Pharmacy Profit Doesn’t Have to Be a 4 Letter Word
Improving profit margins is the name of the game for small
business. The key is doing so with little to no extra cost or effort. We are here to tell you that profit doesn’t have to be a four letter word. You can have it both ways: improve your patient’s health care and run a thriving, profitable pharmacy business.
Consider ‘cross-selling’ tactics for a moment. As a pharmacy, we can solve problems your patients may not even know they have. You are the experts, and it’s time to show it. Rather than looking at it as just selling an add-on product, look at it as an ‘up solution.’ With a well-trained staff, they can begin to make recommendations for products that will help your patients while they are still in the store actively buying from you. Cross-selling is a quick and easy way to increase profits while positioning your pharmacy as a knowledgeable and caring community healthcare destination.
Remember, you are not in the prescription-filling or DME business, you are in the problem-solving business. You provide solutions to people’s health issues. And guess what? There are hundreds of cross-selling and upsolution opportunities readily available within the four walls of your pharmacy.
I Didn’t go to Pharmacy School to be a Salesman
Correct, you didn’t spend six plus years learning how to make a “sale” or how to grow your independent pharmacy profit margins. However, you did learn about the different interactions and side effects of hundreds of medications and how to educate your patients on the solutions available to them. By re-framing your team’s thought process (and incorporating a little bit of training), you can increase to your bottom line by thousands of dollars a year. As the pharmacy owner, you are not alone!Train your staff and create critical drivers that encourage your team to take a vested interest in the business.
Growing a Profitable Supplement Business
Pharmacists are taught to be on alert for major side effects from the drugs prescribed. However, from our experience, there is rarely a focus on educating their patients about depleted nutrients caused by medications or supplements to enhance the performance of their prescription. You are the best person to share this knowledge with the patients in your community. As the medication expert, you can help them maximize their therapy and reach their ultimate health goals.Patient education, offering supplement solutions, and healthy prescription alternatives to patients can add thousands of dollars to your bottom line and build credibility your role as a great source for health information in the community.
High Margin Upsolution Opportunities
There are 100’s of cross-selling opportunities available at the fingertips of pharmacy professionals. Here’s a quick list of conditions and products that have proven to decrease the chances of nutrient depletion, improve the disease state, and grow your bottom line.
- High Cholesterol Patients – CoQ10 either OTC or as a prescription
- Chronic Pain Patients – Transdermal Rx, OTC B Vitamins and Vitamin D3
- Poor Bone Density Patients – High quality calcium supplement, such as calcium hydroxyapatite
- Depression, Allergy, Autoimmune and Muscle Relaxant Patients: Vitamin D3
Nutrient Depletion Recommendations
- Proton Pump Inhibitors – B Vitamins, Calcium, Magnesium, Iron, Probiotics, Vitamin D
- Blood Pressure Medications – Antioxidants, B Vitamins, Magnesium
- Diabetes Drugs – B12, Folic Acid, Chromium
- Diuretics – Magnesium, Zinc, Calcium, B6, Vitamin C
- Statins – CoQ10, Antioxidants,
- Oral Contraceptives – B Vitamins, Antioxidants, Multivitamin with minerals
Product Pairing Recommendations
- New toothbrush with antibiotics
- Hand sanitizer for cough and cold products
- Lip balm for acne medicine
- Children’s fever medicine for antibiotics
If you are a pharmacy owner, manager, key employee or anyone in the industry concerned with the state of pharmacy, you must join us to discover the solution that the top 20% of the industry have already discovered. Own your future. Clickhereor below to find out more about the 2018 PDS Super-Conference in Orlando Florida on February 22-24, 2018.