Tips for Alleviating “Transactional Anxiety” in Your Pharmacy
Purchasing pharmaceutical inventory is a daunting task, particularly because it has a big impact on your pharmacy’s profitability. In a recent article published by Pharmacy Development Services, author Ali Maoirana addresses at why some pharmacy owners struggle with “transactional anxiety” related to this task.
One area that can cause trouble is that of Generic versus Brand prescription cost shifting. Because pharmacy reimbursements are constantly declining, wholesalers use a variety of tactics to remain profitable. One method is requiring that pharmacies purchase a minimum dollar amount or ratio of generic to brand-name drugs. Complex pricing and rebate structures also contribute to difficulty here. In many cases, t is tough for pharmacists to determine the most cost-effective solution.
In order to remain profitable, pharmacy owners need to avoid getting caught up in the small picture and stay focused on their bottom line. One helpful resource for this is reaching out to a supplier or buying group representative for advice. Alternatively, pharmacy owners could consider implementing a warehouse program designed to help them maximize their purchasing plan.
For more details, read the article in full at Pharmacy Development Services.