Pharmacy Practice

   4 pages not including title page and references

Write an executive summary that will summarize what was discussed in Unit 4 about the new healthcare business or service line. It should also include the following information:

  • A unique mission statement
  • Vision statement
  • How will your business (product and services) benefit society?
  • Financial information
    • What assets are involved?
    • What debts?
    • Debt versus equity
    • Debt ratio
    • Financial cash flow
    • A synopsis of anticipated operational expenses (be sure to include items like staffing)
    • A synopsis of anticipated revenue (Who is going to pay you? Are their regulations or oversight attached to the revenue stream?)
  • Summary of your future plans

A Health Care Business for an Existing Healthcare Facility That You Would Like to Open (Pharmacy)

A pharmacy business involves storing, dispensing, and selling retail medicine and other pharmaceutical products. The business owner sells medicines with a prescription order from a certified physician (Barghouth, 2021). The pharmacy business is one business segment in the medical field that is always overlooked. Conventionally, the pharmacy business is categorized into a subsidiary support service in healthcare organizations. The main focus in the pharmacy business is on the cost of drugs and leveraging a positive clinical impact.

From the viewpoint of financial management, pharmacy is one of the fastest-growing businesses in most healthcare organizations. It constitutes one of the significant sources of revenue for healthcare organizations and hospitals. Drugs and medicine present an excellent opportunity for generating income in healthcare systems (Scahill, 2018). Regarding patient outcomes and clinical care, the core treatment modality is drug therapy for most patients. However, pharmacy presents millions of doses for the drugs that are always dispensed, often from a quality and safety perspective. Altogether, pharmacy is a prominent driver of success, which leaves this type of business a prolific business in the medical industry.

Description of the New Business

Hospital Pharmacy

A hospital pharmacy is a chemist whereby the patients can get the prescribed medication after visiting the hospital or the clinic. The pharmacist works in close connection with the healthcare professionals through the EHR. They can also be engaged with the clinical trials and collecting the medications for the patients involved or sterile medications (Barghouth, 2021). It operates under both inpatient and outpatient pharmacists as it specializes in different areas within the hospital. The main aim for establishing this business is that people need to buy prescription medicine at discounted prices. The business will make that possible by carefully maintaining the proficiencies in their operations. The mission of this pharmacy is to provide patients with the best prices for their medicine.

Economic and Market Forces That Will Affect This Business

Unemployment

The number of unemployed people is a paramount factor in any business. Higher rates of unemployment affect the pharmaceutical industry in two distinct ways. First, jobless people cannot afford to buy medicine (Scahill, 2018). Second, other people depend on their employers to provide health insurance. Unemployment leads them to a lack of healthcare insurance, thereby indirectly affects the pharmaceutical industry. This can lead to less revenue generation in the pharmacy.

Uninsured and Underinsured People

The number of uninsured people and underinsured people directly affects the pharmacy business. People cannot afford to buy pharmaceuticals or prescription medicine (Barghouth, 2021). Besides, those with inadequate insurance cannot pay the bills that come in the hospitals when they seek medical care. This leaves them in a position whereby they cannot afford prescription drugs.

Government Stimulus Packages

With the increase in an economic downturn, several uninsured people, and unemployment rates, the government needs to regulate the stimulus packages. However, the government has introduced packages that are not clear. This action leaves the healthcare organizations, particularly the service units and pharmacies, with fewer sales. Furthermore, long-term inflation may cause significant losses in the pharmaceutical industry.

Price Regulation

The concept of patent law and health insurance in America compares to the one in other developed countries. However, the United States differs from other countries regarding its ability to regulate the cost of prescription medicine charged by pharmacists (Scahill, 2018). Despite other developed countries having the capability of controlling or negotiation the prices of these drugs, there is no common factor for regulating these prices in these countries and the United States. This may lead to economic instability regarding the sales and marketing of prescription drugs in the pharmacy.

 

References

Barghouth, D., Al-Abdallah, G. M., & Abdallah, A. B. (2021). Pharmacy service factors and pharmacy performance: the role of patient satisfaction in community pharmacies. International Journal of Pharmaceutical and Healthcare Marketing.

Scahill, S. L., Tracey, M. S., Sayers, J. G., & Warren, L. (2018). Being healthcare provider and retailer: perceiving and managing tensions in community pharmacy. Journal of Pharmacy Practice and Research, 48(3), 251-261.

 

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