Are you a physician with an entrepreneurial spirit? Maybe you’re a medical graduate with a passion for business?
The U.S. is home to the largest pharmaceutical market globally, generating roughly $500 billion and growing. Even better, consumer spending in this market is still on the rise.
The number of pharmaceutical products is endless. Rather than manage an insurmountable inventory, focus on the products you’re most passionate about. Your passion will translate into customer trust and sales.
Let’s focus on three essential product types to inspire your new business journey.
Prescription pills are typically the first products people think of when they hear the word “pharmaceutical.”
You must familiarize yourself with every available prescription drug if you’re a pharmacist. This task also includes recalling pills when necessary. You’re also charged with stocking your pharmacy with the latest prescriptions and vaccines.
There are a few ways to build a career in this particular market.
For starters, you could become a sales representative for a specific medication. Your job would be to visit local physicians and medical centers, building professional inroads toward lucrative accounts.
You can also own and operate your business, working with sales reps to stock your pharmacy. Pharmaceutical sales reps can also get you exclusive discounts on large orders and shipping costs.
Pharmaceuticals is an umbrella term that includes both prescriptions and over-the-counter solutions. Not only can you sell both options in your pharmacy, but you can curate your pharmacy with select pills to fit your brand. For example, you can offer herbal supplement pills instead of RX prescriptions if you’re a holistic pharmacy.
Inhalers and Asthma Prescriptions
Asthma inhalers are another essential pharmaceutical product to have on your shelves. There are a few top choices, with the Trelegy Ellipta (brand) as a popular favorite. There are also over-the-counter inhalers available for purchase.
If you’re building a discount pharmacy, you can stock your (online) shelves with over-the-counter inhalers, as well as natural alternatives like turmeric, healing teas, and ginger supplements. There are also breathing exercise videos for asthma relief.
Holistic pharmacies also carry yoga-related solutions for asthma management, as well.
Topicals, creams, and ointments are another huge pharmaceutical market to consider.
Every pharmacy needs topicals. However, small pharmacies may be limited to a few brands. Online pharmacies can carry nearly every topical brand, including prescription and over-the-counter.
Topicals are ideal for skin-related pharmacies, physicians, and sales reps. If you’re a dermatologist, you can even work with a pharmaceutical product development team to create your own ointment. Dermatologists also carry select topicals in their clinics; thus, it’s essential to find a sales rep you can trust.
Offer Only the Best Pharmaceutical Products
Build an excellent reputation from the beginning. Start with this guide to learn more about the best pharmaceutical products for your pharmacy or niche. Talk to your fellow medical professionals to learn even more about the business possibilities of pharmaceuticals.
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