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5 Key Takeaways from PDS 2019
Every February, the most progressive pharmacy owners from across the country arrive in Orlando to spend an intensive three days working on their business. We like to say that the PDS Super-Conference is where passion meets innovation. Attendees bring the passion for providing patients with exceptional health care, and PDS brings the innovative strategies that empower owners to adapt and overcome the challenges they face in today’s marketplace, so they can best serve their communities.
This year was packed with incredible information that attendees and members are already leveraging to change the trajectory of their year. For those that weren’t able to attend this year, we have summarized the 5 Key Takeaways from PDS 2019 in this blog and in our latest on-demand webinar with VP of Business Development, Dr. Lisa Faast. Want to get ahead of the curve? Register today for PDS 2020.
Key Takeaway #1: Brand Identity for Independent Pharmacies
2019 is the year for independents to own our ‘Why.’ Pharmacy owners need to brand ourselves differently.
Consider the following questions posed by PDS founder, Dan Benamoz at the Super-Conference:
- Why should people choose us over their other options?
- What do we provide that is more valuable than convenience?
- How do we stand above what has become the status quo, public acceptance of mediocre health care?
How patients experience your pharmacy, the recommendations they get from you, and their other healthcare providers all play a significant role in their decision to stay loyal and come back. Independents must find a way to differentiate themselves from the competition.
Most patients don’t understand (or care) about the complex ecosystem of insurance and PBMs. They do understand the importance of an informed pharmacist that provides solutions to their specific healthcare needs without breaking the bank. This is the core of PDS’ Pharmacy Brand Promise; you can download your copy HERE, hang it proudly in your store to let your patients know that you’re here to support their needs. Already a PDS Member? Ask your Performance Specialist about access to the print-ready, customizable ads for you to use in your pharmacy today.
Key Takeaway #2: Professional Selling for Independent Pharmacies
Most of us have a vision of a typical salesperson; someone shamelessly pushing you into purchasing products you don’t want or need. In 2019, PDS is challenging pharmacy owners to change this view. The fact is that independents offer critical services and bring valuable knowledge to the community they serve.
We can only impact the health and wellness of our patients if we can communicate what we offer effectively. The ability to communicate and sell your services is critical to the success of your business and the industry. At the PDS, Super-Conference, we brought in three speakers to highlight different ways for attendees to improve their professional sales skills.
Amanda Gore – The Neuroscience of Sales
Your most effective sales tool is connection. Communication and performance expert, Amanda Gore, presented actionable strategies to build relationships and improve communication with your patients, your pharmacy team, and your family. Learn more about leveraging the science of the heart (yes, your feelings) and emotional intelligence to make an impact in your pharmacy and personal life.
Karl Scheible – Minding the Gap, Creating a Great Initial Conversation
We have to sell to do what we love, help people. Success in sales is a direct result of creating alignment between your attitude, behaviors, and technique. Get rid of your self-limiting beliefs, create new actions that empower you and develop a process that you can practice and scale to achieve results.
Dr. Robert Cialdini – Effective, Ethical Influence
Widely regarded as the ‘Godfather of Influence,’ Dr. Cialdini covered the specifics of the Six Universal Principles of Persuasion. Learn more about the principles that help your patients to overcome uncertainty, build relationships, and understand why they work. This knowledge empowers pharmacy owners to read situations and identify the best technique to convey your message.
Members-Only Training
In addition to the conference presentations, PDS has created a 2-day boot camp, led by sales expert, author, and keynote speaker, Karl Scheible. Learn how to more effectively communicate with prescribers and practice managers and change the trajectory of your business and the quality of care for your patients. Professional sales skills are incredibly important as the landscape of our industry continues to evolve. Don’t be left behind; you can learn how to ethically and effectively have more influence in your business.
Key Takeaway #3: CBD – Cannabinoids
CBD has been around for a few years now, but questions still linger around the product and the legality. Dr. Alex Capano, Medical Director of Ananda Hemp, presented the facts about the potential impact of this soon to be multi-billion dollar industry. It was an informative session that covered the emerging therapeutic potential of CBD and the multiple ways pharmacy owners can leverage this product to expand healthcare services and increase profits.
Key Takeaway #4: Pharmacy Financials
With the multiple hats pharmacy owners wear, managing your financials on top of everything else can seem daunting. At PDS, we think that understanding the financial status of your business is critical for an owner to manage your assets effectively, make data-driven business decisions, and grow your business. If you don’t know the terms, you can’t understand the game.
PDS is now offering an expert pharmacy accounting service. Receive customized reports, traditional bookkeeping that provide unique insight on how to improve your pharmacy. Enjoy the confidence and clarity you get with PDSfinancials.
Key Takeaway #5: Go-To Plays of Successful Leaders
Leadership is learned and earned. Our final keynote speaker, Peyton Manning spoke about creating a positive culture in your pharmacy and developing leadership skills. What got you here won’t get you success at the next level; this is true in sports and in running an independent pharmacy business. Manning shared personal insights from both on and off the football field that resonated with anyone looking to grow as a leader.
Learn what 1,600 thriving independent pharmacies already know; get the impactful insights and scalable strategies to win in 2019. Attending the PDS Super-Conference is a critical component to the success of our industry; for 15 years we have unveiled innovative programs and ideas that have changed the way independents run their business. The above 5 Takeaways are a small piece of what attendees get from the conference. Don’t miss out on another year – register today and start seeing the impact PDS can make on your independent pharmacy.
Click HERE to watch our on-demand webinar with Dr. Lisa Faast as she covers more information about the 5 Key Takeaways from PDS 2019.
How to Use Persuasion to Increase Patient Buy-In
Are you looking to increase your number of patient transactions? How about getting patients to take advantage of your unique products and services? The most straightforward and practical answer is to use the subtle art of sales.
There is often a negative association with the word ‘sales.’ Hearing the word ‘salesperson’ likely conjures up some particular images and ideas for most people. In the best light, they are of a typical salesperson, aggressive, pushy at one end, and ‘con-artist’ or manipulative at the other.
If you’re thinking that you’re ‘selling’ to your patients, frame it another way. The fact is that you’re doing a very important job in the community by helping them solve their health and wellness problems.
Imagine if your best friend tells you he’s struggling with a problem, and you have a solution, wouldn’t you speak up and say something about it?
If you have a product or service that can help others, it is your moral obligation as a healthcare provider to share it with them.
The rest of this post will cover how you can use Dr. Cialdini’s principles of persuasion to communicate new treatment options to your patients and increase sales.
Scarcity: Patients Love Limited-Time Deals (And Things They Have Less Of)
Leverage the emotional impact of FOMO (or the fear of missing out) to increase sales.
To apply this principle to your pharmacy business, offer limited-time deals for different audiences.
Scarce products and offers feel exclusive and valuable to consumers.
One way to showcase a limited time product is by placing it in a smaller end-cap area with signage that conveys urgency and scarcity.
When you’re discussing the product, highlight what they stand to lose by not taking action and speak to the specific issues the patient might be experiencing.
You can also experiment with offering exclusive perks reserved only for top customers. Once people realize that being a repeat customer comes with rewards, they’ll be more ready to act on purchases. In turn, you’ll increase revenue and often, your average transaction value as well.
Assure Your Patients You’re An Expert
Make sure you establish your credibility to your customers.
Why? Although we’ll never admit it, we want others to tell us exactly what to do. Especially by experts that we trust. You can do this by making recommendations, displaying your certifications where your patients can see them, and answering any questions your patients might have.
If you show that you and your team are trained experts, your patients will also be more willing to try new products or services that you recommend.
Offer events and classes that educate your patients, if you continually provide value around healthcare and wellness, your pharmacy will soon be known as a healthcare destination for the community.
People discuss excellent and awful experiences. If you’re providing great customer service, you can bet that you’ll start seeing the referrals come through the door. High patient satisfaction and experiences will ultimately drive more sales.
Consistency Is Key: Start With Small Commitments for Big Sales
When you’re selling something (especially if it’s a high-ticket item that people don’t buy on impulse), try to get your patient to commit to something small first.
As a pharmacy owner, this could be a free trial or samples of new products.
After they agree or “say yes” to you once, they’ll be more willing to “say yes” again to stay consistent with their previous action.
If you use this principle, you can break down many of the barriers your patients have when shopping, and over time, your patients will agree to bigger and more expensive recommendations.
The important thing to remember is to nurture your relationship with them and get several “yeses” first.
Influence at Work: Building a Better Pharmacy
Remember, using these principles to influence your patients isn’t wrong if you’re applying them ethically. Your mission as a healthcare professional is to help people who come to you with health and wellness challenges.
In fact, if you master ethical persuasion, you’ll be able to improve the lives of patients you wouldn’t have been able to otherwise.
PDS is proud to bring you the Annual Pharmacy Business Super-Conference with three days of actionable content. Independent doesn’t mean alone. Gain the knowledge and strategies shared by 1,600+ thriving pharmacy owners.
NCPA & Arkansas Pharmacists Association Update
Our friends at NCPA are making great progress in their never-ending efforts to advocate for the independent pharmacy industry. In this newsletter from NCPA’s CEO, Doug Hoey, they are highlighting some great work done with the Arkansas Pharmacists Association (APA) in the battle against Pharmacy Benefit Managers (PBMs). Great job, Arkansas!
Dear Colleague,
Sometimes it’s hard to believe your own eyes.
That had to be the reaction from many in the room at a press conference held by the Arkansas Pharmacists Association this week when they heard of a $484 difference between what a Caremark-administered plan paid a community pharmacy for a 30-day supply of aripiprazole versus what it paid itself!
For years, community pharmacists have suspected that chains, especially CVS/Caremark (since it is a price giver and a price taker as a PBM and drugstore chain), are reimbursed more for prescriptions than community pharmacies are. The example shared with Arkansas legislators, patients, and pharmacies this week was eye-popping even as it verified our suspicions, and mind-boggling for the legislators and patients in the room who, directly or indirectly, are paying that whopping difference.
The aripiprazole example wasn’t an outlier, either. Scott Pace, the APA Executive Vice-President, and CEO held up a folder with 270 more examples of self-dealing. On average, he said, those examples showed a difference of over $60 more per prescription being paid to CVS than was being paid to community pharmacies!
So far, there is no word from Caremark on these payment discrepancies. And, no word from other mega-PBMs so far suggesting that they don’t follow the same practices.
Arkansas has an active state association, very active pharmacist members, and has historically been very politically active, making sure to sustain relationships with their local legislators. Couple those strengths with the extreme payment cuts to local pharmacies and this new information about inflated payments to out-of-state competitors, and you have a firestorm.
Local news stations covered the press conference, and the entire event was posted on Facebook. The governor has called a special session, and Arkansas Attorney General Leslie Rutledge is investigating the low reimbursement rates:
“The change in reimbursement rates by the Pharmacy Benefit Managers has hurt Arkansans in every community across the state,” said Attorney General Rutledge. “Local pharmacists are critical members of Arkansas’s communities. Due to these changes, pharmacists are facing tough decisions because the reimbursements do not cover the actual cost of the medications. When public health is threatened, all Arkansans suffer.”
Even before these latest examples, evidence has been piling up indicating that PBMs are contributing to the increasing costs of prescription drugs rather than saving their customers (employers and local, state, and federal governments) money. I’ve written here about this issue a couple of times already this year (Jan. 19, “A Coincidence That May Not Be a Coincidence,” and Feb. 9, “Let the Sun Shine In”). These revelations coming out of Arkansas show a proverbial henhouse that is being raided rather than guarded.
The payment discrepancy information revealed at this week’s press conference will reverberate through many state houses. It looks to any reasonable person that local pharmacies are being forced to subsidize higher payments to CVS pharmacies. Couple that with solicitations from CVS to buy the same pharmacies they are reimbursing below the cost of the drug, and it paints an ugly picture that should be of great interest to federal and state legislators and regulators.
Arkansas isn’t the only state where pharmacies—at least community pharmacies—are seeing extreme cuts in prescription reimbursements and are responding with legislative action. In fact, almost every state has introduced PBM legislation this year. The new, specific information about the yawning gaps between payments to community pharmacies and to CVS should make those statehouse debates even more compelling.
Pharmacists in Arkansas have joined hands and raised their voices. If you have been quietly rooting your own state on, now is the time to stand up, take part, and open the eyes of your state officials.
Best,
Pharmacy Owners: You can join the conversation and connect with like-minded independent pharmacy owners in our industry only message board. Click and be a part of the elite knowledge-sharing culture that has become synonymous with Pharmacy Development Services.
6 Ways to Gain the Trust of Your Pharmacy’s Millennial Audience
Millennials, defined as those born between the early 1980’s and 2000, are an extremely brand-loyal generation. Developing relationships with this demographic should be a major goal for your pharmacy. One of the best ways to gain the business of this 80-million member group is to gain their trust. You will be well on your way to securing millennial supporters if you adhere to these six easy tips:
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Maintain an Authoritative Online Presence
Their ability to find information about you and your products is crucial. If you offer a service at your pharmacy, like a medication synchronization program, put it on your website and publicize it. Millennials did not learn computers and internet skills later in life like older generations – internet access is all they have ever known. They are the first generation to grow up in a digital world and simply will not trust a business without a quality website and reasonable social media engagement.
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Engage with Them
It’s not enough to just have a website and social media accounts. They want to engage with brands on social networks. 62% of millennials say that if a brand interacts with them on social networks, they are more likely to become a loyal customer. This obviously requires more labor on your part, but will be well worth it when your business expands as a result.
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Don’t Ignore Their Complaints
Some sociologists refer to the millennials as an entitled generation. What this means for your pharmacy is that ignoring their feelings is a sure way to lose their business. When problems develop, do not avoid them, make excuses or place blame. You should immediately fix the issue. In a millennial’s eyes, the customer is always right and keeping them happy is your responsibility.
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Never Misrepresent a Product or Service
Remember, this is the group of people most likely to engage with their peer group over social media. Never misrepresent the features, advantages and benefits of a product or promise anything you can’t deliver. One millennial who feels they have been lied to can easily alert hundreds or even thousands of others within seconds, which will cause big problems for you. On the other hand, millennials can serve as irreplaceable ambassadors if they are happy with your business.
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Let Them Help You Plan
Millennial customers are the future, so why not let them help plan that future? When determining upcoming services or goals, let a group of millennials help you decide on the next big steps. In a Forbes survey, 42% said they are interested in helping companies develop future products and services. Typically, companies create products and hope that their target market will consume them. Millennials don’t like this traditional mindset – they want to be involved with products from the beginning of development. If your pharmacy enables them to be part of your brainstorming, the whole process will be more successful.
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Donate or Volunteer Locally
Millennials want to stay loyal to a brand that gives back to society. In the same Forbes survey, 75% said that it’s at least somewhat important that a company gives back instead of just making a profit. Millennials love brands that support their local communities and would rather purchase from them than corporate competitors. Your pharmacy can do this easily by rolling out a free children’s vitamin program or other services to benefit underprivileged youth.
If you want to build trust and credibility with your Millennial customers and hold on to them for life, you can easily get started today by watching our free webinar, 5 Ways to Attract, Engage, & Delight Millennials.
Social Media Can Help Your Independent Pharmacy
As social media becomes increasingly effective as a marketing tool, it is little wonder that small businesses and independent pharmacies are starting to take advantage of this convenient and cost-effective medium. Without a huge brand name or giant marketing budget, independent pharmacies need to get creative in engaging with customers and social media can be a great way to keep the relationship going beyond your store’s four walls. However, many independent pharmacy owners and managers, find the thought of tackling social media confusing and overwhelming. Pharmacy marketing doesn’t have to be intimidating and in fact, here are a few suggestions on using social media for pharmacy owners.
- Create a dedicated Facebook page for your pharmacy
By creating a simple Facebook page online, you will be able to post helpful information for your store, such as business hours, dates you will be closed, special events, disease-specific information, tips and more. Simply think of this as a modern day interactive phonebook, where people can look you up and stay in touch. You can post messages, answer questions and interact with customers and patients to help them find what they are looking for. Facebook provides easy instructions and best practices for getting started on their site.
- Consider setting up a Twitter account for your pharmacy
Pick an easy to identify Twitter handle (account username) for example @A1Pharmacy, which can be really effective for driving awareness to your store. Twitter is an easy and simple way to communicate with customers and prospects in real time. It can be a great tool to spread “short and sweet” messages about sales, vaccination clinics, CDC updates, awareness campaigns, educational seminars and so much more. Twitter can also be utilized for sharing information or suggestions either “live” or prescheduled at a later time that you designate. For example, you might tweet (a “Tweet” is a Twitter message in 140 characters or less) “Stop by our store today to get your flu shot before the season kicks into high gear.”
Regardless of what social channel you use, remember to create posts that lead to conversations rather than simply provide information. Negative comments should also be addressed on social media quickly and honestly. Complaints are a part of any business, but managing the issue and repairing your pharmacy’s brand with quick explanations or apologies will go a long way in increasing customer loyalty.
- Providing critical information to customers on your website
Although Facebook and Twitter can be easy ways to engage in online conversations, it is equally important to provide helpful information to customers via your website and follow-up with social media posts. This can include policy changes, medication recalls, emergency information after a natural disaster, job openings, disease education, government regulations, vaccine reminders and other important details about your pharmacy that customers should know and be able to learn about quickly. All information should be presented in a professional and knowledgeable manner, representing your pharmacy’s brand. Simply think of this method as another tool to engage and delight customers and reach those people who may not be responding to traditional direct mail or advertisements.
Both your website and social channels should be activated for promoting sales, seasonal events, invitations to customer appreciation days and other local community events.
Finding new methods to drive awareness to your store may seem challenging, but using a combination of traditional and new media marketing methods, will help your independent pharmacy thrive and grow.
How to Leverage Big Box or Chain Store Closings
If you have been paying any attention to the headlines, you know that Walmart recently announced the closing of 269 stores worldwide, including 154 stores in the United States. Stores began shutting down just two days after the announcement and have continued over the past few weeks. If one of the store closings is in your area, you have an opportunity to gain a huge amount of new business in your pharmacy, and acting quickly will be critical to your success in this area. Many PDS Members have reached out to ask for our recommendations and assistance in leveraging this opportunity.
1. Contact store management.
Pharmacy staff members at your local Walmart may be concerned about the well-being of their patients after the store closing. Take time to get in touch with them and offer your services to take care of their patients. Provide some flyers or business cards to be kept at the pharmacy counter.
A personal visit is worth 1,000 phone calls! As a pharmacy owner, you will be amazed at the results if you are able to build a strong relationship with big-box staff members before the store closes. You may gain insider information and they may be willing to distribute or display a letter on your behalf. Pharmacy staff will feel compelled to send dozens of patients to your store if they know you personally.
2. Recruit pharmacy talent.
Ask about top staff members that will soon be without a job. Excellent pharmacy staff can be difficult to find, so don’t miss the opportunity to recruit excellent talent with prior pharmacy experience in your local area.
3. Use traditional marketing techniques.
Radio, newspaper, TV and direct mail can all be great avenues to reach Walmart customers. Target your message to the Walmart audience and make them aware that their friendly local pharmacy is ready and willing to take over their healthcare needs.
4. Offer incentives.
Provide an in-store coupon for all former Walmart customers. You can make this coupon available on your website and in local newspapers. The Walmart coupon should be applicable to any customer transferring prescriptions. You may also choose to provide incentives or a contest for staff members who bring in the largest number of prescription transfers from family, friends and strangers alike.
5. Use social media marketing.
Create an advertisement for Facebook. You will have the ability to target cities where Walmarts are closing and select “liked Walmart” as a criteria for the audience who sees your ad. For only $5 or $10, your advertisement will be viewed by thousands of people on Facebook.
6. Implement a referral program.
Make a coupon for existing patients to share with family and friends. When they bring in a former Walmart patient, a discount is provided on any purchase for both the new and existing patient.
In any communication with Walmart patients, it may be productive to emphasize the importance of their health care and the fact that you have been and continue to, serve the community, offering pricing that is comparable and often times cheaper than local big-box stores. The message is that their neighborhood pharmacy is still eager to meet all of their health care needs. The local independent pharmacy is still their premier, reliable healthcare provider. Now is the time for independents to make it known that you can and will compete with out of pocket costs, and have been for many years or decades.
When an opportunity like this presents itself, time is of the essence. Independent pharmacy owners must be prepared to act quickly and effectively. That’s why it is so important to have a team of experts behind you. When news of Walmart closings became apparent a few weeks ago, PDS Members immediately worked with their Business Coaches and Performance Specialists to develop a plan of attack. Our members are already beginning to transition patients from local Walmarts into their pharmacies.
With PDS support, our members are able to move faster and more effectively than other independents. If you’re interested in learning more about how PDS can help you, like we help hundreds of other independents nationwide, sign up to speak with one of our Business Advisors. The conversation will be quick, easy and hassle-free.
Yes, I’d like a free pharmacy business assessment!
PDS Congratulates 2016 Pharmacist of the Year
The Pharmacist of the Year is selected annually based on their commitment to the well-being of their customers and local community and contributions to the independent pharmacy profession. Essentially, this is someone who is known for their committment to moving the profession forward in a positive way.
Jason Foil of Lumberton Drug Company in Lumberton, NC is a true innovator! He holds an Elite Level PDS Membership and has been part of our PDS Family since 2012. One of the reasons he is being recognized for this honor is his robust list of accomplishments and tremendous growth and profit for his three stores.
How did he achieve these phenomenal results? Here are a few highlights:
- His pharmacy offers a unique synchronization program called Home Rx that takes the enrollment process direct to patients’ homes or facilities. In 2015, he and his team expanded the Home RX program and doubled enrollments from 245 to 500 patients (a 1.8 x return on investment).
- He worked with his team to develop a Diabetes Care Club to monitor patients’ A1C numbers and to track and measure the impact of their program on their patients’ health. The Diabetes club has also attracted new patients to the pharmacy.
- He focused on building relationships with doctors in their community to look for opportunities to integrate the needs of the community with the pharmacy’s offerings.
- He focused on his own growth by participating in several PDS trainings including, the Advanced Leadership Program and Dare to be Free. He joined the PDS Board of Directors Group which he says provided him a network of contacts across the country and new opportunities, along with a peer group that held him accountable.
Congratulations to the PDS 2016 Pharmacist of the Year, Jason Foil of Lumberton Drug Company!
If you would like to reach this level of pharmacy achievement, it is never too early or too late to get started. Many of the most successful pharmacists we work with begin by focusing on one specific program like synchronization or compounding. Jump start your success by downloading your copy of our free ebook, Generating More Pharmacy Customers with Compounding, where you will learn how to launch your own compounding niche and get more customers in the door immediately.
PDS Announces 2016 Pharmacy Entrepreneur of the Year
Pharmacy Entrepreneur of the Year
At the annual PDS Super-Conference, we take time to recognize the exceptional achievements of industry leaders from the PDS community. This year, we presented awards for Pharmacist of the Year, Entrepreneur of the Year and Pharmacy Team of the Year.
The Entrepreneur of the Year is selected annually based on their dedication to the growth of their team, their business and the pharmacy industry as a whole. While we know that all PDS Members are dedicated to leading their pharmacy and the entire industry forward, this year’s winning pharmacy owner stood out from all the rest.
Amina Abubaker of RX Clinic Pharmacy has been part of the PDS family since 2012. She is a passionate and knowledgeable pharmacist who is very active, has received several accolades from pharmacy industry leadership organizations and is a true innovator, known for taking ideas and concepts and turning them into realities. She also does a great job of empowering her pharmacy team to help her achieve success.
Her list of accomplishments is very long, but here are a few highlights:
- Last year she focused on becoming a URAC accredited pharmacy
- Due to her ability to build relationships, the compounding business has grown enough to hire another pharmacist and technician
- Through her work with a primary care physician and an infectious disease PA, she helped create the first “one stop shop” for HIV care in North Carolina
- Her Clinical Pharmacist, alongside a physician and a PA, bill Medicare for annual wellness visits as a revenue stream for the pharmacy
- She launched a new PGx product called RxIGHT which is available to consumers, yet uses pharmacists as primary service providers for testing and counseling
- She enabled the pharmacy to be hand selected for a grant to provide specialized MTM services to help Medicare and Medicaid patients
- She added Rodan and Fields skincare lines as profitable revenue streams to the pharmacy
Amina’s achievements are extremely impressive, but it all started with just one step. One of our favorite quotes here at PDS is,
“A year from now, you will wish you had started today.”
In what area of your business can you initiate improvement right now?
Get started immediately by downloading your free copy of the ebook, Generating More Pharmacy Customers with Compounding, where we reveal important tips including:
- How pharmacy compounding drives business revenue
- How compounding ensures a steady flow of new customers
- What resources and trainings are available for compounding and much more
Learn more, launch your own compounding niche and get more customers in the door now! Before you know it, you could join the ranks with pharmacy industry leaders like Amina.
Happy Patients and Better Profits – Benefits of Offering Compounding
Revised: 4/6/16
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.
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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.
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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.
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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.
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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.
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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
