As an independent community pharmacy, you have to find a balance between keeping up with national chain pharmacies and staying true to your unique identity.
Independents provide a personal touch for their patients and are known for being different than national chain pharmacies. But, your pharmacy can always adapt new strategies for success. By combining the personalized service your pharmacy provides with the strategies of a national chain pharmacy, you can have the best of both worlds.
National chain pharmacies may have larger budgets and more resources to put toward their endeavors, but you can still adapt their strategies to fit your pharmacy. Here are some ideas.
New technology
Consider adding new technology to your pharmacy. National chain pharmacies offer patients convenient technology, such as text and email refill reminders, and the option to refill prescriptions online or via smartphone app. Becoming more high tech doesn’t mean you have to spend a lot of money. Check with your pharmacy software provider to find out how you can offer patients text reminders, or get an app for your pharmacy.
Front-end focus
National chain pharmacies place a big focus on the front end. While you may not be able to compete on every price point, you may be surprised what you can do. Utilize your store planograms, change up your displays and signage and stock local products. Patients may be more inclined to buy from your front end if you keep it updated.
Personalized care
Many national chain pharmacies brand their businesses as community health providers. And they do offer services, such as vaccines and immunizations, smoking cessation programs and health clinics. Your pharmacy can offer these services, and much more. Look into providing services national chains don’t offer, such as health and wellness consultations, compounding, diabetes care and pharmacogenetics testing.
Buy better
National chain pharmacies have the volume to gain lower pricing on their inventory, but you can compete. Buying group services, such as ProfitGuard®, can get you improved pricing, rebates, and payment terms on your primary wholesaler contract
ProfitGuard also provides proprietary purchasing tools that maximize wholesaler rebates and item-by-item savings automatically. ProfitGuard members have averaged between $70,800 and $212,400 in annual savings on their cost of goods.
“It’s the industry game changer for the independent pharmacy owner or operator,” says Huy Duong, owner of Dale’s Pharmacy in Colorado. “There’s nothing out there like it on the market.”
In the case that your primary wholesaler doesn’t have what you need, you’ll need a reliable secondary supplier waiting in the wings.
BuyLine®, an NABP-accredited secondary supplier, offers a full line of brands, generics, OTCs, and controls at the lowest prices in the secondary market. In addition to having low list prices, BuyLine also rewards purchases with cash rebates and significant discounts on brands. Earn up to an additional 10% cash rebate on generics and up to WAC -4% on brand.
With online ordering and next-day shipping options, shopping with BuyLine is quick and convenient. There are absolutely no commitments with BuyLine — no fees, no contracts.
In-house clinics
Many national chain pharmacies have added in-store clinics to their pharmacies. These clinics are usually run by nurse practitioners and offer treatment for minor aches, pains and injuries, as well as health screenings and wellness visits. You may not be able to add a clinic to your pharmacy, but there are other options. You could look into adding a second location in or near a hospital, health center or medical plaza. Another option is partnering with a nurse practitioner or physician to offer health screenings at your pharmacy one day a week.
Keep up-to-date with the latest pharmacy trends to remain competitive.
