Pharmacy Is At A Crossroads And That Is Good News

Some pharmacies continue to generate sufficient profit by filling ever increasing numbers of prescriptions while using technology to reduce operational costs.  While that may work for some pharmacies that strategy 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 nutritional supplements.   

I recently had a discussion with an innovative pharmacist that is working with physicians 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, provides 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.      

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 and most people won't pay; but, some will.  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 pharmacy.   At this time, third-party reimbursement for the PGx testing seems to be a ways-off.  One innovative pharmacist successfully selling this service 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.  Retail pharmacy has benefited from numerous press reports on how pharmacists stepped-up and helped solve the vaccine 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 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 alone will not be sufficient for most pharmacies going forward.   

Community pharmacy is at a crossroads.  Change is coming and the good news is there are already several practice formats that have proven to be practical, and profitable.  But it won’t be easy.  My advice, think, research and then find a new product line, program or service that best fits your communities need as well as your skill set and passion. Then, get started and remember the Nike sports wear company slogan; Just Do It.  

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