Then and now, independent pharmacy owners choose this path because they have a deep commitment to providing their communities with accessible, high quality, personalized patient care. Independent pharmacy owners who have stayed true to that commitment – while seeking out support and guidance to evolve their businesses and adapt to changing industry trends – are the ones that have continued to thrive through decades of considerable change. The patient-centered pharmacy owners who continue to embrace these industry trends will likewise be poised to lead the industry into the next decade and beyond:
- Deliver patient services that improve health outcomes and drive down the costs of care: More patients are grappling with chronic diseases – like hypertension and diabetes – and the broader healthcare system is experiencing higher patient loads than ever before.
- Advocate for patient choice – and for pharmacists to be compensated for delivering valuable clinical services: Although competition with chain and mail order pharmacy has never been greater, when united, independent pharmacists have a very powerful voice in local, state and federal lawmaking.
- Embrace technology that reduces the complexity of running your business: By taking the guesswork and stress out of inventory management, helping pharmacy owners more easily track down every dollar of reimbursement they’re owed, and making it easier for patients to refill their prescriptions, MSI provides franchisees with the technology they need to drive improvements to their businesses’ bottom lines, improve overall efficiency and free up time and resources so they can focus on patient care.
- Marketing mix: Technology can never replace the value of face-to-face interactions; it is a pathway for pharmacists to connect and build relationships with their patients online. Tools like Pharmacy Marketing Advantage help franchisees build connections with patients beyond the counter – and sets their pharmacies up for success in the connected landscape of healthcare.
- Recruit female pharmacists: In 1970, when MSI was founded, less than 10% of licensed pharmacists were female, and approximately 70% of all pharmacists worked at independent pharmacies1. Today – nearly 62% of practicing pharmacists are female, but less than 25% of independent pharmacies are owned by women. The future of independent pharmacy will be dependent on actively recruiting women to consider the career path of pharmacy ownership.
The healthcare landscape is rapidly evolving and as an integral part of that landscape, the role of pharmacy must continue to transform. Since the founding of MSI in 1970, we believed that independent pharmacies are uniquely positioned to serve the healthcare needs of their local patients. We have supported franchisees in improving efficiency, adapting their marketing to reach more patients, and delivering a broader array of healthcare services so they can protect their bottom line, while providing better service to patients and staying ahead of the competition. As we celebrate our 50th anniversary milestone, we look forward to championing the independent pharmacy of the future, and we believe in the power of our pharmacy franchisees to improve healthcare outcomes and access, as destinations for personalized patient care in their communities.