Pharmacy Is At A Crossroads

Some pharmacies continue to generate sufficient profit by filling ever increasing numbers of prescriptions while using technology to reduce operational costs.  But that path will be hard for most independent community pharmacies to follow. 

Fortunately, creative pharmacy owners and dedicated suppliers have found new avenues for profitable growth. Many pharmacies are successfully incorporating cash-pay services into their practice.   Among them are point-of-care testing, weight loss, health coaching and drug nutrient depletion.  Some of the more aggressive pharmacy owners I know openly talk about how they work with patients and prescribers to take people off of prescription medications in favor of supplements.   

I recently had a discussion with an innovative pharmacist that is working with physician practices all across the country.  He contracts with them to provide a specially trained pharmacist that works in the doctor’s office.  As a contractor the pharmacist meets with patients, provide counseling and does medication reviews.  These services are billed by the doctor using well established billing codes and the pharmacist is paid by the hour for the services he or she provides to the physician practice.    

Pharmacogenetic (PGx) testing is growing as it takes much of the guess work out of prescribing.  True, it is expensive, several hundred dollars per test.  Counseling with the patient on the meaning of the results and then working with the patient’s doctors to adjust therapy is an exceptional opportunity for creative pharmacy owners.   At this time, third-party reimbursement for the PGx testing seems to be a ways-off.  One innovative pharmacist told me he hopes insurance companies never pay, saying, “As soon as they do reimbursement will decline.”    

Then, to the point on almost every pharmacy owners mind, COVID testing and vaccination.  Independent pharmacy has benefits from numerous press reports on how they stepped-up and helped solve the administration problem. Building on this platform of success will open doors for pharmacy in lots of new areas.   

The bottom line, filling prescriptions will still be a major component of independent community pharmacy.  Helping people with their medications is a critical aspect of healthcare; and, one that rightfully belongs to pharmacy.   But it is also clear that dispensing is not sufficient going forward.  The future is not what it used to be and waiting for things to go back to normal is not a good strategy.

Community pharmacy is at a crossroads.  Change is coming but the good news is there are already several proven ways forward.  Pharmacy owners can choose a new path that best fits their community's need and the pharmacist's skill set and passion.  Here’s hoping many more of them make the necessary changes in the very near future.   

If you own a pharmacy, or if your job brings you in close contact with an owner, you may want to check out my podcast at:  www.pharmacycrossroads.com.  Each podcast runs about thirty minutes and provides information from successful pharmacy owners who are kind enough to share their management, marketing and clinical success tips.