As health care continues to evolve, independent community pharmacists must be flexible and innovative in their business practices to adapt.
Jon Copeland, CEO and president of AAP, recently joined Over the Counter, the podcast from Drug Topics®, to discuss key trends affecting independent pharmacies in 2021.
In the episode, Copeland dives into the following influential factors.
- Digital health: In the past year, consumers have come to rely on technology in many respects, including keeping up with consumer demand and offering more services. Copeland walks us through these digital trends and suggests tools that pharmacists can incorporate into their digital offerings.
- The Amazon effect: Amazon’s most recent dive into the pharmacy space has made big waves. Copeland provides advice on how to effectively compete with larger chains and online services like Amazon.
- Pharmacy benefit manager (PBM) regulations and reimbursement: Copeland explains the effects of vertical consolidation of PBMs and health plans in the industry and gives an update on the legal battles surrounding PBM reimbursement rates.
- Pharmacy cooperatives: Building a relationship with a co-op can help pharmacies reach their goals and stay ahead of quickly shifting consumer and retail climates. Copeland discusses the benefit of collaboration and partnership with a large network of peers.
As independent pharmacy forges ahead in 2021 with new responsibilities and challenges, innovation is key.
Listen to the full podcast episode to hear Copeland’s tip on how to reach your 2021 business goals.