I just finished reading Shark Tales by Barbara Corcoran, and one of her quotes really struck me as it applies directly to independent pharmacy. She stated towards the end of the book “good entrepreneurship is staying on the move.”
It is interesting that she did not say good real estate nor did she mention a particular Shark Tank investment, she talked about entrepreneurship in general.
The pharmacy environment is changing fast, PBM pressure, clinical payments, etc. The question is what are you doing today to be on the move? Because every industry is having changes – real estate, fitness, social media, music, all of them. The companies that last through industry changes and economic ups and downs are on the move. They are figuring out how to make money in different ways, understanding how to operate more efficiently and more.
What can you do at your community pharmacy?
Here are some tips, and please add to these as we want to hear your ideas:
- Create a robust OTC cross sell program. Are your employees asking do you want fries with that?
- Add Compounding – it is not as expensive as you think.
- Add Long Term Care – higher margins and little to no DIR fees.
- Add Multi-dose at home program – allows you to compete.
- Contact manufacturer reps who can help send you profitable new business.
At IRx Consulting we are Accounting experts and offer a comprehensive Pharmacy Accounting and Management service with a suite of complimentary services including Data Dashboards, Payroll & Human Resources and Pharmacy Management consulting.