Pharmacy Partnership Agreement

At MKLAW in Ontario, our pharmacist lawyers can help you design a partnership contract so that all participants in your partnership are not only on the same side, but also legally bound by the contract. In the past, each of our pharmacy lawyers has designed, reviewed and modified many business partnership agreements, helping corporate pharmacies and independent pharmacies forge strong partnerships. A partnership structure generally does not offer heritage protection. Unequal contributions between partners may not be a problem if they are understood in advance (and are fully formulated in the partnership agreement), but otherwise they may create disputes between partners. If you want to enter into commercial partnerships with other Canadian pharmacies, it is important for you to enter into a strong pharmacy partnership. In essence, a partnership agreement is a legal document that you and your partners sign to consolidate the responsibilities, expectations, benefits and limitations of each party. Pharmacy partnership agreements are needed to ensure that your interests and those of your partners are protected and coordinated. What happens if, for retirement or lifestyle reasons, a partner wants to sell and continue his shares? Who receives these shares if there are still two partners? Will the shares be split equally among the other shareholders? How are these actions valued? Does the shareholder/partnership agreement have a „first refusal“ which states that if a partner wants to be owned by the pharmacy, its shares must be offered to other shareholders and cannot be offered to an external third party? Will be the partner who succeeds through ownership in the pharmacy business will be forced to sign a „non-competition“ that defines their ability to open a new pharmacy or work for another pharmacy. In asking further questions in my discussions with the partner who had sought me advice, I found that not only was there no shareholder/partnership agreement; they did not have a written business plan before the creation of their pharmacy. Conclusion The concept of partnership and partnership between pharmaceutical companies is becoming more common, driven by factors such as increased market values, the inability to attract pharmacists to the regions and the extension of business conditions (e.g.B.