In today's complex world of healthcare, the local pharmacy plays a vital role in our community's well-being. Customers look to their neighborhood pharmacies as a trusted source of healthcare information and rely on them for assistance with complex medication management. With chronic diseases on the rise and the expansion of health insurance, the frequency of customer interaction has significantly increased. Pharmacy inventories have also evolved to include much more than just medicinal drugs. They are now the go-to resource for everyday essentials.
Back in the late 1970’s and early 80's quite a few pharmacy software companies were born. The challenge back then was to get pharmacy's to pull away from hand and type written claims and move to computerization ---a task that proved to be quite difficult! As the years progressed more companies entered the market, which was a good thing for the end users, because as we create competition in any industry, it motivates. It ignites that fight or flight response and if you want to survive, you must compete. Compete not just on pricing, but on service, and most importantly, the technology that evolves at a very rapid pace.
Believe it or not, every year we are seeing more and more community pharmacies open up. Some are new at owning an independent pharmacy, and some already own other locations and are expanding. When we see these numbers first hand, the future for Independent Pharmacy doesn't seem as gloomy as some within the industry feel. One of the great things being the owner of any business, including an Independent Pharmacy, is the ability to choose the vendor partners that can make or break you're overall success and bottom line. The two most important vendor partners for an independent pharmacy are your wholesalers, and your pharmacy software company. The question is, where do you start your research? For a wholesaler, you want at least 2 that service your area in a quick and timely fashion. Some may even offer multiple deliveries a day - then its just a matter of negotiating the best pricing.
Another year in the books, and another year of declines - but why? How are you supposed to survive at this rate - and at what point do you throw in the towel? According to Drug Channels, the average pharmacy owner saw their salary decline by 20% in 2017. Your gross margins are declining --- DIR fees continue to plague your business - so how the HELL are you supposed to believe you have a future in this industry?
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