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Pharmacy Business Plan Template [2021 Updated]

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V. Competitive Analysis


You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Direct & Indirect Competitors

MP Pharmacy
MP Pharmacy operates about 180 community pharmacies in some 35 US states. The drugstore chain franchises independent community pharmacies under the MP Pharmacy name. The company provides its franchisees with managed care expertise and help securing prescription contracts, among other services. MP Pharmacy feature drive-thru prescription pickup windows and its newer locations have private patient consultation rooms.

Founded in 1971 in Des Moines, Iowa, the company offers franchisees a business proposition that enables them to control their own hours, select their own location(s) and receive the financial and personal benefits of owning their own business.

Darren Family Pharmacy
Darren Family Pharmacy is an independent pharmacy offering a variety of services, including daily delivery (free to local residents,) compounding, drive up windows and special ordering. The store has been family owned and operated since 1901. In addition, the store offers a selection of gift and home decor items, as well as British candies.

The pharmacy is open from 9 am until 7 pm, Monday through Friday, and from 10 am until 3 pm on Saturdays. The store is closed on Sundays.

Pharmed
Pharmed is one of the nation’s top drugstore chains. The company operates more than 8,600 mostly freestanding stores in all 50 US states, the District of Columbia, and Puerto Rico. Prescription drugs account for about two-thirds of sales; the rest comes from general merchandise, over-the-counter medications, cosmetics, and groceries. Most stores offer drive-through pharmacies and one-hour photo processing.

The drugstore chain is looking to health care services as a significant avenue for growth. The company’s subsidiary manages worksite health and wellness centers and operates in-store care clinics at more than 700 locations. It is partnering with regional providers to expand its menu of health care services at its clinics.

Competitive Advantage

[Company Name] enjoys several advantages over its competitors. These advantages include:

  • Location: [Company Name]’s location is at the center of town, giving us access to commuters going and leaving the train station, local office workers, and passersby going to local shops. There are also no other pharmacies anywhere near the area.
  • Great service: The store will offer home delivery and pick-up services, further extending our market reach. The staff will also be trained to attend to a customer’s need as fast and as convenient as possible.
  • Management: Our management team has years of business and marketing experience that allows us to market to and serve customers in a much more sophisticated manner than our competitors.
  • Relationships: Having lived in the community for 25 years, [Founder’s Name] knows all of the local leaders, newspapers and other influences. As such, it will be relatively easy for [Company Name] to build brand awareness and an initial customer base.
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