A Mentor to Guide You Through the Pharmaceutical Industry
The “shelter” from learning and thus practicing the basics of management, marketing and finance has disappeared with the ever-changing dynamics of retail pharmacy.
This disappearing “shelter" has led to the need to identify new opportunities----the paradigm shift of "OUT OF THE BOX" thinking.
The US lost about 1,500 independents annually during the first half of the 1990s. The decline slowed to about 450 per year in the late 1990s. Altogether, more than 11,000 independent pharmacies closed in just ten years. By 2005, the number of independents stabilized to around 23,000. Currently, the number of independents is declining to 20,000.
Therefore, surveys and demographics have created opportunities for independents to achieve above average profits. Yet, the basics of management, marketing and finance must be adopted to take advantage of this opportunity to be "SUCCESSFUL" rather than just a "SURVIVOR".
Despite the enormous challenges imposed by Medicare Part D, Medicaid and other third party reimbursements, some independent community pharmacists continue to strive to be a “Survivor” in an industry where Independent community pharmacies are not only valued health care providers, but are remarkably resilient in adjusting to the constantly changing marketplace.
Many independent pharmacies have learned the basics of management, marketing and finance, yet today, over 50 percent of independent community pharmacies are located in rural areas, which traditionally are the most underserved regions for pharmacy services. For the most part, only the strong have survived.
To run a successful independent pharmacy in the next decade requires much more than the pharmaceutical knowledge taught in pharmacy schools. Sound business practices, excellent customer service, sufficient numbers of profitable patients, and diversified profit centers are all necessary to assure the longevity of an independent pharmacy, Very few, if any, pharmacy schools teach the business skills necessary to run a successful retail business.
RETAIL SERVICES GROUP
Profit Enhancement Mentor for Independent Pharmacies
