Pharmacy Industry Trends Worth Noting

Change is necessary, but often uncomfortable. There’s a distinct line between learning about trends and opportunities and crossing the threshold into attempting something new.  

There’s also the problem of deciding which new thing to try. Which trends are here for the long haul?  

With Trade Show season kicking off in July, there’s a tremendous opportunity to find the answers to these questions. There’s a huge amount of education available. Not just from CE’s (which you can often do online), but from your peers and what they are doing to be successful.  

For a better idea of which pharmacy industry trends deserve a closer look, we sat down with Pharmacy Podcast Network CEO, Todd Eury. Here are 3 of the top trend-conscious takeaways from that conversation to help you narrow your focus at this year's upcoming pharmacy industry conferences.  

Business development matters.

The number of independent pharmacies hasn’t dramatically changed in the last 20 or so years. Around 2004 there were approximately 22,000 independently-owned pharmacies in the United States. Today, the business of independent pharmacy is over 19,000 strong. What has changed is what a pharmacy does, and how a pharmacy business operates and succeeds. It’s no longer enough to be located on a convenient, high-traffic corner. Business development has to be purposeful. Successful pharmacies resolutely pursue relationships in their communities to build and grow their businesses.  

Technology is opening doors.

The business of pharmacy used to be very siloed. For example, your pharmacy management system functioned independently of any other applications. Today, compatibility with other applications and services is key to a pharmacy's success. We like to call this “playing well in the sandbox”. When your vendors and partners are open to working with other companies, it makes a huge difference in pharmacy operations; enabling you to choose not just the pharmacy management system that will meet your needs, but the right pharmacy point-of-sale system, IVR company, robotics system, and much more.

Build a reputation as an educator.

Make your community pharmacy a leading healthcare destination by focusing on services and healthcare education. More and more pharmacies are finding success (and profits) through clinical services like remote patient monitoring, nutrient depletion counselling, chronic care Management, Pharmacogenomics, Mental Health Services and more. There’s no limit to what a community pharmacy can do in healthcare so seize the opportunities that are available to you.  

Check out the full interview with Todd Eury to learn more about pharmacy industry trends here. Then come join us live at Cardinal Health’s Retail Business Conference and be part of the conversation. Todd Eury and the Pharmacy Podcast Network will be live in the RMS booth at RBC on Thursday, July 14th. Stop by booth #451 between 11:30am and 4pm to meet the RMS team and tell us what you think is next for successful community pharmacies!