Best 6 Pharmacy Franchise Business Opportunities in USA for 2023
Pharmacy franchise business shows tremendous growth in the USA. The predictions for 2022 are more than optimistic. Similar to previous years, the best franchises operating in the field are gaining traction showing a little competition with one another. We`d mention only a slight change in the ranking.
Pharmaceutical market in the USA is the largest in the world. And it is expected to grow further. Forecasts show that Americans will spend up to 30 % more on medicine in 2023. Pharmacy franchise business is flourishing as well. The companies provide a wide range of services including drug management programs, prescriptions, medical selection tools, online ordering, drug pricing services and others. Starting a medical shop franchise, an entrepreneur will get access to medical knowledge and business experience of the franchisor. Besides, they will receive marketing and advertising support which is really critical for the success of a pharmacy company. Lastly, extensive training, a well-established business model and discounts from suppliers will help make a fast ROI. By the way, the industry offers affordable opportunities for applicants in terms of pharmacy franchise cost. The initial investments required to start the business vary from $2K to $700K.
Here is the top 6 best pharmacy franchise businesses in USA
Founded in: 1996
Initial investment: $2,275 - $654,250
Franchise Fee: None
Health Mart is a national network of independently owned and operated pharmacies with over 3,000 franchises nationwide, each offering special care and services only available from a trusted member of the community. In 1996, McKesson acquired the FoxMeyer Drug Company. Note that with this acquisition, the Health Mart franchise began working with hundreds of pharmacies. Since McKesson acquired Health Mart, the franchise has grown rapidly and has received numerous awards from leading pharmaceutical industry publications.
Founded in: 1971
Franchising since: 1973
Franchise units: 237
Initial investment: $22,100 – $447,000
Franchise Fee: $15,000
Royalty Fee: 3%
Medicap Pharmacy was founded in 1971 and opened its first store in Des Moines, Iowa, called First Aid Kit, which emphasizes the combination of convenience, economy and enhanced patient care. Medicap offers a convenient, affordable and professional pharmacy franchise model. The company specializes in opening new stores and converting existing pharmacies and independent pharmacies into the Medicap concept.
Founded in: 1963
Franchise units: 500+
Initial investment: $9,250
Franchise Fee: $9,250
CVS Caremark is a pharmaceutical innovation company that reinvents the pharmacy to improve health. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of outlets. CVS sells prescription drugs and a wide range of general goods, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal items, greeting cards and convenience foods through its CVS pharmacies and Longs Drugs retail stores, and online through CVS. com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their diabetes care centers.
The Medicine Shoppe
Founded in: 1968
Franchising since: 1971
Franchise units: 1,312
Initial investment: $77,000 – $152,500
Franchise Fee: $10,000
Royalty Fee: 2% - 5.5%
The Medicine Shoppe was founded in 1968 by St. Louis pharmacist Michael Bush. Bush's mission was to provide his community with a pharmacy that was dedicated to personal service and operated by a pharmacist. Today MSI continues to grow and focus on customer needs, offering a full line of OTC products, essential health checkups, and the personal care and attention of a knowledgeable pharmacist who always takes the time to get to know them.
Founded in: 2009
Franchising since: 2016
Franchise units: 23
Initial investment: $157,810 - $304,110
Franchise Fee: $2,500
Benzer Pharmacy, formerly known as Rx Care Pharmacy, is an independent, fast growing US pharmacy chain. Benzer Pharmacy sells prescription and over-the-counter medicines. The pharmacy also serves patients and doctors in all 50 states through its online restocking services. They specialize in prescription and drug management programs for people with complex chronic conditions, including hepatitis, HIV, multiple sclerosis (MS), rheumatoid arthritis (RA), hepatitis C, dermatology, and intravenous immunoglobulin (IVIG).
Good Neighbor Pharmacy
Founded in: 1953
Franchising since: 1795
Initial investment: $278,797 - $575,705
Franchise Fee: None
Royalty Fee: None
Good Neighbor Pharmacy Chain is a trademark of AmerisourceBergen Drug Corporation, a drug wholesaler and distribution company based in Chesterbrook, Pennsylvania. The network has many points throughout the United States, scattered across the map from coast to coast. Good Neighbor Pharmacy offers its customers personalized service, affordable products and exceptional care that only a local community pharmacy can provide.
To summarize, we can say any of the listed above pharmacy franchises is worth buying. But there is a lot to consider while choosing the best one for you. Pay attention to the reputation of the brand, what training and support are offered, check if the other franchisees are successful. But the main thing you need to do is to align your budget with investment requirements of the brand. In order to ease the challenge, we have made the comparison flowchart of the best pharmacy franchises in the USA for you. It shows the minimum estimated initial investment and initial franchise fee of each brand. By using it, you can figure out the difference in financial requirements for each franchise, and decide which one fits you the most.
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To know more about all stages of franchise development read our article Franchise development. How to develop a franchise.