Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Cookies are small text files stored on the device you are using to access this website. 1. Consumers choose a pharmacy based on factors such as location, operating hours, quality of service and convenience. In 1994, she launched a full-service marketing and communications firm. Like any business, running your own pharmacy will bring with it huge challenges, but it also has the potential to bring you great rewards in terms of money, life style, freedom and so forth. Lester helps his clients increase patients and profits in spite of the 3rd party payment fiasco. Hodgson pharmacy in Kent has had a dispensing robot for two years, which has had a myriad of benefits, according to owner Amish Patel. She said: “We have the added edge on multiples in terms of being able to build long-lasting sustainable relationships with our customers.”. He explained that he invests in staff training to ensure that they have the right qualifications and to give them a sense of achievement. Want to keep up with the latest news, comment and CPD articles in pharmacy and science? A powerhouse in the world of independent pharmacy, Lester offers free business resources for Pharmacy Owners on his website, ThePharmacySage.com. Selling a pharmacy can be a minefield but help is at hand in a new book from pharmacy sales expert Anne Hutchings. It sounds obvious, but to achieve the best price for your business you must make sure it is prepared for sale. Rikin Patel owns three pharmacies in Northwood, London — each has separate branding. Consider other things that are important to consumers, such as customer service, reduced wait times, quick response to refills and the ability to get advice and recommendations from your pharmacists. Report this comment. To increase business, you need either to improve existing service elements or develop new ways of generating business. Supermarket News: Promotion, Marketing Key to Pharmacy, Clinic Profits, Pharmacist.com: Using Relationship Marketing to Expand Pharmacy Services. These two sentences explain why creating the best customer experience possible at your pharmacy is pivotal to the success of your marketing campaign. Reach out to physicians and local clinics and ask what you can do to be a better partner in the delivery chain of healthcare services. Offer services that make it easy to do business with you. Monitor the price points of competitors and price your products and services accordingly. Things like monitoring cash flow consistently, utilizing social media for marketing, and recognizing your strengths while asking for help in areas that are less so can help you focus on improving areas of your business that offer the biggest gain. In particular, promote things you provide that your competitors don’t. “It’s a cheap way of advertising and you build your customer relationships,” said Amish Patel. Ask pharmacy staff to take a step back and observe all your pharmacy’s key processes. Pharmacy employees are being forced to consider the meeting of rigorous performance standards, cost-cutting, and an ever-increasing push by customers to have fast service. Check out these 15 ways your pharmacy can increase its profits. Find ways to cut overhead in your pharmacy. When you improve workflow through proper scheduling and training, you reduce the opportunities for medication errors. Brown’s pharmacy has a wall, clearly visible to waiting customers, on which she displays her staff’s achievements and qualifications. Here you will find blog posts about the profession and on issues that affect practice, #PJMindTheGap, Consistent improvements to enhance your small business are critical for its success and sustainability. Non-drug interventions, However, we’ve always come back to the same thing. We have five tips to get you started and keep it going. That way, you can’t miss us — you walk out of the surgery and we’re right in your face. Alternative careers, A positive experience can turn a one-time visitor into a regular customer. Brown said she had to think about what her customers wanted from their pharmacy. Arguably the greatest benefit of running a business like a pharmacy is that you get to do something that you like and earn more doing it. McQuerrey's work has garnered awards from the U.S. Small Business Administration, the International Association of Business Communicators and the Associated Press. “So do questionnaires and get the facts from your customers, it’s amazing what they can tell you.”, She added that it is motivational for the team to receive positive testimonials from patients but feedback can also help them to focus on the constructive criticism to improve and enhance services that the pharmacy offers. According to the World Health Organization, the global pharmaceuticals market in 2013 is estimated at $300 billion annually. Rikin Patel, who owns six pharmacies in London, reiterated the importance of cultivating a sense of family among staff and added that his staff all have the job title ‘health and well-being consultant’ instead of “counter assistant’ or ‘dispensing assistant’, in order to “level the playing field”. Offer a customer rewards program, such as discounted merchandise or other perks for those who regularly refill prescriptions at your location. Revalidation, Promote Your Pharmacy Business with 5 Easy Ideas. At Hodgson Pharmacy, staff members take to the village high street to promote specific services. Lester helps his clients increase patients and profits in spite of the 3rd party payment fiasco. “That family feel transcends to the staff and then down to the customers,” she emphasised. Learn about the day-to-day activities of a pharmacy owner, the typical target market, growth potential, startup costs, legal considerations, and more! Strategies of Business Development in the Pharmaceutical Industry. Our guide on starting a pharmacy covers all the essential information to help you decide if this business is a good match for you. Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. You can also incorporate a loyalty rewards program into the app, which will boost your retail pharmacy business with consistent and loyal patients. Before actually starting operation, it would really be a wise thing to draw up a business plan. 1. Review and understand all payer performance requirements. 4. RPS conference 2015, Personalised medicine, All four pharmacists highlighted the importance of getting the right message across to their patients. What steps are you taking to improve your health today? Learn more about the Nutrient Depletion report here! These values should reflect the nature of the business and serve to establish a strong bond with consumers. His pharmacy offers patients an anticoagulant service and a sexual health service. The figure will rise to $400 by 2016. RPS conference 2014, Medicines safety, “Being an independent, you’re very nimble so you can make changes — you can make things happen quickly,” pharmacist Rikin Patel told delegates at the Sigma Pharmaceuticals conference, held from 14–22 February 2016. What necessities are missing from your medicine cabinet? Offering insight, wisdom, and strategy, Lester is an esteemed voice in pharmacy business. 2) Invest in training: It will take more than a few pointed questions to find success. Use these simple strategies to help you think like an innovator. Sometimes coming up with pharmacy marketing ideas or a marketing business plan is rather difficult. Increase repeat business with customers by giving them reasons to transfer prescriptions or come back to your pharmacy. So we thought we’d embrace the brands, have a little bit of differentiation between each pharmacy and offer localised services.” Sharmans pharmacy offers specialised skincare and premium cosmetics, Carter Chemist and Ability pharmacy offers a range of mobility products and Ross Pharmacy provides patients with a range of clinical services, Patel explained. “There’s no point in me introducing things if they don’t want it,” she reflected. “Every pharmacy must have their own vision based on local needs,” was the advice from Dushyant Patel of Blakeberry Pharmacy. On this page, you’ll find videos and other digital content centred around pharmacy business and innovation. Not sure where to begin? These patients have not filled a prescription at your pharmacy in the last four months. PJ mind the gap, Every pharmacy needs something from each bucket these days to be successful.” In other words, by making smart use of advanced digital solutions, independent pharmacists can improve several areas of their business. “Every pharmacy must have their own vision based on local needs,” was the advice from Dushyant Patel of Blakeberry Pharmacy. This is so that you can outline properly what your pharmacy is all about, the type of services and drugs you would be providing, how the business would be operated, as well as the problem it would help solve for the community and society you serve. Pharmacy technicians, Nutrition counseling, weight management programs, blood pressure analysis and cholesterol screenings offer customers added incentive to come into your pharmacy on a regular basis. Make yourself a resource for customers by offering free health clinics. Writing competition 2019. Potential Winbacks are automatically identified in iMedicare. + + And we’ve still got the logo there, so that still keeps with the branding.”, Unsuitable or offensive? If your pharmacy operates in a diverse community, hire staffers that can converse with customers in multiple languages. Offering insight, wisdom, and strategy, Lester is an esteemed voice in pharmacy business. Your independent pharmacy must know how it’s being measured if you want to know which areas to focus on. Innovation inspiration. PBMs typically specify in each reimbursement contract with a pharmacy the measures that they will use to evaluate the pharmacy’s performance. Are you ready to start marketing your pharmacy business using social media? Revalidation career, She is also the author of several nonfiction trade publications, and, in 2012, had her first young-adult novel published by Glass Page Books. A powerhouse in the world of independent pharmacy, Lester offers free business resources for Pharmacy Owners on his website, ThePharmacySage.com. For commenting, please login or register as a user and agree to our Community Guidelines. Attend health fairs, and offer low-cost health flu shots, sports physicals, immunizations and other specialized services to raise community awareness of your business For more information on how to compete in the pharmacy market, download this free ebook 3 Ways to Compete in the Pharmacy Market. Other ways you can make your pharmacy more convenient for patients include adding a curbside pickup option or delivering prescriptions to busy or homebound patients. Rikin Patel suggested that independents use multiple channels to market themselves, including more traditional methods, such as leafletting and bag stuffing, and newer methods, such via email and websites. Subscribe to our free alerts. Nutrition counseling, weight management programs, blood pressure analysis and cholesterol screenings offer customers added incentive to come into your pharmacy on a regular basis. Take a different route to your pharmacy each morning on your commute. Improve their health and increase your profits. Assign and incent technicians to manage a pharmacy bay for slow movers and short or outdated drugs and return them to manufacturers promptly to free up cash. Learn how to implement new strategies and technologies to improve productivity, drive revenue and stay ahead of the game. I’ve got three drawers of stock that isn’t in the robot,” he noted. Learn more and register to attend at pbahealthconference.com. Ebola outbreak 2014, Coronavirus, 2016 PBA Health Conference & Business Seminar, June 24-26, 2016 in Kansas City, Mo. Join ethnic chambers of commerce to promote your pharmacy to target audiences. Cookie policy: This site uses cookies (small files stored on your computer) to simplify and improve your experience of this website. Many people are tired of the chain pharmacies and want more of a personal feeling. RPS conference 2016, Best of the rest 2019, We are here to help you create an advertising or marketing plan for your pharmacy. “People still just come in to watch the robot and love the fact they can see the conveyor belt moving and see the drugs coming down the spiral — they are not bored of it yet and neither are the staff.”. Here are some of the business areas that see the biggest improvements with the use of technology: Adherence Learn about the day-to-day activities of an online pharmacy owner, the typical target market, growth potential, startup costs, legal considerations, and more! Mistakes happen when things get hectic behind the pharmacy counter. Print written material and ads in other languages and promote the fact that you serve a diverse demographic. With a small, independent pharmacy business, the pharmacists can get to know their clients, and the clients can feel a bit more confident that they are being taken care of. For example, drive-through prescription drop-off windows, online ordering options, delivery services, text message refill reminders and e-newsletters can all help you gain new business. At the conference, John Zucker and Paul Gershlick, from law firm Veale Wasbrough Vizards, spoke with four independent community pharmacists, including Patel, about how they are helping their businesses thrive in spite of the challenges facing the sector. 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Amish Patel believes that considering local needs is one major advantage that independent pharmacies have over multiples. Included in the 5-year plan is a goal for the department to develop and implement specific clinical pharmacy services that help to deliver care, improve patient outcomes, and reduce spending. Ebola 2014, 1. The robot introduces efficiency into workflows in the dispensary — “so people aren’t running around” – and reduces the likelihood of a mistake being made during dispensing, he explained. Celebrate the “holidays” “We’ve always toyed with the idea of branding them the same. His pharmacy offers patients an anticoagulant service and a sexual health service. Don’t be afraid to ask the patient to assist you in keeping expensive and rarely used drugs off your … You will be re-directed back to this page where you will have the ability to comment. Regularly survey consumers to find out what they want and need and refine your offerings according to feedback. Improve the customer experience; Word-of-mouth can be one of the best ways to win new customers, for any business. However, there are many other things you can do to increase business, including improving patient and physician relationships, offering ancillary services and providing exceptional levels of customer service. So how does someone start a pharmacy business? Long-term conditions, Nine Strategies to … Update: At PDS 2020 we launched the latest innovation in independent pharmacy, Service-Based Pharmacy. In addition to having a website with online ordering capability, Brown advertises on local newsletters and has advertised her flu vaccination services on local radio. Lisa McQuerrey has been a business writer since 1987. In the third of 12 monthly extracts, Anne explains how you can improve the sale value of your pharmacy. He explained that staff make appointments for flu vaccinations for patients on the street, which then brings them in to the pharmacy. “Always look to improve your pharmacy workflow, and using your staff is a great place to start. Now brainstorm with your pharmacy staff to come up with some more great questions. Staffing, purchasing, inventory control and automation are the key areas where you can find ways to improve. You get the idea. Digital pharmacy, Potential Winbacks. After opening his pharmacy in 1981, he experienced periods in which he felt like he was merely persevering by putting in 60-hour work weeks and a lot of sweat. For more information please take a look at our terms and conditions. Successful marketing efforts for a pharmaceutical business would require clarity on the values which are to be communicated to the selected section of consumers. Wellbeing corona, The following are some easy ways pharmacies can work toward improving their overall level of efficiency, even the midst of major challenges. Bernadette Brown, of Cadham Pharmacy in Glenrothes, Scotland, explained that her three daughters also work in her pharmacy. These brands have been in the town — Sharmans, for 115 years, Carter [Chemist and Ability], for 85 years, and Ross Pharmacy for more than 65 years. All pharmacies have the same primary business model, which is filling patient drug prescriptions. Six of the 10 largest drugs companies are in … Upgrade in-app or by calling (704) 769-0540 x3 today! Some parts of the site may not work properly if you choose not to accept cookies. Revalidation advice, Healthy new year, Overhead costs eat up independent pharmacy profit. Our guide on starting an online pharmacy covers all the essential information to help you decide if this business is a good match for you. Source: Emma Page / The Pharmaceutical Journal. “We decided to do away with the name [Hodgson] and put the ‘pharmacy’ in big. PDS also paved the way for Illan to enjoy more quality time with his family. Pharmacies are a vital link between doctors and patients. The robot also drives footfall to the pharmacy, Patel mentioned. This could mean stocking an array of healthcare products and supplies or specializing in key areas such as heart health or diabetic care. Each of these tips can help improve pharmacy workflow and positively impact your bottom line. “Never let them get away by saying ‘I’ll get back in touch with you,’” he added. How to Boost Pharmacy Sales Through Merchandising Having a strong pharmacy merchandising strategy is an important and vital aspect of boosting sales. Cadham pharmacy offers a range of additional services for its patients, including podiatry and reflexology, and has a yellow fever centre that accepts GP referrals and private business. Building an independent pharmacy business from the ground up comes with challenges that small-business start-ups in other industries don’t experience. 4. Winner 2019, Pre-reg interviews and CVs, Patel also uses the shop itself to attract attention, because he received feedback that people were not aware that Hodgson was a pharmacy, despite the fact it is located opposite a GP practice. Create Valuable Content. Attend health fairs, and offer low-cost health flu shots, sports physicals, immunizations and other specialized services to raise community awareness of your business. Learn more about how this can change … Reduce overhead. And, it turns out the changes you make to improve profits can also help you better serve your patients. Depression, “We’ve got about 10,000 packets in the robot, holding about 2,500 different lines in there, so everything from hand creams to eye drops to antibiotic products — everything is in the robot. Bottom line: increasing front-end sales translates into higher revenues, and the importance of OTC in the independent pharmacy business is only likely to increase. “You’re there in the community, so you’re able to see what’s happening,” he explained. A plan that will help you grow your business, get patients to switch, and increase prescription sales. Ted has just finished participating in the process of developing a strategic plan for the pharmacy department. Not only does this give you insight into specific ways you can increase your business, it also helps you develop solid working relationships with physicians who may be more likely to refer patients to your pharmacy. Every cent you spend on overhead is one cent less you get to take home. They’ve been serving the local communities for generations. : Promotion, marketing key to pharmacy, staff members take to the success of pharmacy! 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