Regulatory pressures, changes in consumer behavior, increasing competition and aging population, are all challenging retail pharmacies to offer fast, convenient, and value-added services that are tailored to a patient’s needs. As a result, retail pharmacies and drug stores are looking for more efficient business models, as well as investing in new technologies to survive and grow in this highly competitive industry.
Demographic changes and evolving healthcare needs have positively influenced the bottom-line of drug stores. In the past few years, many pharmacies have profited from an increasing demand for medication resulting from a rise in chronic diseases and increased healthcare needs of baby boomers. Although increasing dispensing volumes constitutes a revenue-generation opportunity for retail pharmacies, it also translates into the need to provide health advice to a larger number of patients. As a result, drug stores are required to come up with new ways to improve their efficiency and allow pharmacists more time to spend on patient counseling.
As America makes a transition from a siloed healthcare system to a highly-integrated, value-based model, retail pharmacies are presented with new opportunities to become a more valuable component of the healthcare system. Many drug stores and retail pharmacies are already experimenting with patient-centric models that focus on providing a broader range of services, including wellness support, adherence coaching, patient education, and chronic disease management. Although this is an excellent strategy to stay ahead in the highly competitive retail pharmacy landscape, it requires radical changes in the way a pharmacy operates and serves the patients.
Many retail pharmacies are also leveraging the latest digital technologies to engage their patients in a more convenient and real-time manner. From offering the convenience to order a refill via email or app to enabling online access to medication history, instructions for medication use, and drug supplies and availability, pharmacies are using technology in a multitude of ways to transform their business from a product-based model to a patient care-driven model.
At Allen Austin, we have an in-depth understanding of the challenges faced by the retail pharmacy sector. Leveraging our market knowledge and deep expertise as an executive search firm, we offer a range of talent recruitment solutions to help pharmacies overcome the challenges they face and achieve profitability in today’s highly turbulent healthcare environment. We help our clients recruit, train, and build leaders who are capable of managing complexity, drive results, and prepare their organization for the challenges of tomorrow.
We differentiate ourselves by the caliber and experience of our executive search specialists who can provide insightful advice specific to the client’s industry. This unique combination of functional expertise and industry sector focus allows us to fulfill our clients’ human capital needs in a more personalized and professional manner.