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Myths and Facts of Pharmacy Business Ownership

Too often, pharmacy owners believe common misconceptions about what it takes to grow a successful pharmacy, drive new customers, and improve patient care. In our latest webinar, Myths and Facts of Pharmacy Business Ownership, we will debunk pharmacy myths, present the facts, and provide actionable strategies that you can apply in your store immediately.

Facilitated by Dr. Lisa Faast, PDS’ VP of Business Development and current pharmacy owner, this short, 12-minute webinar will guide you through a few of the core tenets that pharmacy business owners must embrace in order to achieve the profitability they desire without sacrificing the care their patients need.

Watch the webinar on this page to discover for yourself the secrets to a thriving business that the most successful pharmacy owners already know.

Next Steps to Put Your Ideas to Action

Once you finish watching the short webinar, keep the momentum up and realize the possibilities with real actionable strategies for your pharmacy. Download our Best of PDS eBook for the top four specific pharmacy strategies that get results.

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Pharmacy Business Owners: Do you believe any of these myths on ownership?

It’s important for all of us to challenge these misconceptions and set the record straight. Owning a successful, and sustainable independent pharmacy business is possible. When we continue to put stock in the ideas below, two things happen:

  1. You hold yourself back from achieving success.
  2. The next-generation of pharmacists are discouraged from their dream of ownership.

Let’s break down the common myths in pharmacy ownership that contribute to the crippling mindset that hinders business growth.

  • Pharmacy Business Myth 1: Volume is the only way to profitability.

    Too often, pharmacy owners believe that they must increase their dispensing activity to increase profits. In reality, there is a way to work smarter, not harder so you’re not stuck thinking you have to play the numbers game to win. The key is to dig into your data to understand where your volume is coming from and target the channels that give you the most return. Then, you can find ways to diversify your business to open up more lucrative avenues. This approach allows you to focus on the pharmacy programs and patients that will impact your pharmacy the most. On the webinar, Dr. Faast will show you strategies to grow your profits with real numbers you can relate to your business. 

  • Pharmacy Business Myth 2: You can’t control the prescriptions that come to your pharmacy.

    With so many factors in pharmacy business ownership that are outside of your control, you can rest assured that you can manage and influence which prescriptions come through your doors. There are specific ways that you can target higher-margin prescriptions by finding the very best therapeutic outcomes for your patients. This webinar will show you how you can leverage your patient and prescriber relationships to maximize the impact in your patients’ health and your pharmacy’s bottom line.  

  • Pharmacy Business Myth 3: You can’t control your profits.

    This myth is dangerous, costly, and one that we’ve been working to dispel for years. Some pharmacy owners believe that they don’t have the tools to fight big chains, PBMs, or any other challenges that stand in the way of a thriving business. We’ll show you that the answers lie within your pharmacy business. Watch the webinar to learn more about a powerful tool used to harness your pharmacy’s dispensing data, so you can out-smart the PBMs and increase your bottom line. 

  • Pharmacy Business Myth 4: Patients will always choose the big box name.

    While it’s true that consumers tend to gravitate towards the best price, when it comes to their health, patients want a higher level of care and personalized solutions that address their specific needs. In a world of high-drug costs and big chains looking for a quick buck, your patients will choose someone who they know has their back. They need a true healthcare advocate who will listen to their needs and provide the level of care they seek. 

    But how do you let them know that your pharmacy will always choose their best interests first over the big chains, both in cost and in care? Watch the webinar to learn how to spread this message and earn the trust of your patients and your community.   

Meet Your Team in Pharmacy Business Ownership

PDS is a team of experts who have your back so you’re free to have your patients’ back. As a pharmacy owner, you’re not alone in your journey to grow your business, and you certainly don’t have to be a “special kind” of owner to achieve remarkable results. Find out how PDS members have made over $98MM in profits in 2018 while enhancing their quality of care.