Growing your pharmacy business is a goal you’ve set out to reach since the day you opened your doors. In order to expand, however, you’ll need the right strategy. Here are some great ideas to get you started:
Stick with one specific niche
Are you a master at health and wellness? Do you absolutely love working as a diabetes management expert? Perhaps you’d like to focus more on mastering compounding?
Whatever you feel is your calling, go for it! As soon as you figure it out, keep up with training and development for you and your staff (i.e. workshops and certifications). Then, spread the word to your patients and community.
Provide a new service
Are you trying to figure out which clinical services would fit best in your pharmacy? It can be difficult to know which ones will help grow your pharmacy business the most. The following five services, according to experts, can bring in the most profit and growth for your pharmacy:
- Point-of-care testing
- Lab testing
- Specialty pharmacy
- Veterinary medicine
Focus on convenience
Convenience is extremely important to your patients. So, as their pharmacist, it’s important that you provide them as much convenience as possible. Here’s how:
- Drive-thru service: This can be a game changer for your patients who want a quick way to pick up their prescriptions. Not enough space for a drive-thru? No problem. Consider offering curbside pickup. That way, they can still get their prescriptions without getting out of their car.
- Delivery service: This is another great, convenient way to get meds to your patients. Those who are homebound or can’t get to your pharmacy with ease will be grateful for a delivery service.
- Mobile app: If you don’t already have one, a mobile app is a convenient tool for both you and your patients. Your patients can manage medication, set medication reminders, make requests, and communicate directly with your pharmacy.
Cross-sell to your patients
If you’re not in the know about cross-selling, here’s how it works. You recommend related products or services that are based on your patients’ medication needs. Basically, you’re creating a personalized treatment plan for them. For instance, if a patient has a migraine, they may need a prescription. You can offer other things they may need to help their symptoms, such as a heating pad, cold compress, or face mask to block out light.
In other words, when your patients pick up their prescriptions, offer them products or services to go with it. This opens up opportunities to grow your pharmacy.
Offer high-margin products
While cross-selling, be sure you are selling some of the highest-margin products, such as:
- High-end vitamins and supplements
- Wound care
- Diabetes supplies
Strategically position your products in your pharmacy. For instance, put your products in high-traffic areas that are easy for customers to access. Put out displays and signage that will catch your patients’ eyes and will draw attention to the products.
Post on social media about your new products to get the word out there. Share testimonials, engaging content, and educational information about your products on your Instagram, Facebook, and/or BeReal account(s). This can increase awareness and attract more customers and sales.
Open an online storefront
If you sell niche products, an online storefront will be especially beneficial. You will be able to reach a new customer base and earn revenue from front-end items. Plus, you’ll be on top of digital trends.
Be aware that setting up a storefront involves regulations and compliance requirements. You’ll need help from legal professionals and regulatory agencies to meet the requirements. Once that’s done, you’ll be able to use platforms like Shopify, WooCommerce or Adobe Commerce to turn your website into a fully functioning e-commerce site.
Opening an online storefront will take time and effort along with plenty of compliance requirements. However, it can grow your pharmacy exponentially and way beyond your community.
It isn’t easy to expand your pharmacy. However, if you have the right strategy, you can enhance your customer experience, bring in new patients, and add profit. What are you waiting for?
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and owned by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited secondary wholesaler with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.