Part 3: Using Strategic Alignments to Grow Pharmacies
Most in the retail pharmacy industry think there are only a couple of ways to grow, add store locations or add a line of business like compounding and DME. These are great ways to grow and should never be ignored when considering growth options but by creating relationships with strategic organizations in and outside the industry you probably can grow revenues and profit organically. Below I have outlined two ways this can be done but our advice is to always think creatively and proactively speak to vendors, partners and industry advocates about how they can help you grow.
1. Wholesalers – I know, I know no one likes thereThe truth is though, that it is in your wholesaler’s best interest to help you grow because they make more money when you make more money. McKesson, for example, has a whole division called HealthMart whose sole purpose is to provide community pharmacies with a more recognizable brand to increase revenue. They also have an application that is pre-built and will allow you to take online refills.
When was the last time you invited your wholesale rep to visit your store? Remember these people visit thousands of community pharmacies every year and may have great ideas on from other pharmacies.
These are just some of the examples of how your wholesaler can help drive growth. All the other wholesalers, Cardinal, Amerisource, etc have similar programs. So embrace your wholesaler and talk to them about ideas to grow your pharmacy.
2. Associations – we are all familiar with them (NCPA, Small Business Association, State Pharmacy Groups) but do we really utilize what they have to offer? The answer for the majority is no. Have you ever called the NCPA and said I want to grow like this do you have anyone that could provide some advice or have any documentation on how it was done by others? The Small Business Association is a great place to get a loan (maybe you want to move locations to drive more traffic to your store). These organizations exist with only one goal to help the communityPharmacy owners who get the most from these organizations are the same ones who ask for the help. So again embrace the associations in your area and industry because they want you to succeed.
Did you like this article? Check out part 1 and 2 at http://www.independentrxconsulting.com/pharmacy-news.