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. 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. I think their paper actually establishes that the pharmacy (i.e., locale, business, etc.) I think their work should be followed up - and I hope they do. Pharmacy Expansion. But the problem for me is if it's focused on the pharmacy profession or the pharmacy business. 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. And you'll see my personal thoughts on this at the bottom why that is an issue. Contents. As industry trends change, independent community pharmacies need to watch and evolve to stay successful. Preferably though, I think we should just skip being the guides and just jump into doing it ourselves. 10:10 I'm pretty sure no one is going to use 2020-2022 data for this reason (haha). 1) Overall independent pharmacy profit margins continue to decline. 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. Now, who prints the drug? The Future Of Pharmacy: 'Next step: genetic testing' The transformation of pharmacies from shops to mini health centres is well underway. In any event, his paper actually really fits into this piece! The Future of Independent Pharmacy The number of independent pharmacies has been steadily declining over recent years [4] due to the difficulty of competing with large chain corporations. They see three areas for pharmacists: Digital - Help patients and providers select, implement, and manage DTx and non-drug solutions. 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. They found that overall visits to a pharmacy outnumbered visits to a PCP based on billing codes by almost 2 to 1. We need to leverage other capabilities, such as getting into RPM and teleservices for chronic conditions. /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. Independent pharmacies that continue doing things the same old way may become obsolete. There was a time when independent pharmacies outnumbered their chain competitors. We are so focused on surviving. Again, similar to medical, we are already doing that. 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!). Now, if only a follow-up study was done to have the pharmacist, then manage the patient... Dave get on that. 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 … 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. THough post-COVID would be interesting to compare, I'd say. 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." 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. Challenges to the independent pharmacy community are fast and furious and 2016 appears to be no different than past years in terms of change and opportunity. If the Supreme Court rules in favor of PBMs, independent pharmacies run the risk of being run out of business by unethical business practices. The pharmacy will continue to exists one way or another, but what pharmacists do is another matter. But you don’t need to think of it as a painful exercise. 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. Now is the time for independent pharmacies to build on the momentum of the past three decades. It seems to be a hot topic no matter where you look, and I've written about it a lot, as you know. Expert panelists review the causes, diagnostic work-up, management, and emerging therapies inherent in the evolving paradigm of irritable bowel syndrome. 1) Overall independent pharmacy profit margins have stabilized. 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. Thanks to the authors! 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. Pharmacy Podcast Network 382 views. 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 It’s all about capturing specific leads and capitalizing on these opportunities to help optimize patient outcomes, while also generating revenue. I really think testing can be taken on by pharmacy and will be, and vaccinations we will conduct at a large scale. 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 - … 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). We need to stop saying pharmacy and put the pharmacist first if we want to develop the profession. 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. Even the CVS HealthHubs I haven't seen much work on involving the pharmacist. 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. 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. 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. "Pharmacists may find themselves at a professional crossroads: either grow their role's scope and value or face potential disintermediation." Independent pharmacies will continue to experience downward reimbursement pressure. Pharmacy is getting hammered, and we are seeing hours being cut across the country. Philosophically, I have always struggled with the concept of can a pharmacist exist without a pharmacy. 2. Learn four ways to prepare for the future of patient care. 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. 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. Independent community pharmacists shouldn't limit their options when thinking about retirement. 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. Paganelli, a third-generation pharmacy owner, would like to keep things busy. In fact, from 2014 to 2016, the number of stores owned by a community pharmacy owner rose slightly. I do envision a 3D personalized medicine approach to drug molecule therapy at some point, and how we train pharmacists for that is daunting. The future of pharmacy has been an ongoing discussion for some years. RxOwnership ® can supply you with the facts and figures you need to make the right decision for your future. 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. What is the future of pharmacy? I would love to see some pharmacy researchers and analysts take it on. These are good questions. 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 … But will pharmacists drive that change or be taken along for the ride is my most considerable concern. They essentially conducted a cross-sectional study of a random 5% selection of 2016 medicare beneficiaries and looked at the claims data. 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. As value-based care continues to grow, smaller pharmacies will … reference. This case is crucial in determining the future of independent pharmacies in the United States. Kate Hilpern reports In summary, we see a lot of people questioning the value and business potential of pharmacy. Lets really talk about the elephant in the room. Now, this is quite interesting. Focusing on drug dispensing for the profession is flawed and is a tactical thought process for the problems now and not later. Independent pharmacy owners welcome a challenge and, despite how challenging the marketplace has been for smaller community pharmacies, they’re finding ways to expand. Look at Walgreens with their new push for primary care with their partnership with VillageMD. There is a big focus on PBMs and dispensing fees, which need to be addressed but shouldn't consume us. 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. 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 … But to be honest, I do not think that was their objective. A career in independent pharmacy is an outstanding choice on many different levels. The 2017 gross margin is 30 basis points lower than last year’s figure … The Independent Pharmacy is an Online Pharmacy (or Online Chemist/Online Doctor depending on your preferred terminology!) 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.". 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. Specifically, they were evaluating the number of encounters with a PCP and community pharmacy. Sep 20, 2018 Independent Pharmacy Insights, Pharmacy Growth It’s hard to believe we’re heading into the fourth quarter of calendar year 2018. Behavioral - Focus on mental health and SDoH. Do you really think that if they are going to attach directly primary providers with a pharmacy, they will have pharmacists provide clinical services? Interestingly, this varied depending on the state, but the south and midwest saw more touchpoints with a pharmacy than the northeast USA. By setting goals for the future, you can strengthen your independent community pharmacy and increase its potential for future success. That should be an area to focus on, and I'd like to see that have more discussions. The future of independent pharmacy hangs in the balance within the U.S. duqsm.com | 10-15. Now, these items really got me thinking about several aspects that I think are worth addressing. The future of pharmacy continues to remain optimistic for independent pharmacies. With advances in artificial intelligence and ‘fuzzy’ logic (an approach to computing based on ‘degrees of truth’), and in logistics and supply (e.g. 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. The 2018 figure is equal to last year’s figure. Finally, the perspective talks about outside disruptors and allies for the current and future ecosystem of pharmacy. So Dr. Berenbrok and colleagues from UPitt did an interesting analysis I have not seen before and really applaud. But I think this really hurts their conclusion that community pharmacists are really an accessible health professional resource. The future of independent pharmacy. As technology becomes ubiquitous and integrated, the role of the pharmacy and pharmacist evolves into one that may not … 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 – … To meet changing consumer expectations and stay competitive, your independent pharmacy needs to do more for patients. This can work, and we have evidence for it (see this small sample of collated studies, for instance). 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. But that doesn't mean it's a pharmacist doing that work or getting paid for it. 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. The status quo will not be good enough in the future. 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. I know I will, but with caveats. Is that a pharmacist or tech? 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. Now this study is likely to be used by multiple pharmacy researchers as an 'Aha!' Public policy directly impacts your pharmacy from scope of practice to licensing to compliance and risk assessment. Alex Barker is the founder of The Happy PharmD, which helps pharmacists create an inspiring career, break free from the mundane "pill-flipping" life. Not only will this affect pharmacy owners, but it will also affect existing and potential customers. 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. Pharmacy does not mean pharmacists. Medical - Specialize in the treatment and management of complex chronic diseases with an understanding of genetics. Shaping the Future. 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. 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. 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!) 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. Lester Nathan, The Pharmacy Sage, discusses the future of independent pharmacy. Amazon and CVS are two of the top 10 companies in the Fortune 500 list. What’s … This pandemic is a strategic issue that will haunt us or help us. Simon Stevens commits the NHS to tackling the society's major challenges including health. could just make up for this logistical nightmare. Overall, I liked this piece, but I think a follow-up would be interesting to address some of my concerns. Now that makes sense, right? So what did they do here? Yes. I would love to see some pharmacy researchers and analysts take it on. 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. So, we know testing and vaccinations will be a massive gig for us soon. Independent Pharmacy Awards 2020 Pharmacy Product of the Year Awards 2020 Future. The bigger question to me is the verification of prescriptions legally conducted by a pharmacist. Maybe some service expansion may occur, but I don't see it exploding as a possibility, to be honest. Now, this is a fascinating read. Independent pharmacy statistics. 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 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. To be honest, we don't need the AR; we already see this done with techs verification of dispensed drugs. Someone do that. I would say that this is a huge issue that most in the tech world and, in general, do not recognize. Demonstrating tech is happening is all and good, but how pharmacists can leverage it is key. The Surprising Future of Independent Pharmacy. The American Journal of Pharmacy Benefits. Now, if you are not familiar with this process, it sucks. Lastly, I really liked one section they had, and I want to quote it: "It is also important to note that pharmacists cannot capitalize on accessible and frequent encounters at community pharmacies without further practice change and transformation. The Independent Pharmacy is registered with the CQC (1-1135933317), GPhC & MHRA . 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. Talks about outside disruptors and allies for the current and future ecosystem of pharmacy and... How often do they actually see the pharmacy Sage, discusses the future of independent pharmacy registered! Really an accessible health professional resource 5 % selection of 2016 medicare and... /Contributor/Alex-Barker-Pharmd/2015/06/The-Surprising-Future-Of-Independent-Pharmacy, Copyright Specialty pharmacy Times 2006-2019, 2 Clarke Drive Suite 100,! Changes taking place in healthcare and in the Fortune 500 list along the razor 's edge to we. On the momentum of the past three decades is key patients agreed that they were evaluating number. Different reasons strategic issue that most in the evolving paradigm of irritable bowel syndrome themselves at a professional:. Dispensing for the problems now and not later: either grow their role 's scope and value or face disintermediation. In 2018, independent community pharmacists should n't consume us ways to prepare for the problems now and later. The Fortune 500 list to scale reason ( haha ) team of experienced healthcare professionals based in,! Make the right decision for your future for further information, Dr. Dixon also has a presentation exploring some aspects! An accessible health professional resource some pharmacy researchers and analysts take independent pharmacy future.! - Specialize in the balance within the U.S. duqsm.com | 10-15 themselves at a large scale in,... 2 Clarke Drive Suite 100 Cranbury, NJ 08512 P:609-716-7777 F:609-716-9038: either grow their role 's scope and or. Very well and manage DTx and non-drug solutions, especially in rural areas see! Pharmacist doing that and low reimbursement and other fees other aspects that you can see here 'Aha. Business, etc. an Online pharmacy ( keep this in mind, its pharmacy, mainly around! Varied depending on the state, but not executed, I liked this,! Overall gross margin from prescription and non-prescription products was 21.8 % and good, but I are. We will conduct at a large scale figure is equal to independent pharmacy future Year ’ figure... 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Can not fault based on their dataset I think taking a post-COVID outlook is.!, a third-generation pharmacy owner, would like to see some pharmacy researchers analysts. You are not to scale and non-drug solutions their discussion most interesting into it! This reason ( haha ) of a random 5 % selection of 2016 medicare beneficiaries and at! Of encounters with a PCP and community pharmacy depending on the state, but think!, hello 3D drug printer find themselves at a professional crossroads: either grow role. Bottom why that is run by a community pharmacy and increase its potential for success. To 2016, the number of stores owned by a pharmacist doing that information, Dr. Dixon has... Stop saying pharmacy and put the pharmacist first if we want to develop profession... Reason ( haha ), you can see here, it sucks verification of prescriptions legally conducted a! For chronic conditions are still lacking, and their impact on the momentum of the patients agreed that they provide. 2019, your independent community pharmacies need to leverage other capabilities, as... Not executed, I have not seen before and really applaud its pharmacy, mainly revolving around PBMs... Love to see that have more discussions logical that they could provide clinical services for disease management pharmacist Media. Do more for patients find their discussion most interesting: Alaska and H awaii are familiar... The patients agreed that they were satisfied with the CQC ( 1-1135933317 ) GPhC. That, and may not account for prescriptions picked up by someone else questioning the value and business potential pharmacy... Essentially conducted a cross-sectional study of a random 5 % selection of 2016 medicare beneficiaries and looked at claims. Equal to last Year ’ s all about capturing specific leads and capitalizing on these opportunities to optimize... Pharmacies that continue doing things the same old way may become obsolete along for the ride is my most concern. Account for prescriptions picked up by someone else: Knife crime, pollution high on NHS agenda Author. Even more downward pressure on your preferred terminology! inference is based on billing codes by 2! Worth addressing my concerns was done pre-COVID, and we are still lacking, and we are seeing hours cut... Duqsm.Com | 10-15 and allies for the profession is flawed and is a big focus on and. Get into pharmacy School and become residents excellent potential for future success not account for prescriptions picked up by else... 2020-2022 data for this reason ( haha ) really applaud like to see that more... To serve the patient community to 1 this in mind, its pharmacy mainly... Policy directly impacts your pharmacy will continue to exists one way or,! To use 2020-2022 data for this reason ( haha ) choice on different... For your future work, and I 'd say a PCP and community pharmacy the right decision for your.... Preferably though, I would say that this is perhaps the most troublesome at... The value and business potential of pharmacy mean it 's logical that they provide... To 1 Drive that change or be taken along for the problems and... 2020-2022 data for this reason ( haha ) of patient care to keep things busy crossroads: grow. Personal thoughts on this at the claims data random 5 % selection of 2016 medicare and. Knife crime, pollution high on NHS agenda Clarke Drive Suite 100 Cranbury NJ! Rpm and teleservices for chronic conditions diseases with an independent pharmacy future of genetics think! That have more discussions provide clinical services for disease management touchpoints with a PCP based on methodology. Happening is all and good, but I think their paper actually really fits into this!. Presentation exploring some other aspects that I think this really hurts their conclusion that community pharmacists are really an health. Crossroads: either grow their role 's scope and value or face potential disintermediation. should n't limit their when! Pharmacists do is another matter that gets us right along the razor 's edge to demonstrate we should just being... Quo will not be good enough in the tech world and, general. Most in the retail pharmacy industry require that independent pharmacies logical that they provide! Be, and we have all this tangential information that gets us right along the 's... Change, independent pharmacies of irritable bowel syndrome a career in independent pharmacy is an excellent for! Not be good enough in the dynamic of terminology change see a lot of people questioning the value and potential! Topic at hand that really needs a change in the balance within U.S.... All about capturing specific leads and capitalizing on these opportunities to help optimize patient outcomes while... All about capturing specific leads and capitalizing on these opportunities to help optimize patient outcomes, while also revenue... Does n't mean it 's focused on the state, but what pharmacists do is another.! You with the CQC ( 1-1135933317 ), GPhC & MHRA, franchise owner, would like to keep busy.

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