Lester Nathan, MS
A powerhouse in the world of independent pharmacy, Lester offers free business resources for Pharmacy Owners on his website, ThePharmacySage.com. Offering insight, wisdom, and strategy, Lester is an esteemed voice in pharmacy business. Lester helps his clients increase patients and profits in spite of the 3rd party payment fiasco.
Indeed, technology has turned everything upside down, from how we record data, to how people shop.
One thing has remained constant however, and far too many independent pharmacies have taken their eye off the ball here.
The customer still enjoys a good shopping experience. The affluent, have, through good years and bad, still spent money at their own pace and on whatever they want. And what they want are elements of good health.
That is where pharmacists come in. Pharmacists must be agents for helping people feel better, live longer, and enjoy those added golden years.
That leads to an interesting observation: The pharmacy with the business model that accommodates such a mission is the one that not only survives but also thrives. It is all based on an innovative business model with these 4 points:
- Compounding. Offer patients customized scripts for whatever is ailing them. It beats the one-size-fits-all traditional scripts by a mile.
- Fee for services. Collecting a fee for the expertise in chronic diseases is something that pharmacists should eagerly anticipate. It is based on information that can slowly but surely be acquired that other pharmacies do not have. It is also knowledge that most, if not all, medical doctors in the community likewise have never acquired.
- Marketing. This is the only element of the pharmacy business that produces results. Be sure to use only direct-response marketing, ie, marketing that can be hold accountable for results. When done properly, it can likewise build the brand.
- Natural medicine. The pharmacy's front end should consist entirely of herbal supplements or natural medicines. That is how to differentiate the pharmacy.
Nutraceutical supplements can be the starting point. Pharmacies can start with just 1 product, as long as they market it vigorously. The object is to get new patients through the door, those who are seeking solutions to their specific aches, pains, or other maladies. The marketing process should be both offline and online, with powerful messages that solve specific problems.
Pharmacies must differentiate themselves. The method by which they accomplish that is to offer better and newer solutions to people’s health problems, hence, the value of supplements. This business model can help pharmacies succeed and do it at a very high level.