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E-Pharmacy in Saudi Arabia: Business Plan Example

2021-07-28 06:58:25
7 pages
1667 words
Categories: 
University/College: 
Carnegie Mellon University
Type of paper: 
Business plan
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Executive Summary

Pharmacies are involved in the selling of generic or branded medications where some established pharmacies engage in the sale of medical devices. The E-Pharmacy aims to serve as an easy accessed pharmacy to those who cannot reach their regular pharmacy store for many reasons from being too busy to visit one, to not being able to go there. The company is known for the development, production and medicine sales. The E-Pharmacy will serve also as a source of information for those seeking help regarding their medications or any health-related questions, by providing a full consultation services run by clinical pharmacists. The E-Pharmacy services will be linked to other transportation technology companies such as (Uber, Kareem ...etc.) to assure the availability of delivering services at all times. E-Pharmacy looks forward to having well positioned online platforms for the pharmacy store. E-Pharmacy expects to market the major cities in Saudi Arabia. The target market is mainly composed of all age groups. However, the company expects to develop marketing strategies which will ensure that the target market is divided into segments which will be based on the particular group. The marketing department will ensure that the marketing strategies employed by the company are capable of ensuring that the company attains a competitive advantage over its competitors. The Pharmacy will major in sales of all types of prescription drugs as well as beauty products, health supplements and cosmetics. The company expects to face stiff competition from other online stores which have specialized in the sales and distribution of all types of prescription drugs and cosmetics products. Financial estimates of setting up the company will include both startups costs as well as marketing costs. The financial plan will include a three year plan which will be reviewed towards the end of the three year period.

Types of products

E-Pharmacy will be retailing a variety of drugs from renowned manufacturers in Saudi Arabia as well as other parts of the world. The company will also engage in health supplements, beauty products, cosmetics and baby products.

VisionTo be the first choice for the Saudi customers when it comes to Pharmaceutical e-services.

Mission StatementTo help our customers when it comes to assuring the easy accessibility of health products at anytime and anywhere.

Keys to SuccessKeep a high customers satisfaction levels by always lessening to them and taking their feedback after trying own services.

Providing services that had not being provided by other regular pharmacies.

Keeping an up to standers service with minimal mistakes or interruptions.

Assign a quality control teams to periodically evaluate services and give suggestion to newer additions.

Develop a good customer-provider relationship by assuring that the whole process is two-sided communication.

Description of Business & Background

Description of Business

An electronic based Pharmacy works as an online version of regular drug stores that covers all areas of Pharmaceutical and beauty products. It offers full online services that can be reachable everywhere and can be delivered to the customer door step. The think that would make this service unique is that is fully electronic with assuring customers personal information privacy and makes them more comfortable shopping around all areas of product. Also, the ability for them to link it with their medical prescriptions or a refill service that will allow them to keep on track with their health management without any further delay. The educational consultation services will be also available for those who need it around the clock for the e-pharmacy customers to ensure the full Pharmaceutical care services to be provided.

Services to be offered:

Online webpage and a Smartphone compatible App fully customized to serve as an actual pharmacy.

Availability of wide range of pharmaceutical and beauty products.

Full free online consultation on medications run by qualified Clinical Pharmacist.

Ability to order a re-fill for prescriptions (if the new MOH systems of linking their pharmacy services to community pharmacies are applied).

Ability to dispense Prescription based medications.

Customers can send their feedback and also send requests to order medications or beauty products even if there are not displayed at the webpage/App; to be available upon request if found.

Delivery services.

Mail delivery.

Customers:

All age groups who needed a Pharmaceutical or a beauty products.

People who cannot reach a Pharmacy store.

People who favor an online shopping.

People with fast based lifestyle with no time to go and fill their prescriptions.

Patients with need to online consultation services.

Competitors:

Large established Pharmacy retail companies.

Existed retail pharmacist who offers some of the mentioned services.

Pharmacies who already gain the trust of customers and have a good known name.

Financial Estimates:

Our business will need to include the following in it budget:

Rent for Medication storage facilities, which should be within the following criteria:

Have a storage condition that it compatible to store all types of medication and beauty products.

Dry, clean sterile areas to assemble products.

Special cabinets or fridges to protect highly sensitive mediations.

Employee salaries which depends on employee duties and job titles:

Customer service employees.

IT support employees for both the electronic website and the smartphone application.

Employee to work at the storage facility (Security, workers, quality assuring personaletc.)

Clinical Pharmacists for the consultation services.

Financial accounted.

lawyer for legal presentation.

Analysis

SWOT Analysis

This is the summary of the SWOT analysis;

STRENGTH

Privacy upon purchases, no face to face interaction.

Ability to purchase from distance (in areas with no near pharmacies available).

Convenient for people with disparities or whom cannot visit the drug store for any reason.

Details on all products will be fully explained at each product page for the easy information access.

This service (Pharmacy Delivery) considered to be a new in Saudi.

24 hours / 7 days services on both purchasing and delivery.

Multiple payment options (online visa, MasterCard, PayPal and even upon delivery payment).

The product availability upon request even if its not displayed will count as an advantage.

Online consultation services.

Mail delivery services for areas which is not covered by our car delivery services.

WEAKNESS

STREN

Its a new business for us and we dont have an actual past experience.

We may face some problems regarding the right environment for transporting medication if they need a special transportation conditions.

The difficulty of assuring that our collaboration to the transportation companies will be fully planned and executed probably at the beginning.

The acceptance of the Saudi culture to the idea of online pharmacy will take some time and will consume lots of efforts and fund also.

We need some time to expand our delivery services to reach all regions of the Kingdom.

OPPORTUNITIES

The Pharmaceutical market in Saudi is expanding and growing in a great base which will make our business more acceptable.

The fast base lifestyle taken by Saudis recently make our business more convenient to initiate at this time.

THREATS

Other Pharmacy chains evolving (Competitors).

The economic downturn and the fast changing policies and procedures.

Financial problems.

Market Analysis

Market Trends

The market trend in Pharmaceutical trading influenced by Saudis healthcare policies. Retail Pharmacies started to use the modern technology to effectively manage their business. Even the old-fashioned pharmacies started to peak up on the new trends and has implemented several softwares and automated machines to keep up.

Target Market

We are eager to serve all types of customers of all ages by providing a services and products that benefit them all starting from fulfilling their health-related products needs of OTC and prescription medication to the beauty products and health supplements that they want and even other products that full down in our area of interest in the field of pharmacy.

Our customers can be categorized into the following;

All age groups who needed a Pharmaceutical or a beauty products.

People who cannot reach a Pharmacy store.

People who favor an online shopping.

People with fast based lifestyle with no time to go and fill their prescriptions.

Patients with need to online consultation services.

Competitive Analysis

The Pharmaceutical industry in Saudi is known to be highly competitive. The industry is expanding and there are many ways through which customers/patients can get their medications, prescription, drugs and beauty products. Over the past years, the Saudi pharmaceutical market has been established by a number of well-known local companies. There are number of Pharmacy chains that are real competitors in the industry. Those competitors do what they can to gain favorable market share of the available market in any given region around Saudi.

We searched for similar ideas and we found few similar but, they are different in the idea of purchasing the medication upon request from the nearest pharmacist and deliver it to the costumers so they do not have their own medical supplies stores nor works 24 hours/7 days.

Strategies to appeal to market

We intend in our E-Pharmacy to come into the Saudi market well prepared to compete in the industry. Our E-Pharmacy will fulfil an important market need of standardized online services. Our staff are well trained and expert to run an online retail pharmacy and all our employees are trained and with a certified pharmacy degrees to provide customized customer service to all our customers. We are going to be one of the few E-Pharmacies in Saudi Arabia that will be opened for delivery 24/7. We will ensure that we have a wide range of products (prescription Medications and OTC). We will also be involved in selling beauty products, cosmetics and other related products) available in our online store at all times.

Location Our online E-Pharmacy for start will cover the major cities of Saudi Arabia as follow:

 

RiyadhAl Sharqiah

Jeddah AsirMakkahHail

AlQassimAl jouf

Sales and Marketing Strategy

The marketing and sales strategy of our E-Pharmacy will be based on building a solid long-term relationship with our clients. In order to achieve that, we will ensure that we offer medications at suitable prices and to deliver them in a considerable less time. We will also provide a wide range of drug supplies in stock for both quick shipment and to be ready for any upon request orders.

We will ensure that our teams are fully ready to...

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