In a world where pharmacy chains exist around every corner, it might be difficult to see how an independent company might have the competitive edge. In the late 80’s, chains for clothing, medicine, and even grocery items began popping up everywhere. Their ability to offer high-quality items at a lower cost enticed every customer. In the pharmaceutical industry, they made it possible to gain much needed prescriptions at a lower overall cost.
How Are Independents Getting Ahead?
There are many chains capable of providing high quality service, good products, and the right customer experience. Unfortunately, they are not nearby for all customers and it is a hassle to make the drive. This is one advantage independent pharmacies have over the competition. Chains do not always carry all brands of medications. Pharmacies capable of fulfilling these orders have an even bigger competitive advantage.
These companies are traditionally family-owned or locally-managed, which in turn means they are frequently involved in the community and provide a personal experience. This is a big drawing point for customers who either do not want to travel far or prefer to shop local. In these instances, the customer will choose an independent pharmacy. This is because they also want to support the community and like the down-home feeling they get when they shop at the store. Independent pharmacies also gain a competitive edge when they are able to do the following:
- Offer Special Services
- Provide At-Home Delivery
- Fulfill Compound Medicines
- Carry Medical Equipment
- Special Order Items for Customers
Each of the above provides another degree of service to every customer who walks through the door. The more they feel appreciated, the better the odds of them becoming a dedicated customer. Of course, there will still be roadblocks along the way such as a chain opening right next door to an independent business.
The sheer size of the chain makes it hard to compete because these companies are able to work with pharmacy benefit manager’s or PBM’s. Independent pharmacies do not have the same bargaining power for negotiating reimbursement deals. In the end, independent pharmacies gain a competitive edge by supplying the best services, fast fill times, and accurate order fulfillment.
At Drug Package, we understand how hard it can be to compete with larger chains and want to provide quality products to your business at an affordable price. Contact our team today to learn how we can help you gain the right competitive edge for continued business success!