Without revenue, you can’t grow your pharmacy, and you can’t keep helping your patients. It’s important to think of ways you can bring in revenue, so you can keep your business growing.
While it can be easy to fall back on tried and true methods, a healthy business is always looking for new ways to boost profits. Here are five fresh ideas to generate revenue in your pharmacy.
1. Vaccines and immunizations
A vaccine program is a tried and true way to generate revenue and expand your pharmacy’s patient base. According to the National Community Pharmacists Association, 61 percent of independent community pharmacies currently offer immunizations. If you don’t currently offer vaccine services, you should consider adding them to your repertoire.
In addition to being a valuable patient care service, an immunization program can boost your revenue by bringing in new patients and increasing sales. Forbes found that a 25 percent increase in vaccines administered at a chain pharmacy in January 2012 led to a 6 percent increase in sales that month.
2. Front end
Refreshing your front end can be a great way to improve your pharmacy’s image while also generating new revenue. Make sure to rotate seasonal products, create festive displays and utilize end caps to show off new or recommended products.
Consider if your community would value any niche products, like diabetes care or sports nutrition. Offering unique products can be a great way to draw in new customers and increase sales.
3. Specialty pharmacy
Specialty is the fastest-growing and most expensive segment of the pharmacy industry. According to the 2014 Express Scripts Drug Trend Report, specialty medications account for 32 percent of total pharmacy spending in the U.S., so the potential for profits is huge.
Specialty pharmacy is a niche that remains largely untapped by independent community pharmacies, likely due to the heavy investment of both time and money required.
However, for those willing to make the investment, specialty presents an opportunity to build unique relationships with patients, and generate unparalleled revenue for your pharmacy.
4. HIV pharmacy
HIV care can help you grow your business as you provide life-long care to some of Americans who are HIV positive. Focusing on HIV treatment in your pharmacy can strengthen community relationships and increase business, if you’re doing it right.
If you’re interested in HIV pharmacy, you might consider pursuing HIV certification. It’s a way to show your expertise in the area, and gets you on the referral list of the American Academy of HIV Medicine, which is great free advertising for your pharmacy’s services.
5. Pet meds
The American Pet Products Association estimated that Americans will spend $14.39 billion on pet supplies and OTC medications in 2015. Get a cut of those dollars at your pharmacy by making your store a destination for pet lovers.
Pet medications are a great revenue-generator because they aren’t covered by insurance, so you get to keep all of the profits. Consider looking into adding compounding for pet medications and specialty pet products, and collaborate with local veterinarians to make sure you’re providing complementary products and services.
Keep your business healthy by always searching for ways to grow. Look into implementing one of these revenue-generating ideas today.
