7 Survival Tips for Independents

January 13, 2019

Standing behind the counter and waiting for customers to walk into your pharmacy is not enough to sustain independents in today’s marketplace. Here are some new or unique things independents should consider to ensure survival, says B. Douglas Hoey, RPh, MBA, CEO of the NCPA.

Market unique services that your competition doesn’t offer.

Get on social media and promote special services and local events you’re involved with. Network with your community contacts, who may have a need for your services. Talk to your peers and state pharmacy association about what marketing strategies have worked for others, Hoey says.

Offer a range of higher touch services and unique products.

Examples include clinical services, home delivery, medication management, and compounding. Become involved in nontraditional pharmacy businesses such as specialty drugs, or contract with the provider of prescriptions for long-term care facilities. “These business operations are quite different than operating a traditional pharmacy and might require additional accreditation or licensing, but they do garner more revenue streams,” says Tom Block, head of the global pharmacy practice at Dunnhumby.

Capitalize on niche opportunities.

Examples include: immunization programs, medication synchronization, medication therapy management, disease state management, travel vaccines, nutrition depletion therapy, and homeopathic therapy, says Chris Cella, RPh, national vice president of RxOwnership, McKesson, which provides advice on buying and selling pharmacies.

Capitalize on niche opportunities.

Adjust your business model to reflect healthcare changes.

“Because healthcare has shifted from a fee-for-service model to a pay-for-performance model, you should provide information on how your customers can stay healthy,” Cella says. For example, employ an expert on the topics of healthy eating, nutrition, supplements, vitamins, and immunization.

Join the 340B drug discount program.

“Thousands of federally qualified healthcare facilities are eligible to participate in the government’s 340B program, enabling them to stretch scarce resources, reach more eligible patients, and provide more comprehensive services that help consumers obtain medications that they otherwise might not be able to afford,” Hoey says. “Many of these facilities are located in medically underserved areas, where independent community pharmacies already play a critical role in healthcare.”

Optimize your current footprint.

With data science capabilities in customer segmentation, it is possible to determine what customers value and what they purchase most. Use this information to ascertain critical categories and optimal size allocations. “Review categories to determine if they are important to best customers or if space can be freed up for other items,” Block says.