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  • Writer's pictureLindsay Wall, PharmD, RPh

How to Grow Your Independent Pharmacy Right Now

Running a successful independent pharmacy is tough.

With lowered medication reimbursements, more chain competition on every corner, and high DIR fees… how can you survive, let alone thrive in this environment?

A recent study by NCPA found almost 60% of pharmacy owners reported they’re most likely to be out of business by 2021. Also, 19% of the respondents said they face an uncertain future.

Even in a dire landscape, your pharmacy can thrive given the right tools and ideas to propel your business forward.

The right solutions will help you grow your pharmacy and improve patient care. Here are a few ways to grow your independent pharmacy right now.

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1. Capitalize on Word-of-Mouth Marketing

Word-of-mouth is crucial for the success and health of every business. The good news is that independent pharmacies have an advantage over big chains in this. You have the time to offer a personal touch to all your patient interactions.

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So, continue to provide world-class service to all new and existing customers. If you provide exceptional service and drug pricing, they’ll feel compelled to share how great you are to family and friends.

2. Attract and Retain Customers

Your current patients are already loyal fans of your pharmacy. How can you attract and keep new pharmacy customers?

A few ways to attract and retain customers include:

  1. Providing exceptional customer service – deliver memorable experiences every time

  2. Offering in-demand patient care services – offer health and wellness-based services

  3. Online marketing – use social media, email, and your website to reach more patients

But, an initial thought patients have before they pick up a prescription is… “How much is this going to cost?”

Drug costs can be your greatest ally if you offer great prices and/or discounts. You can set your best price for prescriptions patients need on our online platform. Then, if a patient likes your price, they’ll make a direct payment to you.

3. Expand Your Customer Base

More and more consumers, including health consumers, shop online today. They enjoy the convenience and access to a plethora of products. What do patients want out of their pharmacy experience?

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Quick access to:

  1. Affordable medications

  2. Trusted pharmacists

  3. And healthcare products and services they need.

It’s that simple.

Many patients access healthcare services online right now because of the pandemic. In fact, Updox reported 51% of patients will still use telehealth after the pandemic is over.

Why not advertise your drug prices online to expand your customer base? Especially since patients are already seeking healthcare online.

It starts with expanding your outlook. You don’t need to restrict your customer base to your local area alone. Reach more patients by setting up shop online. But how?

PriceMyPills can help you with all three. Word of mouth of this innovative new platform is growing rapidly by the day. Patients and pharmacists alike are talking about how PriceMyPills is helping them solve their problems. PriceMyPills allows pharmacies to attract new patients by advertising prices directly to consumers thus expanding the pharmacy’s reach beyond traditional marketing into new spaces.

The PriceMyPills prescription bidding platform allows you to branch out and find more patients by bidding on patient’s prescriptions through an online app. It’s a win-win situation since the patient gets the best price possible for the medications they need and pharmacies gain more business while still maintaining control over the prices they charge.

The Bottom Line

It’s risky to try something new. We get it.

And you might think, “what’s the use of innovating with a limited budget?” No worries. We offer a FREE trial to test-drive our platform to see if our system works for you.

If you’re ready to grow your pharmacy, download the PriceMyPills app and sign up today!

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