PDS BLOG
Pharmacy Growth Strategies
Ignite your pharmacy business with the most innovative growth strategies and ideas that produce real results.
PDS BLOG
Ignite your pharmacy business with the most innovative growth strategies and ideas that produce real results.
While the independent pharmacy industry faces unprecedented challenges as a result of reforms and austerity measures, technology is currently in the process of transforming healthcare as a whole: from wearable tech and FDA-approved ingestible sensors to electronic health records – change is coming fast. Shifts in patient behavior and communication with healthcare providers also change the relationship pharmacies have with their traditional customers, which in turn creates new opportunities for collaboration and customer service improvements.
To help you better navigate constant industry change, stay focused on improving operational efficiency and patient outcome, we found 3 main trends that we predict will influence independent pharmacy industry in the next three to five years.
Constant technological advancements make medication dispensing more efficient, accurate and safe. Equipped with eloquent computer interface, machines like the KL20 can interface with the workflow and inventory management system, helping pharmacies operate more effectively. Advanced counters increase the ability to dispense common medications hands-free, via calibrated cassettes. New robotic mechanisms can fully dispense and label filled patient vials in a tiny nine square feet of floor space, allowing pharmacy staff to confidently dispense hundreds of prescriptions while managing daily operations of a busy community pharmacy.
Every day we get inundated with data. Today, a wristband provides real-time information on a patient’s heart rate, sleeping patterns, metabolic rate and other trends. Electronic health records became the norm in the medical field. By assessing patient history, treatment outcomes and other trends health care organizations can improve their policies and optimize patient care. Powerful cloud computing that stores and processes big data further allows turning analytics into valuable insights.
Cloud technology that gathers and categorizes big data emerged newly designed electronic systems that allow patients to access their data through desktop, iOS and Android apps. These exciting systems put a greater emphasis on data recorded by patients, allowing for more detailed feedback, which in turn improves diagnosis accuracy and reduces chances of malpractice. Of course, some of this technology still remains in its infant stage, but it has already been known to positively impact patient outcomes, improve adherence to preventative measures and provide better communication between patients and health care providers. This positive impact will ultimately result in the decreased costs and improved pharmacy infrastructure.
Whether it’s using automated systems or utilizing big data analytics to identify the best-targeted customers and most cost-effective therapy, technology will continue to play an important role in today’s healthcare. And those pharmacy entrepreneurs who embrace the change, adapt and innovate their practice will continue to be successful in the long-term.
Ready to embrace the change? Download our guide to an Exceptionally Effective Implementation and learn how you can contribute to the future of of the independent pharmacy today.
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This interview was recorded at the Pharmacy Development Services 2015 conference in Orlando, Florida.
As a pharmacy owner, chances are good you don’t come from a robust marketing background. That’s why PDS is committed to providing our members the trainings they need to create realistic marketing campaigns with confidence.
One of the ways we turn pharmacy owners into marketing rock stars is through Pharmacy Marketing 360º. This training is comprehensive and will have a positive impact on your pharmacy’s future. Created with care and detail by PDS Chief Marketing Officer Samantha Timmermann, this two-day workshop with follow-up webinars could be the missing puzzle piece your pharmacy has been craving.
With a new session of Pharmacy Marketing 360º starting in June, now is the time to think about registering yourself along with your marketer. Some of you might have questionsabout the training and what better way to address them than by getting the scoop from Samantha herself. In the following interview Samantha discusses what marketing mistake you are likely making, why going after target niches means more business and how Pharmacy Marketing 360 can introduce you to like-minded peers.
PDS Marketing Department: What do you think is the biggest marketing mistake pharmacy owners make?
Samantha Timmermann: They are forgetting to market themselves. They are so busy just in the daily grind. That, or they market with just whoever comes to them. If the newspaper people approach you to do an advertisement, yes, that’s good. But no one is opening their newspaper thinking “I need to find a new pharmacy today.” But what if you switch around your message and talk about your awesome services like a diabetes education class? That might catch their eye.
You cover a lot of information about target audiences during the training. Why do you think that is so important for the pharmacy industry?
It’s important for every business but it’s especially important for independent pharmacies. When you ask a pharmacist or owner “Who is your target customer?”, they all say “Anyone and everyone who needs a prescription.” Well, that’s not quite true anymore. If you are just filling maintenance medications, that’s not going to take your pharmacy where you want it to go. If you can laser focus in on a target audience, you can have more fun with it. When you go for specific niches, that’s how you differentiate yourself from other pharmacies. It’s not just about target audiences, it’s about creating products that are truly remarkable.
Tell me about the experience of the training. What can PDS Members expect?
One of the big things we do here at PDS is help connect like-minded individuals who walk the same terrain and offer great emotional and collaborative support. That shows up not only at the conference and the message boards, but it shows up tremendously in the actual trainings. You are going to sit in a room with other pharmacy owners and pharmacy marketers and that is going to inspire you. That’s a really big part of it. On day two of the workshop, you are going to present your pharmacy marketing plan to the group and everyone is going to give you feedback and tell you what has worked and what hasn’t worked. You can talk to people who have already been there.
What do you want to tell a Pharmacy Owner that is considering registering but hasn’t quite decided yet?
This is where you and your marketer will be able to go and remove all of the distractions and focus on a niche idea instead of getting stuck in the whirlwind of filling prescriptions everyday. If you are wondering how to replace some of your customers that you are losing–the key is to identify something you might be passionate about and this is where you will learn how to launch it. Whether it’s a wellness niche or even vaccinations, this is where you can really focus on building a part of your company that you haven’t considered yet. Because when every pharmacy sells the exact same thing to the exact same people, what are you going to do to stick out?
Pharmacy Marketing 360º is Friday and Saturday, June 26-27 in Fort Lauderdale. Learnmore and register here.
Want even more information on pharmacy marketing. Watch Samantha’s latest webinar ‘Attrating Your Most Profitable Customers’ right here!
About the Author: Dana Krangel is the Marketing Specialist for Member Services at Pharmacy Development Services and a regular blog contributor. Dana can be found on Google+LinkedIn
Read below for 3 ways you can set your pharmacy up for success with an interesting new niche you could establish in your pharmacy!
Create an inviting space with well-defined areas for specific product types. Couple this with caring staff that seek out opportunities to help the customer. This pairing will help develop relationships and create repeat customers.
Your products are non-negotiable to a successful retail pharmacy. Using effective, high quality and unique products will create product loyalty. Try offering a combination of well-known big sellers and plenty of unique, reputable products.
Share what you know to help others bring their bodies back into a state of health. Train your staff on this as well as both seasonal and common items and trends.
Creating an image ofauthority and trust in the community is invaluable to your sales and retention efforts. Pharmacy tip: Offer webinars or in-store workshops on specific health topics (i.e. addressing high blood pressure or losing weight). Distribute brochures and flyers on providing information on adjunct or alternative therapies and products is a great way to get more people in the door.A great way to showcase your pharmacy as a local healthcare expert is to amp up your blog activity and distribute a weekly or monthly e-newsletter. Invite customers to subscribe to your blog and use that space to offer healthy tips (i.e., introduce natural medicines and therapies).
Developing a plan with your team will help them get on board with the company agenda and make them feel that their voice matters. Once you develop a plan, focus on a different sales goal each month. Training your team to be knowledgeable will give them the tools they need to confidently interact with your customers. Product and health care training opportunities should be provided each month. Then, reward your staff for a job well done!
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About the Author:
Natural Creations is an exhibitor at the 2014 PDS conference and distributor of alternative medicines. They produce the highest quality products strictly operating according to cGMPs and made in a safe & controlled environment. Their product line is of USP grade & have a purity of 98-102%.
To speak with a representative, stop by booth #59 at the Independent Pharmacy Business Growth Conference to learn about the alternative medicines available to you, or visit Natural Creations online at www.natural-creations.net.
The easiest way to increase profitablity is by tapping into your existing customer base, and increasing your customers’ frequency or amount per transaction. However, it’s always nice to attract new customers. One of the most effective and cost-efficient ways to attain a new customer in your independent pharmacy is referrals.
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TODD EURY
Be sure to listen to our interview with Dr. Erin Albert – from Butler University School of Pharmacy on the study of the “Future of Pharmacy” and the trends of TODAY:
http://pharmacypodcast.com/future-pharmacy-visions-with-erin-l-albert-mba-pharmd-jd/