The pharmaceutical industry can be incredibly complicated to navigate — even for the most seasoned pharmacists and pharmacy owners. With so much to keep track of aside from the routine procedures of obtaining prescriptions and providing patients with medication, often the help of a pharmacy lawyer is necessary. After all, not many medical professionals know how to incorporate their pharmacy, form partnership agreements, or obtain a Power Of Attorney (POA). That being said, here is a brief rundown of the services our pharmacy lawyers are able to provide here at MKLAW in Ontario, Canada.
Selling Or Buying A Pharmacy For Sale
Buying a pharmacy for sale in Ontario or selling one you currently own can be a tedious task, especially if you try to go it alone. That’s what we’re here for — our pharmacy lawyers can facilitate the process so that your best interests (and financial assets) are protected. With the help of an experienced pharmacy attorney, you can rest easy knowing that you won’t be cheated by a seller that is asking too much or a buyer that is trying to negotiate their way out of a deal. Rather, we will serve as the intermediary between the buyer and seller in order to ensure that the process is carried out correctly according to Canadian law and that neither party is misled.
Pharmacy Incorporation
Another service that pharmacy lawyers can provide for their clients is facilitating the pharmacy incorporation process. Given that Canada’s pharmaceutical industry is booming, there can be a great deal of competition between neighboring pharmacies. Rather than assuming the risks associated with remaining a non-legal entity, the owner has the option of incorporating their pharmacy and becoming separate from its founders via a Certificate of Accreditation from the Ontario College of Pharmacists. With an experienced pharmacy lawyer to ensure that the process is completed correctly, you won’t have to worry about doing it wrong the first time and paying thousands of dollars out of pocket for multiple applications — each costing more than $1,400.
Partnership Agreements
The process of forming pharmacy partnerships can be quite complicated — especially when you try to determine the duties and limitations of each partner without legal guidance. That’s why our pharmacy lawyers at MKLAW lay out the entire process before you, from determining the name of the partnership and its effective date to outlining future dispute resolution tactics, appropriate profit shares, requirements for partnership dissolution or withdrawal by one party, and more. There is a reason the partnership agreement is so thorough and often requires the help of a pharmacy lawyer — after all, you wouldn’t want to overlook something important and end up losing your partial ownership of the business.
Consult Our Pharmacy Lawyers At MKLAW
We hope that this information about the services a pharmacy lawyer can provide has given you a better understanding of what we do here at MKLAW, and that you will continue onto part two of this blog series to learn even more. Until then, contact our pharmacy lawyers at MKLAW in Ontario if you need legal advice or professional help with regard to your pharmacy.