easily enter and exit the business premises and whether there are ample parking spaces. Lastly, the size of the pharmacy will also be taken into consideration, as well as whether the pharmacy can grow in that location.
The population of the vicinity will be analyzed. There will be a need to consider whether the population of the area is big enough to support the We Care pharmacy and if there are enough prescribers for the various niches that the pharmacy will be seeking to offer. The target market will not be defined more by the ages and sizes of the customers but by geography. The pharmacy will have a wide range of medications, products, and services to serve people from all walks of life with diverse needs. It will serve people of all ages as well as people from low-income neighborhoods and wealthy customers.
The market will be observed by examining the quantities of the prescriptions demanded and what will be supplied. Some of the factors that will be considered include monopoly power, barriers to entry, regulatory environment, asymmetric information, and third-party insurance.
Under monopoly power, the price of medicines made by only one manufacturer will be slightly higher since no substitutes will be available.
The barriers to entry into the marketplace will be checked to ensure that the pharmacy is able to establish a strong market presence and set profitable prices. Some of the barriers that will be considered include patents, economies of scale, and high fixed costs.
Another barrier that will be considered includes the first mover advantage. When a client is used to one pharmaceutical brand, there will likely be resistance to switching to other brands (Joseph, 2010). Customers who are accustomed to one particular pharmacy in the area will experience difficulties switching to the We Care pharmacy.
Another economic condition that will be considered is the amount of investment needed to set up and expand the business.
Since We Care Pharmacy is a small startup pharmacy, it might not enjoy the economies of scale that allow it to sell its products and services at a better rate than its competitors.
The regulations placed by the government also affect the viability and potential success of the business (Bock, 2015). Many regulations may hinder the smooth operation of the business.
The other economic condition includes how the insurance industry affects the supply and demand of healthcare goods and services. Insurance companies provide cost-sharing, thereby reducing the price of prescribed drugs. This, in turn, makes the drugs cheaper to the clientele. If most of the potential clients have insurance coverage, they will have the capacity to buy the drugs.
The pharmacy is expected to outperform others in the surrounding areas. It enjoys the advantage of being well equipped and in a good location that is accessible for most potential customers. In this era of the coronavirus pandemic, We Care pharmacy will offer discounted vaccines to the underinsured majority.
It also has the strength of being able to conduct workshops and clinics concerning prevalent diseases in the area, like diabetes and heart disease. Unlike other competitors, it will have the advantage of offering advisory activities. Other advantages that the pharmacy enjoys include having an appropriate model for a unique business environment.
It also has highly trained staff who offer excellent customer service and who are very attentive. The pharmacy will also offer unique great prices and also the fact that it has a website from where customers can buy various medications on various items that they happen to buy
The pharmacy is likely to face several challenges, including the fact that most of the employees do not have enough experience and the absence of supportive staff for clinical pharmacy services.
There might also be the challenge of having different sets of pharmacists for offering counselling and selling prescriptions. The business, being a recent start-up, is faced with the challenge of not having adequate furniture, telephone facilities, filing cabinets, and some other equipment that may be needed for offering clinical pharmacy services.
Other weaknesses include poor collaboration among staff members, communication barriers between staff and customers, and pharmacists’ absenteeism in the various working areas of the pharmacy.
The other weakness that We Care Pharmacy might face could be having well-established competitors in the market who are hard to dislodge.
The employees will also need regular training in order to keep themselves abreast of the changes in the medical world, and this might not be easy for the business to accomplish since they are relatively new and might not have the financial muscle that they need. The lack of adequate training on the part of staff might also result in numerous complaints by customers, and this might give the business a bad name in the market when it is trying to establish itself.
Several opportunities exist for the We Care pharmacy. There is good infrastructure in the area where the business will be set up. The availability of good roads will help ensure that the movement of both products and services is more straightforward.
There is also a high quality of human resources for employment due to the increased number of clinical pharmacists graduating periodically. The pharmacists in the area have a strong professional association body that governs their operations.
This body also takes disciplinary measures against errant employees. This will help We Care pharmacy reign in on errant staff who might bring up discipline issues at work. The Saudi government has also committed to improving healthcare in the country, and such startups that are related to healthcare are exempted from several taxes. this will help ensure that the business is able to operate in an environment where it can thrive financially.
The business entity also has numerous chances of getting credit facilities and loans to aid it in expanding the already existing facility and buying more stock. The pharmacy also has a website and is in the process of making an app.
This will help keep customers on the available drugs and other prescription items. The pharmacy has also placed itself in a good position to partner with like-minded complementary businesses, and it can also partner with the surrounding community to improve the welfare of the local people. There is also the opportunity that the number of people taking medication has been on an upsurge in the recent past.
This means that We Care pharmacy is likely to face an increase in market competition. Competition in the early stages of the business might not be a very good thing since the pharmacy is still relatively new.
There is also an increased chance of consumer purchasing behavior being unpredictable. Today, they might flock to the business, and then tomorrow, they might flock elsewhere.
The government might introduce extra-heavy tax policies and more regulations. Independent pharmacies are likely to face stringent regulatory issues from the state compared to large-scale pharmacy chains.
The prices of some of the products might be beyond the reach of the ordinary customer since the prices of most of the medicines sold are dictated by international medicine manufacturers.
The pharmacy might be forced by circumstances to stock cheaper options of some medications to enable its clientele to buy what they can afford. The increased number of highly qualified pharmacists might mean that they are likely to ask for higher salaries than the industry can afford.
Some of the indicators will include the the payroll ratio, which helps measure efficiency. We Care Pharmacy will work with a ratio of 14% so that the business remains healthy.
The employees will also be evaluated to ensure that they remain they can increase their efficiency and bring in more revenue. It will also use net dirhams per prescription to measure its bottom line.
This will help unearth key gaps between the gross margin prescription at the top and how much remains in the business’s bottom line. To check this, financial statements will be reviewed regularly.
There will be a checking of the number of prescriptions for every employee per hour. This will help measure the productivity level of employees. This will be done on a monthly basis to help identify areas where improvements can be made. There will also be a measure of over-the-counter sales per employee hour.
There will be an incentive program that will help track the employee who sold the most over-the-counter prescriptions per hour. This will make the employees work with the aim of improving productivity.
The other KPI will consist of a return to stock percentage. This will help measure the percentage of prescriptions that are likely to be returned to stock. Doing this will help find out the reason why prescriptions are being filled and yet not being picked.
It will be easier to find out why patients are not picking up prescriptions. It could be that they are unaware, and therefore, the pharmacy will need to work on the workflow issue. The business will also do an inventory turn.
It will be essential to know the current inventory at any given time. This will help us know the drugs that are moving and the ones that are not. It will then become easier to know what should be replenished often. The more profitable volume will be checked, and it will be regularly refilled
Lastly, the business will keep track of the gross margin per prescription. This will help measure how much the business is dispensing. It is essential to keep trends in the pharmacy so that the owner can know where they should keep their focus.
We Care Pharmacy is likely to face competition in its endeavor to penetrate the industry. One of the competitors will be chain pharmacies. Those pharmacies are state or national chains.
These chain pharmacies have the advantage of having better prices due to economies of scale and personalized services. Stiff competition is also likely to come from local pharmacies in the surrounding areas. They are also likely to offer personalized services and convenience. The other competition will likely come from mail order and internet pharmacies.
The pharmacy will need to be registered by the Ministry of Commerce and Industry. Its construction must be permanent and well-lit.
The entity will need basic equipment like a refrigerator, weighing balance, measuring cylinders, spatula, and slab, among others. The owner will need to obtain the necessary licences to operate.
He will also need to show financial muscle in maintaining employees and other business necessities. The employees will also need to be verified to have the required academic background to run a pharmacy.
The pharmacy will focus on providing prescription medication to residents of Kusei. There are only pharmacies within a four-mile radius. The nearest pharmacy close to We Care pharmacy is about a kilometer away.
This shows that there is a high market potential for the pharmacy to thrive in the area. The area has also seen an upsurge in people who are seeking wellness and fitness services and who want to maintain a high-quality life (Botland, 2016).
This pharmacy is expected to continue giving them convenient and easily accessible prescriptions every day.
The sales will be pegged on having a good marketing plan. The business will use posters, leaflets, business cards, and banners to market itself and get customers.
The pharmacy will also be redesigned to make it look attractive to customers. It will also employ loyalty schemes, with customers who purchase drugs there being rewarded with points that can be redeemed for their next purchases.
At times, the pharmacy will hold monthly in-store events. The business employees will also attend local events where customers’ networks will be created. The website will be regularly updated, and a heavy presence will be created on social media.
The pharmacy is expected to hit the ground and become profitable six months into operation. More research will continue to be done to ensure that the business thrives. It is expected to employ at least 20 people within a year and also be able to access credit facilities for expansion. A new branch will likely be opened after two years of operation in some other place.
This essay has examined the business plan of We Care Pharmacy. It began by examining the distribution of pharmacies in Saudi Arabia. This project plan has laid a good foundation for the development and maintenance of We Care Pharmacy.
It has looked at the common ideas that will help the pharmacy become a success and the goals that need to be realized. It has looked at the SWOT analysis and the timelines that will guide the pharmacy to become a viable entity
Bakare, R., & Chartered Institute of Marketing. (2012). What is marketing?: Understanding customer relationships.
Forsyth, P. (2020). Channel management. Oxford, U.K: Capstone Pub.
Harris, J. M. (2018). Healthcare strategic planning.
Joseph, J. (2010). The experience effect: Engage your customers with a consistent and memorable brand experience. New York: AMACOM.
Parker, R. G., & Garcia, J. (2019). Routledge handbook on the politics of global health.
Peppers, D., Rogers, M., & Kotler, P. (2016). Managing Customer Relationships: A Strategic Framework.
Wendtland, D. (2006). Strategic Training of Employees. Amherst: HRD Press.
Wexler, B. (2016). Health and wellness.
Evan John