What are the ideal demographics for a pharmacy?
This is a greatly debated subject within the pharmacy industry. I am not sure anyone can give you the formula for the exact demographics that will drive sustainable pharmacy business. However we can provide you with the demographics for pharmacies we have been involved with and maybe those match what you are looking at. The information below was compiled by examining pharmacies we both own and of pharmacies we have helped start or buy. All the pharmacies examined are profitable and have been for at least 1 year.
Population (based on the city pharmacy located) – we saw an average population of 15,651 with the smallest city having a population of 1,620 and the largest being 48,133.
Percent of population over 65 was 15.62% on average with no pharmacies having a percent below 14%
Percent of population under 18 was 25% on average with no pharmacies having a percent below 20% or over 30%.
Average Income (based on city pharmacy located) is $41,936.
Average number of households is 6,813.
Average age is 36 with no pharmacy having an average age below 33.
On average we saw one other independent pharmacy in the city.
On average we saw 1.5 chain pharmacies within the city.