New Markets: A prescription for independent pharmacies --Article suggests capitalizing on areas such as compounding and irresponsible and foolhardy not to be PCAB accredited

MAR 04, 2013

 By: Bruce Park

With an uncertain regulatory landscape and declining reimbursement rates, most pharmacists would agree that it is tougher to be an independent pharmacist today than it was in years past.

Asked to describe their challenges and concerns, pharmacists mentioned declining reimbursement rates for prescription drugs, mail-order use forced on patients, and the uncertainty surrounding healthcare regulation, among other issues.

What to do?

So how does an independent survive and thrive in these uncertain times?

Some pharmacists say that it's going to be much tougher for independents to survive as typical retail pharmacies in which filling patient prescriptions is the only service offered.

On the other hand, “If you're willing to work hard and have an entrepreneurial mindset,” said Andrew Keenan, PharmD, of Valley Prescription and Compounding Pharmacy in Merced, Calif. (www.valleyrxandcompounding.com), “then it can be a great time to be an independent pharmacist owner.” His advice to independent pharmacists: “Look into other areas where you can use your education as a drug expert.”

You gotta have smarts

The common thread running through the success stories is that independent pharmacists need to think creatively in order to capitalize on new business opportunities.

According to Jeffrey Hill, PharmD, co-owner at Valley Rx, he and his partner are looking into opportunities to offer services in the areas of hormone replacement therapy and long-term care. In addition, they're already providing compounding services accredited by the Pharmacy Compounding Accreditation Board (PCAB).

When asked why a compounding pharmacy should obtain PCAB accreditation, Hill said that it was a good way for a compounding pharmacy to show that it adheres to rigorous standards that increase patient safety. In addition, it gives an independent pharmacy another way to show that its services are unique and that the pharmacy is committed to excellence in patient care. [Editor’s note: In the wake of last fall’s fungal meningitis outbreak resulting from contaminated products sourced to the New England Compounding Center, to forgo PCAB accreditation would be irresponsible and foolhardy. One of these days it may also be illegal.]

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