Generational wealth

[Hewlet]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

generational wealth is not just created by just wishing or asking questions as this. You need to be diligent in your pharmaceutical business, decide to stand out and remain consistent and work on become a reliable brand that everybody can rely on and have this sense of trust that they unconsciously put you first whenever they are considering making any purchase.

It requires finance and not just little finance, you can't use a kiosk pharmacy to create generational wealth, you need to invest into the business hugely If you intend creating wealth for yourself and even have something to leave behind.

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[cakravothy]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

Pharmacists only work, while it is the pharmaceutical industry or company that creates the drugs.
A pharmacist will not be able to mass-produce drugs.
Even those who create drugs are not pharmacists, but researchers in large pharmaceutical companies and industries.
the rich are the owners of the pharmaceutical industry or companies, not the pharmacists.

[so98nn]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

This is the field that’s close to me as I have done my Bachelors in Pharmacy and then Masters in Drug Discovery and Development from UK. The higher education was in the hope that I will get highly paid job in my hometown. But, LOL to that nothing like that happened. The pharma industry is rich but dont get drowned quickly in the dreamy world because we scientists do not get paid enough salary when we work at their facilities.

I have deeply analysed the issue behind this. If you have or are working in the laboratory then you must be knowing how much chemicals, cultures, glasswares and high end instruments are required by us to perform simple experiments.

So the cost involved in the working capital is high. There are active pharma ingredients that are as costly as salaries of 10-20 employees together. Lolz. So its but obvious they would never pay us enough salaries as they have to manage their own finances first so that pharma company can work properly.

Idk, if you want financial wealth being then you can use your license to set up pharmacy store. Try to create SIP and invest in MF. This is the only way you and me can make money (save money).  

[EarnOnVictor]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

I can write an epistle on this but let me summarise it as short as I could. Well, the pharmaceutical industry is booming in our society, it is attending to the problems of people and solving them as fast as possible which is what gives the rich the most money they have. But to be so successful in this field, the country of residence is so important. If you are in a good country, especially where pharmaceutical products are being appreciated and exported to virtually most parts of the world, then it is an advantage for you. But first, you must be a genius, you must be good at your work and be creative to know how to blend medicine together on your own, particularly those that can solve some problems that have not been solved before. By doing this, you have already paved the way for yourself as you are marketable and you can easily market yourself to top companies of the world.

But I will advise you to be a partner instead if you can have your way. You might start as a worker but if you are so determined to be successful and be on your own, you shouldn't work as an employee for too long. It is from there that you start working on the marketing alongside the partnership you have with some companies, and without waiting further time, break away and establish your own company and build a viable business around it. This might not be easy but you might continue to enter better partnership arrangements until you have enough capital to stand on your own. However, this will not be possible without many challenges, but if truly you are a genius and creative, I do not see the challenges you can't overcome over time.

[|MINER|]

To be a successful pharmacist one must have a good understanding of pharmaceuticals, provide fair service to people, and have a business mindset and mindset.  Treat customers well, so they keep coming back to you.  You can start home service so that the customer can collect the medicine from home if he is very sick.  Above all if the service is good I hope you can be a good pharmacist.  You have to do this with flexibility.

[angrybirdy]

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

if only money is on your mind, this is a correct suggestion, but many people may be fooled and rely on it. Imagine you are in the situation of people buying medicine to cure someone, how would you feel, knowing that the medicines you are buying is not reliable and doesn't even cure even small health problems? Yup, it sounds evil because it shows no sympathy to other people, and I don't think it will be feasible since even those pharmacist rely in drugs and medicines.

[boty]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

Pharmacists only work, while it is the pharmaceutical industry or company that creates the drugs.
A pharmacist will not be able to mass-produce drugs.
Even those who create drugs are not pharmacists, but researchers in large pharmaceutical companies and industries.
the rich are the owners of the pharmaceutical industry or companies, not the pharmacists.

Those who work as pharmacists do not create medicine because their job is only to give medicine to those who have received a prescription from a doctor and are shown to the pharmacist to give the medicine according to the prescription given by the doctor.
What you say is very correct, it is researchers who work in the pharmaceutical industry who carry out research to be able to create drugs and after going through various stages of research then drugs are created and mass produced and those who own pharmaceutical companies can create drugs for various needs.

[TimeTeller]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

Pharmacists only work, while it is the pharmaceutical industry or company that creates the drugs.
A pharmacist will not be able to mass-produce drugs.
Even those who create drugs are not pharmacists, but researchers in large pharmaceutical companies and industries.
the rich are the owners of the pharmaceutical industry or companies, not the pharmacists.

Those who work as pharmacists do not create medicine because their job is only to give medicine to those who have received a prescription from a doctor and are shown to the pharmacist to give the medicine according to the prescription given by the doctor.
What you say is very correct, it is researchers who work in the pharmaceutical industry who carry out research to be able to create drugs and after going through various stages of research then drugs are created and mass produced and those who own pharmaceutical companies can create drugs for various needs.

This is why pharmacists alone can't make a significant impact in the pharma industry.
It is more on the owners of pharma companies as they have the influence on what path their company is heading to.
They have very little role on what may possibly happen to the advancement in the pharma industry.
Maybe, if they will pursue other roles like going up the ladder and hold executive position, they may have a say to where the company is heading to.

[bangjoe]

What is clear is that whatever it is today, whether it is a pharmacist, construction worker, admin, and so on, it will be very difficult to get generational wealth to their next children if they do work in that field until the time they retire, you have to have a lot of income, a lot of asset diversification, a lot of investments and other things like that so that you have a lot of incomes in middle and old age to prepare for the inheritance of wealth to your descendants.

This is a difficult thing, for people who work 8-12 hours a day in one job with a standard salary, but if you have good time management and money management of course you can get more opportunities to get other sources of income. If your material wealth cannot achieve this, then the second step is for you to pass on a legacy of wealth of thought so that your children can progress far beyond where you are now in life, either in their careers or other education that can lead them to be far more successful than you are now.

[TheUltraElite]

How is pharmacy connected to making generational wealth here?

If you are a part of the big pharma companies then you might be having generation wealth or you may not.

If you plan to become one, then its a different ballgame. You have to get a degree have a vision, work out that vision and launch products, generate capital, investments and reach out to different countries seeking your product.  In short it is not easy and only a handful of people have been able to provide such service that they are are among the top 10.

Best you can do is to get your degree and work to generate wealth, have kids and educate them enough to be able to pursue their dreams.

[Jegileman]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

Creating a generational wealth through pharmacists is not something that is achievable easily. If you’re a pharmacist, I will just assure you that you will have a means of sustenance, live a more than average lifestyle than normal people. Creating a generational wealth for your family to also inherit from after your time is not something I can imagine by you just being a pharmacist.

For that to happen, you’ll have to save up more money, be an investor or shareholder with a pharmaceutical company and not just as a pharmacist working under the government or someone. Generational wealth are most times gotten out of the comfort zone, you’ll have to do extra work for that and that can take all of your savings to achieve that which may or may not be successful in the end.

A lot of people that depend on generational wealth are already given birth to with a silver spoon and you can’t just compare yourself with them. There is nothing not achievable today in life but the process of making that doable is what discourages a lot of people and they end up living within their means and also just look for a means to provide for the family and raise their kids to the level that they can fend for themselves.

[el kaka22]

I would say that getting a generational wealth means having an income that would allow next generations not to work. I think real estate is the best way to go with that, so if you are a pharmacist, you could buy the shop that you are working in, that would not be easy and it would cost you a lot, but that is what you are asking, generational wealth is built like that.

So if you have a house, and the shop that you work in, as close to each other as possible, that would benefit you, but also it would mean that your children would be able to rent them both, and live greatly off them. If you can do those, then next step would be getting another shop or house, so they would rent, that is how you build it, that is the roadmap, but it is definitely very very tough.

[Kelward]

The key to make money in healthcare is don't cure your patient too fast, make them back to you and spend more money to follow other steps. Since a pharmacist not allowed to diagnose the patient, you need to make a personal agreement with the doctor who work as private medical practice in your pharmacy.

This sounds like an evil, but that's a way to make more money in healthcare if your goal is for business.

Cure your patients slowly so they'll keep coming back and paying more, that sounds shrewd, but I guess that's how businesses thinks and keeps their going concerns, the pharmacist will think turnover rather than giving a one time cure.

So if a pharmacist wants his business to be a generational wealth, then they have to bring some of their children or family members to study pharmacy and teach them the business aspects of it, so that the tradition can continue to be in the family. If atleast a family member is not a passionate pharmacist, pharmaceutical wealth past to the next generation can be lost because they can mismanage or sale the wealth that is past to them.

[Lucius]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry.

Well, at least that question is easy to answer - you just need to invent some super drug, a strategy to sell it and a way not to end up in prison after all that. Considering your profession, you are probably familiar with the case of Purdue Pharma and their OxyContin, and all you need to do is learn from their mistakes and you will be a billionaire in the blink of an eye

When you succeed you can send me a tip of only 1% because I gave you a good idea - I only accept BTC

[iv4n]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

And how will those powerful pharmaceutical companies earn billions after this? A powerful industry whose goal is not to create generational wealth, their goal is to sell more drugs and earn more money. Sadly, it's all about the money... and they are making tons of money every second.

And I think that they are working more on generational diseases, pandemics, etc, and it's more likely they will take advice about that... It's how they can provide themselves even more profit, enormous profit.

[jaberwock]

The circulation of money in the pharmaceutical world is quite large. And if the police ticket a healthy person, then the doctor is even crueler, he gives a ticket to a sick person. So that when someone experiences illness, and to return to health, whatever the costs, he will definitely meet them, even though the way to get the costs is by selling valuable assets. And when I told him about free medicine, which is a program from the government, to get the medicine, I still had to visit the pharmacy and buy it. Because the doctor said that currently the hospital is experiencing delays in the supply of medicines. In fact, that... is just a bad idea, so that the pharmaceutical industry can continue to run and make big profits.

Talking about the pharmaceutical industry, this is quite a promising industry, but if you are just a worker, you will not get any benefits, apart from your salary every month. because the harder you work, the richer your boss will be. Meanwhile, you are just like that, depending on the wages you receive each month for your fate

That was sad but it is true. This is what they say that money is the root of all evil. This is also the reason on why many of us don't go to the doctor or hospital that quick but they observe their body first. A person is willing to spend money only for their recovery because they believe in the saying that health is wealth.

Even me, I do because how can we spend our money or use our stuffs when we are already lifeless? I still think that being pharmacist is one of those decent jobs. So, it does have a benefit. The harder your work, can also be better because you may get promoted with it. And I think you guys already know what that means.

[STT]

Patents run out even if you invent something amazing the process to keep making new products is continual.  Basically you need to own a business with an ongoing interest, the most obvious would be to be a chemist a retailer and land owner in your local community.  That business could be passed onto the next generation hence be a long term wealth in your family but you need to qualify to be a chemist to do that so you rely on the children or next generation being capable of doing so.    Or you could just choose the right stock to own and it performs well, long term some have done well.

[Fortify]

What would be your advice for a pharmacist hoping to create generational wealth in the pharmaceutical industry

What do you mean "in the pharmaceutical industry"? Unless you've somehow come into a position where you start developing medicine or happen to have acquired part ownership in a chemist, then most of your money will just come from a salary. Maybe people in the pharma business have better than average wages, on par with doctors, but I have no idea. Unless you're on an above average salary and able to put a lot of money into investments - whether that is stocks, property, crypto, precious metals or numerous other options, then you're not necessarily going to acquire enough money to keep further generations of your family in luxury for many decades to come. You'd have to get some really lucky breaks to make this sort of money.

[bitzizzix]

In my opinion, becoming a pharmacist will not make it difficult for us to find work and there are lots of job opportunities for pharmacists. Can work in pharmacies, clinics, hospitals, industry, and so on.
And in my opinion, the current generation and the generation that has always made pharmacists very rich should have their own clinics and also have their own pharmacies. And it is a business idea that is quite promising for the current and future generations.
By opening clinics and pharmacies, you can make it easier for people to seek treatment and also buy medicine. Because almost every day there are always people who are sick and also looking for medicine or other medical equipment, so in my opinion this is something that must be thought about and planned because this business has always existed and been successful for various generations.

[franky1]

the biggest secret to generational wealth is not to spend the capital. but grow the capital
spend the gains/interest/dividends. accumulate the capital

the industry people work in is not specific requirement to generate wealth, dont limit yourself to your industry
you can accumulate the wealth faster by improving your income and reducing your spending, but any industry someone works in can start generating wealth for their offspring

its more about setting a budget and accumulating savings until the savings can look after your offspring via the interest/realised gains

..
other things like avoiding paying income tax
if you put funds into a trust. that pays out trust accumulated gains to a beneficiary as a "loan" and the receiver puts funds back in at the personal agreement of the trust loan(all death estate gets added to trust)
you dont pay tax on loans and then all estate property gets added to a trust upon death as term of loan