More than 75 percent of your pharmacy’s business is filling scripts. A simple review of your purchasing habits can easily improve your bottom line.
You’re a pharmacist and not a data analyst, but you have built in reports in your pharmacy system and can leverage the analytics from your trusted WSPC partner to help you receive the highest rebates and discounts set forth in your primary wholesaler agreement. If not, you’re missing out on a lot of profit.
Brand and Generic Prescription Data
Starting with your generic and brand dispensing data, you can:
- Quickly track and trend your compliance ratios to gain the highest possible rebate or discount.
- Identify, with precision, which products are negatively affecting your business.
- Develop a simple and targeted action plan to move your operations needle in a positive direction.
“I’ve completed a business review in all of my stores. We have found ways to increase the rebates and been able to use the data to make better buying decisions even in our high performing stores.” – Dana Porter, MBA, WSPC Member and owner of several Orange County pharmacies.
Specialty Drug Data is Growing
Efficiency in operations is essential to stay competitive in our saturated marketplace. This includes opting for basic brand and generic prescriptions while also having a sound sales strategy for the immerging specialty drugs market. The specialty drugs market is projected to exceed $400 billion by 2020 according to IMS Health’s “U.S. Pharmaceutical Market: Trends and Outlook” whitepaper. Historical data has clearly shown that without a proactive plan, independent retail pharmacies that do not fill specialty drug prescriptions frequently lose the patient, all their related medications, and all their associated front-end sales. That’s a double-to-triple whammy!
Take advantage of your past purchases data to guide you to what pleases your patients. You will be able to identify seasonal items and customers’ buying behaviors. Then align and enhance your front-end strategies to encourage additional sales. Amazon and big box chain stores leverage their data to drive decisions for both business and consumers, and so should you. Your data advantage can lead you to:
- Best sellers,
- Customer favorites,
- Creative cross-selling opportunities,
- And superior front-end displays.
Be a smart and savvy scout, and give your WSPC representative a shout. Review your dispensing data. Take an hour and harness your data to boost your independent community pharmacy’s competitive edge and increase your bottom line.