Fasibility on Generic Pharmacy Essay Example for Free

Fasibility on Generic Pharmacy Essay INTRODUCTION According to http://en.Wikipedia.org/wiki/Pharmacy DRUGSTORE is a common American term for a type of store centrally featuring a pharmacy. Drugstores sell not only branded and generic medicines, but also miscellaneous items such as candy, cosmetics, and magazines, as well as light refreshments. During the height of the war on drugs, many stores removed the term Drugstore from their signage and replaced it with the more politically correct term Pharmacy. A PHARMACY is the health profession that links the health sciences with the chemical sciences and it is charged with ensuring the safe and effective use of pharmaceutical drugs. The scope of pharmacy practice includes more traditional roles such as compounding and dispensing medications, and it also includes more modern services related to health care, including clinical services, reviewing medications for safety and efficacy, and providing drug information. From http://en.Wikipedia.org/wiki/Drugstore A GENERIC DRUG is a drug defined as a drug product that is comparable to brand/reference listed drug product in dosage form, strength, route of administration, quality and performance characteristics, and intended use. It has also been defined as a term referring to any drug marketed under its chemical name without advertising. Although they may not be associated with a particular company, generic drugs are subject to the regulations of the governments of countries where they are dispensed. Generic drugs are labeled with the name of the manufacturer and the adopted name (non-proprietary name) of the drug. A generic drug must contain the same active ingredients as the original formulation. http://en.Wikipedia.org/wiki/Generic_Drug BRAND-NAME DRUG a drug that has a trade name and is protected by a patent (can be produced and sold only by the company holding the patent). http://audioenglish.net/dictionary/brand-name_drug A DRUG is a substance which may have medicinal, intoxicating, performance enhancing or other effects when taken or put into a human body or the body of another animal and is not considered a food or exclusively a food. http://en.Wikipedia.org/wiki/Drug In addition to being operated as a private business and selling affordable medicines, our pharmacy are also catering free services such as free medical consultations and check-ups. We are willing to help our fellow Filipinos by giving discount in their medicines especially in terms of calamities like those people who is flood victims and typhoon, our pharmacy is willing also to give substantial discounts to those who would like to buy medicines for donation purposes. In recent years, people demanded for cheaper medicines because of the change in the quality of living. At the same time the generic medicines industry is growing through the years and there are provisions that supports the selling of generic drugs in the Philippines which is R.A. #6675 which is an act to promote, require and ensure the production of an adequate supply, distribution, use and acceptance of drugs and medicines identified by their generic names. Our business proposal is a generic pharmacy. 1.1 COMPANY DESCRIPTION The proponents, Ms Asio, Charis Ann, Ms. David Divine Grace, Ms. Garay, Rosalie, Ms. Llanza, Buengie, Ms. Manto, Noreen and Mr. Montallana, Reynaldo will manage and supervise the entire operation of the Medicure Generic Pharmacy, an unlimited liability company. The proponents combined efforts in the creation of Medicure Generic Pharmacy have serve to come up with detailed plan that encompass the important elements required to succeed in today’s competitive pharmacy environment. In closing, we feel the business plan for Medicure Generic Pharmacy represents a realistic expectation of success for all parties involved. Moreover, we will be providing a benefit to the community by providing a great product and secure jobs to community residents. LOCATION The proponents decided to place the pharmacy in the corner of Jalleville Subdivision along Quirino Avenue San Dionisio Paranaque City based upon the facts that all potential pharmacy locations is far from the Our Lady of Peace Hospital. Our propose location are located in closest to hospital and also it is in the corner which many Barangay’s are located. It is also along in the Quirino Avenue which is most of the passengers and car owners from Las Pinas, Pasay and Paranaque City are pointing this road. CAPITALIZATION Establishing a Generic Pharmacy apparently needs capitalization. In approximation, the proposed business will cost P 1,390,000.00. The 65% of capital will be funded by the proponents and the remaining 35% are loan from the bank. Charis Ann AsioDavid Divine Grace| Php 150,583.33 150,583.33| Garay Rosalie| 150,583.33| Llanza Buengie| 150,583.33| Manto Noreen| 150,583.33| Montallana Reynaldo| 150,583.33| Capital ContributionBank LoanTotal Capital Investment| 903,500.00 486,500.00 Php 1,390,000.00| START-UP SUMMARY The Medicure Generic Pharmacy will incur the following needed start-up cost. * Office Furniture’s and Fixtures * Chairs * File cabinets * Desks * Machineries and Equipments * Computer server with a laser printer, and a back up system, installed with software; Microsoft Office, QuickBooks pro, drug interaction software, Physician Desk, Reference Software detailing side effects and other information pertinent to the customers * Two front counter, storage bins, cash registers * Refrigerators * Air-condition * Store Supplies * Envelopes * Ribbons * Bond papers * Ball pens * Tape * Staples and stapler * Trays * Plastic bags etc. * Store front build out * Signage * Logos * Paints etc. * Lease * Star-up inventory * Generic medicines * Miscellaneous items * Working capital * Contingency fund * Legal fees * * BIR * SEC * MAYORS PERMIT * BUSINESS PERMIT * MERALCO * NAWASA BREAKDOWN OF START-UP COST Office furniture’s fixtures Php 160,000.00 Machineries Equipments160,000.00 Store Supplies 50,000.00 Store Build Out200,000.00 Start-Up Inventory450,000.00 Legal Fees 70,000.00 - Working Capital300,000.00 Total Capital RequirementPhp1, 390,000.00 VICINITY MAP Medicure Generic Pharmacy 1.2 BUSINESS CONCEPT MISSION †¢ To offer the widest range of quality affordable generic medicines putting customer satisfaction above all by serving our clients’ needs efficiently, effectively, providing friendly and professional counseling. †¢ To recognize the importance of our employees in achieving our aspirations, and to keep them highly motivated based on the principles of fair compensation, meritocracy and respect. †¢ To educate the public about quality generic medicines and to provide various community services to fulfill our social responsibilities to our countrymen. VISION THE MEDICURE GENERIC PHARMACY aims to be the leading national chain of drugstores offering quality and affordable generic medicines with superior customer service that will satisfy the customers need. VALUES * Integrity We will commit to truth and honesty in what we say and do, and practice high standards of fairness and ethics at work and in our relationships. * Customer Satisfaction We will serve and interact with our internal and external customers as best as we can, in a professional and friendly manner. We constantly look for innovative products and services that will answer their needs. * Excellence We will aim high in everything we do and continuously seek to improve our level of performance. * Team work We will communicate and cooperate with one another, working together in an harmonious way to achieve the company’s goals. * Respect for the Individual We will show respect, appreciation and concern for every person. We engage in positive relationships based on mutual trust. * Social Purpose We will do believe that it is our responsibility to help the community and our countrymen. We recognize that the nature of our business, especially the corporate focus on quality affordable generic medicines, gives us a unique opportunity to make a very positive contribution to the health of the communities that we serve. TAGLINE Mabisang Gamot at Serbisyong Maaasahan GOAL The Medicure Generic Pharmacy long term goal is to become the number 1 generic drugstore in the Philippines offering a very effective and efficient customer service and having a strong sense of social purpose. HISTORY The proponents come up with an idea of putting up a Generic Pharmacy catering to customers when some of the proponents made a research in one of our major subjects which was Marketing Research. The research was entitled The Perception of the Consumer on the Effectiveness of Generic Medicines in a selected Barangay in Paranaque City. This completes its essence of the outcome of the research and will serve as a basis for future studies on business. We also agreed to come up with a business that was related to our research as mentioned which is a Generic Pharmacy. Since we already have the idea that this kind of business will have a chance in the market due to the needs of the consumers of affordable quality medicines. Since we are Business Administration students major in Marketing Management we are applying all what we have learned. The propose name of our business would be Medicure Generic Pharmacy. â€Å"Medi† is a short word of medicine and â€Å"Cure† means recovery or relief from a disease. We decided to have this catchy for an easy retention to our clients or customers. VENTURE DESCRIPTION The proposed establishment is a generic pharmacy named Medicure Generic Pharmacy. We will be able to sell generic drug prescriptions at reduced prices by carefully maintaining efficiencies and effective operations and by targeting a specific segment of the market or with over the counter and prescribed medication to our customer. Aside from catering generic medicines, we will be able to sell miscellaneous items such as cosmetics, tissues, toothbrush, candy, magazines, as well as light refreshment and etc. We believe that providing over†the†counter (OTC) medications that compliment prescription and miscellaneous items can create a â€Å"one†stop†shop† for the customer. For employees, a more comprehensive line of front†end and over the counter items that consist of items that may be needed during the work day such as tissues, toothbrush can create an added customer convenience. In both instances, providing non†prescription items can eliminate the need for the customer to travel to other settings that offer prescription services. When considering non†prescription items for product placement, durable medical equipment (DME) should also be considered for resell. By focusing on this segment it gives us additional efficiencies we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication. Our pharmacy will operate from one store that will serve walk-in customers or those persons visited personally and buying over the counter. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, the pharmacy will appeal more and more to the customers sense of value and convenience. Concept Description and Statement The Medicure Generic Pharmacy is a business venture that sells generic medicine to customers prescribed medication. We sell also miscellaneous items such as candies, cosmetics, toiletries, baby care products and medical or surgical products to customers for a one-stop-shop experience. We believe that in selling other merchandise assortments except for a generic medicine will serve convenience to our target customer. Our propose location is in the corner of Jalleville Subdivision along Quirino Avenue San Dionisio Paranaque City with a lot area of 25m long and 20m wide. It consists of two (2) POS, shelves, waiting area with seats, parking lot, fire extinguisher in case of emergency and a room for employees with one (1) comfort room. We put three (3) computers with systems including the price per quantity item. This will help the customer to canvass the price for their prescribe medication and other items by asking a pharmacist. We put a storage area where we can store our new delivered products. The pharmacy is fully air conditioned to maintain the quality of our products especially medicines. We hire people to man the pharmacy in a day to day operation. It consists of a one (1) General Manager, Supervisor, Registered Pharmacist, and three (3) Pharmacy Assistant. The Medicure Generic Pharmacy anticipates serving continuously from seven (8) o’clock in the morning up to nine (9) in the evening everyday from Mondays to Sundays. The expected table of operation are as follows.