Competing against the big guys is always part of running a small business and is a particularly relevant issue for independent pharmacies that operate in the face of considerable pressures.
News: Retail Pharmacy
I want to tell you about a wall. One that stands between you and the value you create for your patients and the rest of the healthcare system. This wall may be preventing you from helping patients improve their health and preventing sustainable community-based pharmacy business models.
I hear it all. As the CEO of the National Community Pharmacists Association (NCPA), I have the awesome opportunity to speak in-person to over 5,000 pharmacy owners most years − the very people the organization exists to represent. During those conversations, owners usually have two issues on their minds: here and now issues (keeping the lights on per se) and where the profession is going in the future (seeing around the corner).
Pharmacy Benefit Manager (PBM) audits continue to plague pharmacies. There are more desk audits than ever before and plans are finding new ways to recoup payment on prescriptions.
In an effort to be proactive, QS/1’s market analysts and sales team keep their fingers on the pulse of what’s happening in the healthcare and pharmacy industries. The industries are in constant flux, so ideologies, practices and technology are as well.
Time and again, independent community pharmacists have proven themselves to be resilient and savvy businesspeople who can modify and reinvent their practices to adapt to economic challenges.
QS/1 is celebrating its 40th anniversary in the pharmacy industry and wanted to take a glimpse into two pharmacists' perspectives. Despite age and gender gaps, the bond of pharmacy binds Lynn Connelly and Ashley Parker. A generation separates Connelly and Parker. Connelly is what some might classify as “old school,” a registered pharmacist who graduated from pharmacy school nearly three decades ago. Parker is considered “new school,” a Pharm.D. with the proverbial ink still drying on her degree, after being awarded four years ago.
It’s no longer news that social media outlets have earned their place in the marketing mix. For organizations with fewer resources to devote to self-promotion, platforms such as Instagram™ offer an unbeatable price tag and an increased potential reach (600 million active, monthly users). Perhaps even more compelling is the fact that these platforms are all about community building – a natural for independent pharmacies. So what exactly does Instagram offer for pharmacy marketing?
As policymakers grapple with reform to improve care quality and lower costs, the demand for medication management services is at an all-time high. While this dynamic presents plenty of opportunities and challenges for pharmacists and pharmacies, there are still many unknowns about alignment of care and payment incentives.
Pharmacies and Home Medical Equipment (HME) providers can gather patient data to improve patient medication adherence, set up synchronization programs and increase revenue.