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Growth Strategies for Independent Pharmacies & Tips on How to Compete

By June 8, 2021August 20th, 2021No Comments

In the face of retail pharmacies being so widespread, many independent pharmacies might be afraid of losing revenue. However, there are many independent pharmacies that have leveraged certain strategies and are experiencing impressive growth and low stress. So, how can your independent pharmacy compete and continue to stay on top? 

With independent pharmacies, it’s all about community and relationships. The families in your neighborhood will almost always rather choose a local pharmacy that they know and trust over a big corporate pharmacy that won’t prioritize them. Better customer service, better relationships, and easier access are key components to competing with retail pharmacies.

  • Put your patients first to create better relationships and increase your revenue while saving them money. You can do this by helping patients switch to generic brands and offering consultations for patients to receive both RX and OTC products for their conditions. Learn more about how to increase your revenue while saving your patients money here.

  • By offering online consultations with licensed physicians right in your pharmacy, you provide easy access to medication for patients in need and help build trust. Telemedicine services in your pharmacy will increase your revenue by filling the prescriptions and selling OTC products that the doctor may recommend.

  • Using specific conditions to market and running local advertisements can be a great way to build a community feel and show your patients that they can come to your pharmacy for any of the listed conditions and more. Make your patients see that your local pharmacy is the most convenient way for them to receive care. 

Physician 360 makes it easy to save your patients money and stand out as a pharmacy by combining telemedicine consults with point-of-care testing, allowing patients to receive a diagnosis and a prescription from your pharmacy, all at once. You directly gain revenue from both the sale of the test kits and by filling the prescriptions that follow and indirectly gain revenue through an increase of patients switching their regular medications over to your pharmacy and buying more products from you. 

If you want to distinguish yourself from the competition and compete with large-chain pharmacies by offering rapid test kits and access to telemedicine urgent care for your patients, get started today by clicking here!