Magazine article Drug Topics

Anyone Want to Make a Profit?

Magazine article Drug Topics

Anyone Want to Make a Profit?

Article excerpt

As January draws closer, the impending AMP issue is causing us to lose focus on what is most important. Some would argue AMP is provoking a battle of views between the manufacturers (Ain't My Problem) and the pharmacists (About My unProfitability). While both have their valid concerns, let's bring the spodight back to our common goal, Americans having access to health care. Thus, I advocate we redefine AMP to read "Available Medicine for Patients."

We can all agree that, if implemented, AMP will impact an already-struggling independent pharmacy field. While 1,000 independents closed in 2006, NCPA is predicting another 2,300 will close in early 2008. Makes you wonder how you are going to keep your pharmacy open, doesn't it? First, let's reflect on the underlying effects of AMP and then tackle how your pharmacy can survive.

If 2,300 pharmacies are forced to close, then some towns could be left without a pharmacy. Thus, it isn't just the pharmacy that is affected, but all the padents that may have to drive to another town to get their prescriptions filled. Local doctors will be adversely impacted as well as other businesses and services. Our esteemed legislators have simply not thought this through.

Typically, when tighter profit margins come to pass, most independents react by dramatically increasing the number of scripts they fill. Is that really logical? How long can you continue to keep up with the chains by filling hundreds of Rxs every day only to lose money in the end? At what point do you realize you are doing a disservice to your customers and say, "Enough is enough!"?

Find a niche

There is hope. Pharmacy owners in various parts of the country are achieving diverse levels of profitability. The most successful credit niche markets as the key. Like you, these owners were frustrated until they adopted a profitable and less stressful way to run their business. These independents realized compounding, senior care, DME, infusion therapy, HIV therapy, nuclear pharmacy, vet care, and integrative medicine as well as other pharmacy niches are all viable solutions.

You, too, can develop an effective plan that results in a lucrative business in todays Healthcare marketplace. I'm not saying to stop filling regular Rxs. Your business could include 50% regular Rxs and 50% specialty. For those who have already found your ideal focus, it's time to expand dial aspect of your pharmacy to maximize profitability. …

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