New Rules of Success for Independent Pharmacy Owners

Article

Once upon a time, you could find an independent pharmacy on almost any corner.

Once upon a time, you could find an independent pharmacy on almost any corner.

Now, the chains have gobbled up that dominance, and they buy their drug supplies for less money, too.

Independent pharmacy owners can bend things back in their favor simply by changing their business model.

You may get patients in and out faster than your local competitors, but that’s meaningless to someone who has to travel 30 minutes to get to your pharmacy. You may even provide other services for patients, but that’s also meaningless if you fail to get them through your doors.

Only when you offer patients something of very high value that they are actively seeking can you get them to pass other pharmacies and enter yours.

You can no longer rely on just opening your doors to hundreds of people daily. They now get their desires satisfied elsewhere. So, you must cater to their unexpressed and unregistered desires that chain stores cannot fulfill.

Your Competition Has Changed, and So Must You

A different breed of independent pharmacy owner is needed in order to prosper.

Fortunately, size doesn’t matter. Many independents occupying just 1200 to 1500 square feet of space can run circles around the chains, as long as their owners offer a different mix of products and services.

That mix includes:

  • Compounding that customizes medications for each individual
  • High quality yet sensibly priced nutraceuticals
  • Expertise in chronic diseases for a fee
  • Strategic marketing that delivers immediate and measurable results
  • Concierge pharmacy services

That last moneymaking idea is a relatively new one. It relates to you helping other small businesses keep their staff much healthier and avoid huge absenteeism during flu epidemics and more.

The results for them are greater profits at the bottom line. The result for you is a new income stream.

When all is said and done, the following 3 strategies will doubtlessly help you obtain your dream pharmacy faster:

  • Work smarter, not harder.
  • Disrupt the marketplace.
  • Build teams like Navy SEALs.

The Pharmacy Sage can be reached at (518) 346-7021 or Lester@ThePharmacySage.com

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