10 Best Pharmacy Franchise Opportunities Of 2024

If you are thinking of starting a pharmaceutical franchise, you are not alone. The pharmacy industry is one of the fastest-growing sectors in the world.

After the pandemic, health care is becoming a priority for our society, and as a result, the demand for medical supply franchisees has increased 

The United States has the world’s largest pharmaceutical market in the world with annual revenue.

In 2021, the U.S. pharmaceutical industry earned $550 billion in annual revenue and is projected to grow further in the future.

(Source: Zippia). However, starting your own line of pharmacy can be tedious, given the regulations and licensing hassles. 

Best Pharmacy Franchise Opportunities
Best Pharmacy Franchise Opportunities

Pharmacy franchise opportunities in the United States have risen sharply in recent years as the population becomes more concerned about their health.

Buying a pharmacy franchise would be a great option due to the recognized brand image and access to an existing network of suppliers and resources at reasonable prices. 

Here are the 10 best pharmacy franchise opportunities you can join.

All these companies are ready to share their valuable experience with you and teach you how to earn fast with constant support. Let’s get started!


10 Best Pharmacy Franchise Opportunities

1. Medicap Pharmacy Franchise

Medicap Pharmacy Franchise
Medicap Pharmacy Franchise
Founded in1971
Franchising Since1973
Estimated Outlets237
Franchise Fees$15,000
Initial Investment$22,100 – $447,000
Liquidity$55,000
Royalty Fees 3%

Medicap Pharmacy is a walk-in pharmacy in the United States. Medicap knows that a quality pharmacy is more than just a quick prescription.

At Medicap, quality care means providing consumers with the prescription drugs they need quickly and efficiently, along with the personal attention and care they expect and deserve.

Medicap pharmacy customers know they can rely on pharmacists’ in-depth knowledge and will take time to get to know them and their specific needs.

Medicap provides a convenient, affordable, and professional pharmacy franchise model. 

The company specializes in starting new pharmacy franchises and converting existing and independent pharmacies to the Medicap concept.

Medicap franchisees must have business experience and some experience in the pharmaceutical industry.


2. Medicine Shoppe International Franchise

Medicine Shoppe International Franchise
Medicine Shoppe International Franchise
Founded in1968
Franchising Since1971
Estimated Outlets1312
Franchise Fees$10,000
Initial Investment$77,000 – $152,500
Liquidity$100,000
Royalty Fees2-5.5%

Medicine Shoppe was founded in 1968 by pharmacist Michael Bush in St. Louis.

Busch’s mission is to provide its community with a pharmacy that is personally serviced and managed by a pharmacist.

In 1970, Busch founded Medicine Shoppe International, Inc. (MSI) and expanded pharmacy franchise opportunities to friendly, entrepreneurial pharmacists and other independent investors. 

Today Medicine Shoppe International continues to grow and focus on customer needs by offering over-the-counter products, critical health screenings, and a full line of personal care and attention.

A knowledgeable pharmacist who always takes the time to get to know each customer. 


3. Health Mart Franchise

Health Mart Franchise
Health Mart Franchise
Founded in1996
Franchising Since1997
Estimated Outlets4690
Franchise FeesNone
Initial Investment$2,275 – $654,200
LiquidityN/A
Royalty Fees$355 per month

Health Mart Pharmacy is a nationwide network of independently owned and operated pharmacies in the United States.

With more than 3,000 pharmacy franchises all across the country, Health Mart offers special healthcare services that can only be expected from a trusted member of the community. 

Health Mart Pharmacy offers franchise opportunities for pharmacists who are either neighbors or friends of the customers and clinically trained to take care of the well-being of the people living in a community. 

Health Mart aims to be more than just a delivery and pickup pharmacy. They go the extra mile to provide the service and care that customers expect and deserve.

Health Mart pharmacists take the time to get to know their customers as patients, so they can trust Health Mart when they need it.


4. Good Neighbor Pharmacy Franchise

Good Neighbor Pharmacy Franchise
Good Neighbor Pharmacy Franchise
Founded in1953
Franchising Since2009
Estimated Outlets2152
Franchise FeesNone
Initial Investment$278,797 – $575,705
LiquidityN/A
Royalty Fees$599 per month

Good Neighbor Pharmacy is a nationwide network of independently owned and operated pharmacies under the umbrella of AmerisourceBergen Drug Corporation.

With more than 3,100 franchises, Good Neighbor Pharmacy offers personalized service, affordable products, and exceptional care to customers. 

Good Neighbor Pharmacy helps entrepreneurs in the retail pharmacy space to fulfill their dreams of owning their own pharmacy business by offering them innovative solutions and resources.

They allow franchisees to take advantage of the pharmacy’s brand name, trademark, and marketing channels to grow their business and compete with the rivals in exchange for a prescription fee to access the. 


5. CVS Pharmacy Franchise

CVS Pharmacy Franchise
CVS Pharmacy Franchise
Founded in1963
Franchising SinceN/A
Estimated Outlets500+
Franchise Fees$9250
Initial Investment$9250
Liquidity$9250
Royalty Fees N/A

CVS Caremark is a pharmacy innovation company reinventing pharmacy to improve health.

CVS Pharmacy is currently the largest pharmacy chain in the United States that provides health care services through medical clinics and diabetes care centers with more than 1,100-minute clinics.

CVS sells a wide range of merchandise, including prescription medications, beauty and cosmetics products, film and photo editing services, and greeting cards. CVS is a franchise ready-business with crazy high revenue. 

Owning a CVS health pharmacy would be much more than just dispensing drugs. A CVS pharmacy’s daily profit margin ranges from $5,000-$8,000 a day.

CVS helps you find the best franchise opportunities and works with your pharmacy to simplify its operation, amplify your brand and empower your business. 


6. Benzer Franchise

Benzer Franchise
Benzer Franchise
Founded in2009
Franchising Since2016
Estimated Outlets87
Franchise Fees$2500
Initial Investment$157,810 – $304,110
Liquidity$50,000
Royalty Fees$800 per month

Benzer Pharmacy, formerly known as Rx Care Pharmacy, is a fast-growing American independent pharmacy franchise chain.

Benzer Pharmacy sells prescription and over-the-counter medications. The pharmacy also serves patients and physicians in all 50 states through online fulfillment services. 

Benzer Pharmacy specializes in prescription and medication management programs for people with complex chronic conditions.

With decades of business experience and a powerful network, Benzer Pharmacy is the best franchise option for an independent owner. 

With a proven track record, unified service, nationally recognized brand image, and low operating costs, you’re not alone.

Join the fastest-growing pharmaceutical franchise in America and get the support you need today.


7. 101 Mobility Franchise

101 Mobility Franchise
101 Mobility Franchise
Founded in2008
Franchising Since2010
Estimated Outlets194
Franchise Fees$35,000 – $60,000
Initial Investment$118,390 – $216,220
Liquidity$100,000
Royalty Fees5-7%

101 Mobility is one of the leading providers of mobility and hassle-free accessibility solutions across the United States.

With a focus on quality and customer service, 101 Mobility is committed to providing established and professional mobility services and accessibility solutions to seniors and people with disabilities and special needs. 

101 Mobility provides ramps, home elevators, stair lifts, platform lists, safety equipment, and more to help seniors, veterans, and people with physical disabilities.

There are tons of benefits to becoming a 101 Mobility franchise owner.

They provide top-notch franchise marketing training, product resources, and professional support to help franchisees succeed and run their own business with confidence. 


8. Pearle Vision Franchise

Pearle Vision Franchise
Pearle Vision Franchise
Founded in1961
Franchising Since1980
Estimated Outlets548
Franchise Fees$30,000
Initial Investment$415,520 – $644,260
Liquidity$100,000
Royalty Fees7-8%

Pearle Vision is one of the largest eye care pharmacies in North America, with 548 eye care centers in the United States and Canada, many of which are locally owned and operated by franchisees.

The brand has over 30 years of pharmacy franchise experience, and although Pearle Vision is a wellness franchise, you don’t need medical expertise to own a franchise. 

Pearle Vision has developed a proven system with attributes including a strong brand image and excellent reputation.

Low joining fee and turnkey operating system; an established supply chain; and scalability and the ability to grow into a sustainable industry. 

In addition to business coach training and support, Pearle Vision provides real estate and back-end operating system support to new franchise owners.

Their Ignite program offers unique benefits that allow pharmacy franchise owners to maintain independence while building their business as a Pearle Vision franchise.


9. Miracle-Ear Franchise

Miracle-Ear franchise
Miracle-Ear franchise
Founded in1985
Franchising Since1987
Estimated Outlets105
Franchise Fees$39,500
Initial Investment$228,500 – $437,000
Liquidity$45,000
Royalty Fees6-2%

Whether you want to start a pharmacy business or change your existing pharmacy business, Miracle-Ear offers you a pharmacy franchise opportunity to make a difference in the lives of people with hearing loss.

As hearing loss is increasingly common among Americans, studies have linked it to loneliness, depression, low income, and dementia.

As a Miracle-Ear Pharmacy Franchise Owner, you will be able to bring real solutions to the deaf and give them back a vital need in their lives.

Our supportive staff will guide you during the transition and help you take your pharmacy franchise to the next level. 

By joining their franchise, you’ll become part of the nation’s largest hearing aid retailer, have access to the most competitive merchandise prices, and become part of a perpetual franchise.

That ranked in Entrepreneur® Magazine’s Top 100 Franchise Opportunities. 


 10. Dentist’s Choice Franchise

Dentist’s Choice Franchise
Dentist’s Choice Franchise
Founded in1992
Franchising Since1994
Estimated Outlets138
Franchise Fees$45,000
Initial Investment$55,400 – $59,500
Liquidity$50,000
Royalty Fees3-5%

Dentist’s Choice is an industry network of local dental handpiece repair companies serving dentists throughout the United States and Canada.

For nearly two decades, The Dentist’s Choice has earned a reputation among dental professionals for the quality of their repairs. 

Highly trained repair professionals are committed to providing the extraordinary customer service and satisfaction that customers expect from them.

Dentist’s Choice™ offers a comprehensive training program throughout the year.

Pharmacy franchise owners spend at least one week at headquarters receiving personalized training in repairing handpieces and marketing from expert professionals and technicians.

Our extensive support provides a full range of services as technical repairs, commissioning, marketing, sales, and technical updates.


When Should You Choose A Pharmacy Franchise?

Any decision should be taken after evaluating its upsides and downsides. Evaluating them will speed up the decision-making process and help you understand the situation even more.

Here are some upsides and downsides of buying a pharmacy franchise:

Upsides

1. Lower Risk

Working with a well-established pharmacy franchise lowers the risk of failure. These businesses have tried and tested business models in different parts of the market.

2. Brand Recognition

A franchise comes with an already established loyal customer base. It also reduces the expenses required in marketing and advertising the brand.

3. Buying Power

Franchisors already have an established deep-rooted relationship with the suppliers. This results in less expensive supplies because of the franchisor’s collective buying.

Downsides

1. High Initial Investment

One of the disadvantages of buying a pharmacy franchise is that the initial investment can be hefty, especially when you are buying a big-name franchise.

2. Limited Creativity

Buying a franchise means that you have to abide by the rules of the franchisor. This limits your creativity. You will be able to share your ideas, but it needs to get approved by the franchisor.

3. Financial Information

Franchisors collect financial information from their franchisees to take better decisions and improve their existing business models. This results in little to no privacy for franchisees.


Things You Need To Know Before Choosing A Pharmacy Franchise

1. Understand Your Finances

Know where you stand as buying a pharmacy franchise is not a small investment. It would take 20 to 40% of your own funds to buy the franchise.

Sometimes the bank offers you the whole amount, but more often, they don’t. In this situation, you need know you will acquire more funds.

You can also opt for seller financing opportunities which offer finance typically for 3 to 7 years with an interest rate of 1 to 2 percent.

2. Understand The Type Of Pharmacy You Want

Before buying any pharmacy, you must understand what type of pharmacy you want to own, whether you want to pursue a chain pharmacy or an independent pharmacy.

For instance, if you are looking to invest in an independent pharmacy, then opt for the pharmacy offering partnerships of existing operations. Some dominating chains of pharmacy are Walgreens, CVS, and Rite Aid.

This way you’ll get to work with experienced people and also the expenses.

3. Licensing Requirements

The third important thing to consider before investing in any pharmacy is to know what licenses and permits are essential.

The licenses are heavily independent on the location of the franchise. Here are some basic requirements:

  • Pharmacy License
  • Drug Enforcement Agency Number (DEA)
  • Employer Identification Number (EIN)
  • National Provider Identification Number (NPI)
  • National Council For Prescription Drugs Programs Number (NCPDP)

4. Finding The Right Location

This is another important aspect to consider. You need to choose a location that is easily accessible for the customers and also has less competition and more traffic to make your venture successful.

Here are a few things to look for:

  1. Traffic: Does your ideal pharmacy location has enough customers?
  2. Access: Can your customers easily enter and exit the premise?
  3. Size: Can your pharmacy grow in the location?

Comparison of Top 5 Pharmacy Franchise Opportunities

CompanyMedicap PharmacyMedicine Shoppe InternationalHealth Mart PharmacyGood Neighbor PharmacyCVS Pharmacy
Founded in19711968199619531963
Outlets23754846902152500+
Initial Investment$22,100 – $447,000$77,000 – $152,500$149,722 – $388,630$2,275 – $654,200$69,650 – $1,233,900
Franchise Fees$15,000$10,000NoneNone$9250
Royalty Fees3%2.-5.5%355 per month$599 per monthN/A

Bottom Line

The pharmaceutical industry in the USA is a growing industry and pharmaceutical franchises are an excellent option for those relevant to or interested in that field.

Pharma franchise companies usually provide more assistance compared to independent businesses. 

However, there are a lot of factors you must consider to separate the good options from the exceptional ones.

Pay attention to the training and marketing support being offered, the brand’s reputation, investment requirements, financial risks, and ongoing fees, and then align your budget with the requirements to make an informed decision. 

All the Pharma franchise opportunities listed above offer extensive training, resources, and support to help franchisees succeed and make the most of their franchise business.

Whether you are a medical representative a wholesaler or a distributor, these franchises can help you grow your business. 

To sum up we can say that investing in any of these pharmacy franchises is totally worth it and will help you earn a fast ROI no matter where you are starting. 


FAQ

Is Pharmacy Franchise Profitable ?

The success of a franchise is usually determined by the demand for the products or services in a specific area.

Healthcare is one of the most popular and recession-free sectors in franchising even in times of crisis.

A pharmacy franchise can survive and thrive at all times and can bring a steady income. 

Can I Open A Pharmacy Franchise With Little Or No Money?

If you want to open a pharmacy franchise but don’t have enough capital, they are plenty of ways to get funding.

Some of the most common solutions include bank loans, SBA loans, and attracting investors.

Some franchises also offer financial assistance to help franchisees cover some expenses and come up with a payment plan.

How To Buy A Pharmacy Franchise?

The process of buying a pharmacy franchise varies depending on the brand you have chosen.

Usually, it begins with sending an inquiry on the brand’s page, communicating with their representative about prospects, going through a franchise disclosure document, meeting with the founder and signing the contract, paying the lump-sum fee, and becoming a proud franchisee.

How Much Does Pharmacy Franchise Cost?

To own a pharmacy franchise, the initial investment required ranges from $2000 to $700,000.

What Is Pharmacy Franchise Profit Margin?

The profit margin of pharmacy franchises varies between 16% to 22%.

Which Is The Cheapest Pharmacy Franchise?

According to the above-mentioned data, the cheapest pharmacy franchise is Good Neighbor Franchise, with no franchise fee and an initial investment ranging from $2,275 – $654,200.

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