Pharma Shopping – How to Maximize Profits From Pharma E-Commerce

The growth of pharmaceutical e-commerce is a welcome relief for busy patients and providers alike. But before pharmacies invest in an e-commerce solution, it’s important to take the time to carefully evaluate both the risks and rewards.

Pharma Shopping
As pharmacy profit margins erode, savvy independent pharmacies are seeking new ways to increase revenue. One opportunity is leveraging e-commerce to offer more-personalized consumer experiences. This could include video telehealth visits with remote pharmacists, or a platform that allows consumers to shop for medications and other health care products.

Another area of opportunity is reducing inventory costs through smarter buying practices. For example, pharmacies can maximize cost savings by purchasing a variety of drugs from a single wholesale distributor. This approach provides greater price consistency and can also reduce the risk of receiving counterfeit products from less-reputable vendors.

Lastly, pharmacies can save money by taking advantage of manufacturer rebates. These can be found in several forms, including discounts on generics and brand name drugs, volume commitments, and performance incentives. By understanding which products are eligible for rebates, pharmacies can better negotiate with their primary wholesaler and secondary distributors.

It’s also a good idea to establish relationships with multiple secondary distributors. These can help fill in the gaps when your primary wholesaler is out of a specific drug. Or, if they try to charge an exorbitant rate for a medication, your secondary can often provide a better alternative at a lower cost.

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