So I often hear a lot of issues regarding independent pharmacy, mainly revolving around: PBMs and low reimbursement and other fees. I think their work should be followed up - and I hope they do. There is a big focus on PBMs and dispensing fees, which need to be addressed but shouldn't consume us. The pharmacy will continue to exists one way or another, but what pharmacists do is another matter. Again, similar to medical, we are already doing that. My argument has been that pharmacists must get into the digital health/medicine space before it's too late and that there are myriad ways for us to transition from a product-based model to a value-based/service-based model. Now, these items really got me thinking about several aspects that I think are worth addressing. I'm just gonna throw that whole thing on a slide at my next presentation about the need for digital health transformation for pharmacists. In summary, we see a lot of people questioning the value and business potential of pharmacy. Demonstrating tech is happening is all and good, but how pharmacists can leverage it is key. Stevens: Knife crime, pollution high on NHS agenda. could just make up for this logistical nightmare. Alex Barker is the founder of The Happy PharmD, which helps pharmacists create an inspiring career, break free from the mundane "pill-flipping" life. Now I am not going to go crazy detailing the paper, but primarily at two independent (always the independents most innovative I say for academics) offered ABPM after referral by a provider or self-referred for HTN monitoring requiring confirmation of HTN. Philosophically, I have always struggled with the concept of can a pharmacist exist without a pharmacy. Expert panelists review the causes, diagnostic work-up, management, and emerging therapies inherent in the evolving paradigm of irritable bowel syndrome. That should be an area to focus on, and I'd like to see that have more discussions. The status quo will not be good enough in the future. If the Supreme Court rules in favor of PBMs, independent pharmacies run the risk of being run out of business by unethical business practices. Focusing on drug dispensing for the profession is flawed and is a tactical thought process for the problems now and not later. Specifically, they were evaluating the number of encounters with a PCP and community pharmacy. The advances in technology of all kinds, and their impact on the profession, are a serious concern. You see, Dr. Dixon and colleagues have done what I think emphasizes what pharmacy/pharmacists can do and actually transforms the model of care currently. Contents. These are good questions. Change is essential. You can spend days or weeks waiting to get a device to continuously track your BP, and I often think pharmacy (especially with digital health products!) 2. For further information, Dr. Dixon also has a presentation exploring some other aspects that you can see here. Lets really talk about the elephant in the room. In certain circles, you'll hear this discussion, and for those that take a topical view of pharmacy (by which they generally mean the actual business and building), the answer is no. They essentially conducted a cross-sectional study of a random 5% selection of 2016 medicare beneficiaries and looked at the claims data. Why the Future of Your Independent Pharmacy Depends on Patient Care By McKesson April 23, 2018 Today is a challenging time to be a pharmacist and own an independent pharmacy . In any event, his paper actually really fits into this piece! To be honest, we don't need the AR; we already see this done with techs verification of dispensed drugs. In 2018, independent pharmacies' overall gross margin from prescription and non-prescription products was 21.8%. Now, who prints the drug? Yes. 1. It’s important to take the time to craft pharmacy business goals. To meet changing consumer expectations and stay competitive, your independent pharmacy needs to do more for patients. The 2017 NCPA Digest, an annual publication from the National Community Pharmacists Association that profiles the $79.8 billion independent community pharmacy market, reveals some troubling and promising trends.. And these trends can affect your pharmacy business in … And I'm not saying the authors did not recognize that this was limitation three and four that cognitive services cannot be established in this dataset analysis, nor infer what is said and done at a PCP or pharmacy locale. The Surprising Future of Independent Pharmacy 2015-06-24 02:09:12 Drawing upon more than 22 years of experience in working with independent pharmacists, Lester Nathan, The Pharmacy Sage, discusses the future of independent pharmacy and offers insights on ways to make money as an independent … This will be done by creating an outstanding team, continuing to expand the clinical services that are offered, leveraging front-end assets, and constantly innovating and differentiating versus traditional competitors. It’s all about capturing specific leads and capitalizing on these opportunities to help optimize patient outcomes, while also generating revenue. Is the future bright for pharmacy? The Future Independent Retail Pharmacy - PPN Episode 515 - Duration: 10:10. I would say that this is a huge issue that most in the tech world and, in general, do not recognize. And you'll see my personal thoughts on this at the bottom why that is an issue. Behavioral - Focus on mental health and SDoH. While the independent pharmacy industry faces unprecedented challenges as a result of reforms and austerity measures, technology is currently in the process of transforming healthcare as a whole: from wearable tech and FDA-approved ingestible sensors to electronic health records – … In 2019, your pharmacy will feel even more downward pressure on your reimbursement rates. We need to stop saying pharmacy and put the pharmacist first if we want to develop the profession. But we're not there yet and for all so many different reasons. Independent pharmacies will continue to experience downward reimbursement pressure. I hear some clinical pharmacists saying dispensing will be automated, and that sector of pharmacists destroyed at large or relegated to remote call centers for prescription verification. Independent pharmacies that continue doing things the same old way may become obsolete. Now, this is quite interesting. Public policy directly impacts your pharmacy from scope of practice to licensing to compliance and risk assessment. Pharmacy Podcast Network 382 views. I am still actively looking for that one start-up that will do it, and a few I am quite interested in as possibly crossing that Rubicon. Not only will this affect pharmacy owners, but it will also affect existing and potential customers. Independent pharmacy: past, present and future Independents need to step up and make their retail space the best it can be Having recently celebrated its 3,000th member milestone, Numark’s director of marketing Mandeep Mudhar reflects on how community pharmacy has developed over the years and discusses what lies ahead There is no way around technology, especially in rural areas. 10:10 As value-based care continues to grow, smaller pharmacies will … There was a time when independent pharmacies outnumbered their chain competitors. Things will change fast, and patients as consumers of health will be key, as I've mentioned in a previous article about how the pandemic will impact pharmacy. Now, I was working on this article with the first two papers above, when I saw an interesting tweet by Dr. Dave Dixon from VCU. This case is crucial in determining the future of independent pharmacies in the United States. The perspective highlights (again by everyone) that a growing need for physicians and lack of supply leaves an open door for pharmacists to fulfill that PCP burden. The changes taking place in healthcare and in the retail pharmacy industry require that independent pharmacies adapt and seize new opportunities. Independent pharmacy ownership provides you with the professional and personal satisfaction you’re seeking. He is a Full-time Pharmacist, Media Company founder, franchise owner, Business Coach, Speaker, and Author. We are so focused on surviving. By tapping into the right resources at the right stage, community pharmacists can plan for their future while preserving the independence the pharmacy was founded on - … What is the future of pharmacy? The future of pharmacy continues to remain optimistic for independent pharmacies. They highlight how the pharmacy can serve the continuum of patient care, with wearables and sensors identifying key issues, and where (very futuristically I would say) a pharmacy could 3D print a medication which a drone would then drop off. Pharmacy is getting hammered, and we are seeing hours being cut across the country. All information that appears on this website is intended for information purposes only and should be used to supplement, not replace, your relationship with your local healthcare professionals. But to be honest, I do not think that was their objective. As industry trends change, independent community pharmacies need to watch and evolve to stay successful. Some of the additional pressure will come from pharmacy benefit managers (PBMs) that continue to form narrow networks to compete and lower costs for payers. But taking a look at the profession, its a bit of a class struggle, with 'clinical' pharmacists separated for their services, and 'staff' or dispensing pharmacists relegated directly to their roles getting medications out the door. Pharmacists at independent community pharmacies can leverage their role as trusted local healthcare providers to improve the health of individual patients and to impact public health. Learn four ways to prepare for the future of patient care. I would love to see some pharmacy researchers and analysts take it on. The future of independent pharmacy. Independent pharmacy statistics. /contributor/alex-barker-pharmd/2015/06/the-surprising-future-of-independent-pharmacy, Copyright Specialty Pharmacy Times 2006-2019, 2 Clarke Drive Suite 100 Cranbury, NJ 08512 P:609-716-7777 F:609-716-9038. What’s … Is that a pharmacist or tech? In 2019, it will be imperative to consider new ways to allow patients to interact with physicians and customer service representatives including, live chat, video chat, and phone helplines. The need to recognize pharmacists as providers of billable services, integrate pharmacists in emerging delivery and payment models, and enhance collaborative relationships... To further capitalize on the uniqueness of the pharmacist as an accessible health care professional, pharmacy and health care organizations must consider how community pharmacy practice will adapt to transformed pharmacist roles, including changes to business models, workflows, and staffing.". Look at Walgreens with their new push for primary care with their partnership with VillageMD. Finally, the perspective talks about outside disruptors and allies for the current and future ecosystem of pharmacy. But will pharmacists drive that change or be taken along for the ride is my most considerable concern. The University of Utah has also recently released r… The 2018 figure is equal to last year’s figure. In fact, from 2014 to 2016, the number of stores owned by a community pharmacy owner rose slightly. The Surprising Future of Independent Pharmacy. But the problem for me is if it's focused on the pharmacy profession or the pharmacy business. It seems to be a hot topic no matter where you look, and I've written about it a lot, as you know. You have specific areas where pharmacists may be the most accessible health professional (and you don't have to pay them to make a consultation or a call!). We have other evidence on what happens if a pharmacy closes and impact on public health and that pharmacists' interventions if we can prescribe, can be beneficial. Independent Pharmacy Awards 2020 Pharmacy Product of the Year Awards 2020 Future. I would love to see some pharmacy researchers and analysts take it on. The Future of Independent Pharmacy The number of independent pharmacies has been steadily declining over recent years  due to the difficulty of competing with large chain corporations. But you don’t need to think of it as a painful exercise. reference. The American Journal of Pharmacy Benefits. They made the logical leap that this demonstrates patients may see a pharmacist more often than a PCP... "the frequency of visits estimated by our analysis suggests that community pharmacists have frequent opportunities to deliver patient-centered services in community-based locations." Independent Rural Pharmacy Locations, NCPDP Database - Spring 2007 N = 8694* Note: Alaska and H awaii are not to scale. I do not find that surprising, given a look at PCP shortages in certain parts of the US are similar, so wait times must be higher. Now that makes sense, right? I get that, and I have been pushing that. Simon Stevens commits the NHS to tackling the society's major challenges including health. I have no doubt it will be a business that will see a massive transformation. Independent pharmacy owners welcome a challenge and, despite how challenging the marketplace has been for smaller community pharmacies, they’re finding ways to expand. is an excellent potential for businesses to serve the patient community. In 2017, independent pharmacies' overall gross margin from prescription and non-prescription products was 21.8%. But I think this really hurts their conclusion that community pharmacists are really an accessible health professional resource. Now this study is likely to be used by multiple pharmacy researchers as an 'Aha!' Thanks to the authors! Drawing upon more than 22 years of experience in working with independent pharmacists, Lester Nathan, The Pharmacy Sage, discusses the future of independent pharmacy and offers insights on ways to make money as an independent pharmacist. This pandemic is a strategic issue that will haunt us or help us. Little I think hits on the pharmacists themselves and needs to be addressed. Even the JAMA piece highlighted their work was focused on pharmacy, but not pharmacists, and every paper talks about what a pharmacy (as a business and locale) can offer patients. I really think testing can be taken on by pharmacy and will be, and vaccinations we will conduct at a large scale. Devices, Digital Health, Innovation, Research, JAMA Study Demonstrates Patients Visit their Pharmacy more than their PCP, How Pharmacy can conduct a 24-Hour Blood Pressure Monitoring Service, see this small sample of collated studies, for instance. Sep 20, 2018 Independent Pharmacy Insights, Pharmacy Growth It’s hard to believe we’re heading into the fourth quarter of calendar year 2018. They think their clinical jobs are safe, but I would argue probably not, just further downstream the technology advances and digital health will hit them too, just like the medical field at large. That's already been done, but not executed, I would say very well. I'm pretty sure no one is going to use 2020-2022 data for this reason (haha). Metropolitan Counties Rural Independent Pharmacy Location # Rural Independent Pharmacies Source: NCPDP, 2007 *Note: 11% of the entire national database did not geocode thus is not shown in this or following maps. The 2017 gross margin is 30 basis points lower than last year’s figure … My take? But plenty of outside forces — retail behemoths such as Amazon and health giants like CVS, among others — are putting pressure on independent pharmacies. Interestingly, this varied depending on the state, but the south and midwest saw more touchpoints with a pharmacy than the northeast USA. The perspective highlights the technology changes coming to the market, which I thought was right, though I think cutting it closer to pharmacy and pharmacists would have been a bit nicer to show relevance. A career in independent pharmacy is an outstanding choice on many different levels. So it's logical that they could provide clinical services for disease management. To maximize access to COVID-19 vaccines for all Americans, the U.S. Department of Health and Human Services (HHS) today announced the U.S. government’s partnerships with large chain pharmacies and networks that represent independent pharmacies and regional chains. He's also the Founder of Pharmacy School HQ, which helps students get into pharmacy school and become residents. So what did they do here? In addition, dedicated mobile apps are enticing to new customers, especially if they integrate with other tech applications that they are already using (such as a smart watch, heart monitor, or oxygen duration calculator). By setting goals for the future, you can strengthen your independent community pharmacy and increase its potential for future success. The bigger question to me is the verification of prescriptions legally conducted by a pharmacist. Shaping the Future. To be frank, I don't know how you could do that without some massive mechanic that I do not know who would fund at this point. I know I will, but with caveats. Now, if only a follow-up study was done to have the pharmacist, then manage the patient... Dave get on that. Pharmacy Expansion. 1) Overall independent pharmacy profit margins have stabilized. To really understand our vision of the future of pharmacy, it is important to begin with the consumer and think about how their health care journey changes. Amazon and CVS are two of the top 10 companies in the Fortune 500 list. In any event, this work I think is key for pharmacists to explore to engage in tech developments, model what pharmacists are doing around the world, and to look towards business expansions and capabilities not necessarily tied with a drug product. All of this was done pre-COVID, and I think taking a post-COVID outlook is critical. We have all this tangential information that gets us right along the razor's edge to demonstrate we should be paid as providers. Nonetheless, the inference is based on their methodology, which I cannot fault based on their dataset. In any event, 52 participants were enrolled, with 46 having successful ABPM with mixed results confirming or canceling the potential HTN diagnosis (e.g., white coat HTN). Do you really think that if they are going to attach directly primary providers with a pharmacy, they will have pharmacists provide clinical services? Someone do that. They had to account for a 13-day window where patients may have bought their prescription and billed medicare and thus have been at the pharmacy. The All-Party Pharmacy Group recently published its report into the future of pharmacy and one of the findings shows that, although there are many good examples of pharmacy innovation in progress, the potential of pharmacists as health care providers is not being realised quickly or consistently enough. 1 result found for: future. that is run by a team of experienced healthcare professionals based in Bristol, UK. So Dr. Berenbrok and colleagues from UPitt did an interesting analysis I have not seen before and really applaud. Nonetheless, several papers and pieces have come out that I think are worth addressing as I believe they reaffirm some of my beliefs but also leave some trepidation. I would say that their conclusions on what pharmacists can do are still limited, and really are the same conversations that have been occurring for the past 20 -30 years. Ugh, I mean, this just reinforces my view that if anything, pharmacists will have too many hurdles to climb and that if making alliances doesn't work, then maybe we should steamroll ahead. Now is the time for independent pharmacies to build on the momentum of the past three decades. Finally, the perspective talks about outside disruptors and allies for the current and future ecosystem of pharmacy. Now, this would be very interesting during the current pandemic, what with telemedicine from PCPs now offered, and patients getting mailed medications directly from a community pharmacy or even using services like DoorDash. They see three areas for pharmacists: Digital - Help patients and providers select, implement, and manage DTx and non-drug solutions. This study lends more credit in my mind for the business potential rather than the pharmacist's potential at this point, and that may be an unintended outcome of how this paper will be used that the authors may not have intended. We know that 9 out of 10 Americans live close to a pharmacy, and often, they serve as a health hub, especially in health deserts. So we really need to have a good hard look at professional duties and remuneration aside from dispensing or clinical knowledge, which brings me to my next point. And 88% of the patients agreed that they were satisfied with the service! Medical - Specialize in the treatment and management of complex chronic diseases with an understanding of genetics. Maybe some service expansion may occur, but I don't see it exploding as a possibility, to be honest. So, in the end, the business model focuses on the brick-and-mortar building as a center of care, but the status quo of a pharmacist doesn't change. Yes, pharmacists are in trouble with tech, so what can we do with technology and build a business around our clinical service and not just dispensing medications and pulling ourselves up with our bootstraps. The Independent Pharmacy is an Online Pharmacy (or Online Chemist/Online Doctor depending on your preferred terminology!) Paganelli, a third-generation pharmacy owner, would like to keep things busy. It is owned and operated by two UK pharmacists, Andy Boysan & Scott McDougall, who founded and run The Independent Pharmacy based on years of industry experience. This is perhaps the most troublesome topic at hand that really needs a change in the dynamic of terminology change. THough post-COVID would be interesting to compare, I'd say. Independent community pharmacists shouldn't limit their options when thinking about retirement. These are good questions. We need to leverage other capabilities, such as getting into RPM and teleservices for chronic conditions. But the tele space we are still lacking, and we need to leverage RPM abilities now. The PCP data is rather accessible, as likely the billing would have occurred due to a direct touchpoint, but... pharmacy is a bit more tricky. They posit that the change in technology advancement will dictate the level of care or services -- with AR contact lenses worn by a pharmacy technician to verify medications. It’s difficult to imagine, considering that in Oakland alone, there is a CVS and Rite Aid within blocks of each other. This can work, and we have evidence for it (see this small sample of collated studies, for instance). The Independent Pharmacy is registered with the CQC (1-1135933317), GPhC & MHRA . Kate Hilpern reports Until... you get to the issue that it's likely most interactions did not occur with a pharmacist and was a purchase by a family member or patient with a pharmacy tech running the cash register who declines they have any questions for the pharmacist because you know they are overworked and understaffed at this point. 1) Overall independent pharmacy profit margins continue to decline. I think their paper actually establishes that the pharmacy (i.e., locale, business, etc.) If pharmacy turns into the home base for clinical services leveraging hardware of software, pharmacists are likely in the right position to regard them as a formulary of products to evaluate for patients to use on a clinical case by case model and achieve a level of care not seen before. Now, this means they are excluding mail-order patients, and may not account for prescriptions picked up by someone else. I do envision a 3D personalized medicine approach to drug molecule therapy at some point, and how we train pharmacists for that is daunting. Now, Deloitte talks about the future of the pharmacist, and some of their key concepts were: Pharmacists are underutilized resource (really appreciate that affirmation). They found that overall visits to a pharmacy outnumbered visits to a PCP based on billing codes by almost 2 to 1. The Future of Independent Pharmacy Ownership November 25, 2015 / 0 Comments / in All , PDS Super Conference / by pdsmarketing Today’s pharmacies are at a significant crossroads between the conventional drug-dispensing identity of the past and … Now, this is a fascinating read. Overall, I liked this piece, but I think a follow-up would be interesting to address some of my concerns. Legislative and regulatory decisions affect your ability to identify efficiencies and tailor operations to the needs of patients, especially those living in … Even the CVS HealthHubs I haven't seen much work on involving the pharmacist. Get with the technology before others do it for us. Now, I did find their discussion most interesting. low negotiating power, whether it be with insurances themselves to be put on preferred plans or with drug manufacturers who give the most discounts to big chains. The Future Of Pharmacy: 'Next step: genetic testing' The transformation of pharmacies from shops to mini health centres is well underway. High on NHS agenda be paid as providers huge issue that most in the dynamic of terminology.... About retirement tech world and, in general, do not recognize discussion interesting. That continue doing things the same old way may become obsolete is the time craft! Demonstrating tech is happening is all and good, but not executed I. 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