As we mentioned in our blog post Compounding: An Introduction and Getting Started, compounding used to be the primary function of pharmacists. They provided customized medication for patients, tailoring formulas to individual needs. With the advent of mass drug manufacturing, the role of compounding declined and pharmacists were seen more as drug dispensers than anything else.
However, recent technological advancements and increased innovation has again enabled modern pharmacists to revisit customized medications through compounding. This makes exploring the benefits of compounding as timely and a true differentiator in your local market that will help your pharmacy stand out.
For instance, when a patient is unable to take a commercially available drug or they require a medication that has been discontinued, a licensed pharmacist can recreate that medication via compounding. Other times, patients don’t respond to the traditional forms of treatment, or they simply need their medication in a different form. By offering compounding, you fill the need for a customized solution at your pharmacy.
Not convinced? We’ve detailed 5 key benefits of pharmacy compounding so you can learn how it can boost your business and help your patients live a healthier and happier life.
Providing Access to Discontinued Medications
At times, pharmaceutical manufacturers discontinue production of certain drugs due to low demand. In doing so, they make it difficult for the patients who still need these medications to fill their prescriptions.
Today, compounding pharmacies have access to the highest quality pharmaceutical ingredients and can fill the prescription, using the latest research, quality control process, and techniques.
Compounding pharmacists like you play a pivotal role in providing access to these medications by recreating pharmaceutical-based ingredients to get patients exactly what they need.
Making Medication Easier to Take
Let’s face it: Some medications have an unpleasant flavor, making it hard for the patients to take them as directed, which decreases the likelihood of compliance.
A compounding pharmacist can customize the prescription with the patient’s flavor of choice. This is especially handy when dealing with patients who may refuse medication, like young children, elderly patients, or even pets! Your patients will thank you once their medications become more tolerable. . Plus, they’ll tell their friends, family, and coworkers about you because you took away one of their “headaches” – administering medication to their child or elderly relative.
Offering Alternative Dosage Forms
For patients who have trouble swallowing pills, having the capability to provide an alternative form of the medication (such as a liquid, cream, or gel) is a convenient and appealing service.
Making Allergy-Sensitive Medication
Some patients cannot take mass-produced medication due to an allergy, a sensitivity, or intolerance of dyes, lactose, gluten, alcohol, fillers or preservatives contained in certain medications. A compounding pharmacist can make it possible for the patient to get the treatment they need by recreating the formula for that medication without the offensive ingredients.
Offering Unique Services that Set You Apart from Competition
Offering compounding at your pharmacy can set you apart from your competition. It allows the pharmacist to use their extensive drug knowledge to help the patient and prescriber create a truly unique treatment plan.
You are able to ask your customers about the side effects they’re experiencing and what questions they have about their medication. Then, you can start developing a new product catered to their individual needs – something chain pharmacies don’t do.
Compounding pharmacists are often able to offer treatments for unusual or resistant maladies that traditional allopathic medicine can’t help with or has failed.
Should You Offer Compounding at Your Pharmacy?
Consider this scenario: The average pharmacy with 100 patients per day can easily have 5 patients who will benefit from compounding products. With an average $50 spent per prescription, this would add $77,500.00 per year to your gross profit.
Compounding allows you to increase revenue while offering your patients and physicians alternative targeted solutions for their healthcare needs.
Still need more information? Download our free eBook! Generating More Pharmacy Customers Through Compounding and read more about how other independent pharmacy owners have succeeded by adding this profitable niche