There’s Riches in the Niches of Independent Pharmacy

In the age of the drone, you do not want to become a dinosaur. You know what happened to dinosaurs.

In The Pharmacy Sage’s experience, many owners of traditional pharmacies continue to struggle. On the other hand, those who embrace a different business model succeed. Therefore, pharmacy owners who work smarter, not harder, can succeed in ways they have not yet dreamed.

As the years roll by, continuing to fill traditional scripts is becoming more of a prescription for disaster. It leads to working increasingly harder for less money as the insurance headaches continue to mount.

What if investing in yourself in both time and money would change both you and your family's lives for the better? A keen analysis clearly reveals that a different business model can produce more success.

The model that The Pharmacy Sage has found to be extremely profitable is includes:

  • Compounding—This is where you provide a customized medication, which is far better than the one-size-fits-all traditional script.
  • Nutraceuticals—Choose high-quality products that retail at sensible prices that cannot be found at chain stores, big box stores, and probably any other independent in your community. Since no single vendor covers all the chronic diseases really well, then it is recommended that you shop many different vendors and cherry pick the best of the best.
  • Fee for your expertise—Can be automated based on your enhanced knowledge of chronic diseases and their solutions. Do the research, because the payoff can be handsome. And be certain to share much of what you learn with your team members so they can help you inform and educate your patients.
  • Marketing—Create a marketing strategy of such a compelling nature that people come running to you with ad in hand. They may also seek you out because of information they got online. Since you’re addressing higher income families, they want to purchase your solutions to whatever chronic diseases they have because you, and only you, have those solutions.

It also helps more patients gain better health than with traditional scripts.

Making the deliberate choice to strategically and systematically establish yourself as an authority in the field of chronic diseases is where the big opportunity lies.

Jerry Garcia once wrote, “You do not merely want to be considered the best-of-the-best, you want to be considered the only one that does what you do.”

The above niche offers you such an opportunity. To really find riches in the niches, get the help of someone who has been there and done it all, because as famed American businessman Robert Townsend once said, “If you don’t do it excellently, don’t do it at all. Because if it’s not excellent, it won’t be profitable or fun and if you’re not in business for the fun or the money, what the hell are you doing there?”

And he’s right, there’s an intrinsic relationship between excellence and fun.

So, you have four choices of where you can spend your time. Four ways to position your pharmacy and create the brand and money you want. Where you position your pharmacy for the future determines the sort of money you will make, the status of your family and what you can do for them, as well as the brand you build. Here they are, according to The Pharmacy Sage.

High Margin, High Volume

Start with the recommended business model. This is where a few very successful pharmacy owners ultimately positioned themselves.

Low Margin, High Volume

This is where traditional retail independent pharmacies are now, with constantly eroding cash flow and profits.

High Margin, Low Volume

This is where you could be with few, if any headaches and totally devoid of stress. Your profits are significantly high when you embrace the recommended business model.

Low Margin, Low Volume

This is a prescription for total disaster. Unfortunately, a few startup pharmacy owners who do not embrace the proper business model, wind up here.

The Pharmacy Sage can be reached at 518-346-7021 or thepharmacysage@rxresultsnow.com.