The Iola Pharmacy began business in 1973 when Jim Arnott and Bret Lawrence purchased Cooksey Drug. In the summer of 1975, Eyler Drug was bought. At that time, Cooksey Drug and Eyler Drug were combined to form Iola Pharmacy and was relocated to its present location. In 1987 Knorp Drug was bought out and was combined with Iola Pharmacy. The pharmacy has been remodeled numerous times.

In July of 2004, Iola pharmacy expanded to the east and started the business GeriCare LTC. GeriCare is a closed door pharmacy for supplying nursing homes, assisted living, residential care facilities, hospices and jails.

In January 2007, Iola Pharmacy expanded to the west with Iola Respiratory and Home Medical. Here there is a full line of durable medical equipment including wheel chairs, walkers, hospital beds, and crutches to purchase or rent. There is also oxygen equipment, home IV medications, diabetic supplies, ostomy supplies, and diabetic shoes.