The Ongoing Challenges Causing Need for Reform in Retail Pharmacy
As state-level PBM reform heats up amid dire situations for many retail pharmacies, Walgreens Chief Pharmacy Officer Rick Gates joins Drug Topics to discuss ongoing industry challenges.
Among the ongoing and notable challenges within retail pharmacy today, pharmacists have increasingly struggled to deliver sustainable and patient-centered care. Despite movement on the federal and state levels limiting the power of pharmacy benefit managers (PBMs), many experts believe more change is necessary to ensure patient access and valued care at pharmacies.
“It's a sad moment for the industry and a strong indicator that something truly does need to change,” Walgreens Chief Pharmacy Officer and Chairman of the National Association of Chain Drug Stores Rick Gates told Drug Topics. “Financial pressures are intensifying, pharmacy burnout continues to be a challenge, and access to care is truly a risk when you look at the closures that were just announced. I'm a pharmacist myself, and I understand this from a personal level, but for those in the professional level, it's really a little bit scary.”
While being sure to touch on the prominent barriers impeding pharmacy businesses, Gates also looked ahead at some of the exciting developments and opportune chances for pharmacies to expand. From the emergence of artificial intelligence (AI) in pharmacy to the legislation that community pharmacies have continuously advocated for, Gates explored the full scope of retail and independent pharmacies in the US today.
“Pharmacies are closing at an alarming rate, often due to unfair reimbursement practices by a few large, vertically integrated conglomerates,” continued Gates. “If the industry doesn't really take a close look at making meaningful changes to the pharmacy reimbursement model, patients will need to look elsewhere for health care services.”
Stay tuned for weekly podcast episodes on Over the Counter every Thursday afternoon. Check out our previous episode with Morgan Lee, PhD, MPH, CPH, and Scott Halperin, PharmD, who discussed the Pharmaceutical Strategies Group’s 2025 Trends in Drug Benefit Design report.
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