The rapid spread of the COVID-19 virus has placed an enormous strain on the U.S. health care system, and we can expect that the pandemic will continue to impact retail pharmacies for the foreseeable future. In addition to the wide range of operational challenges facing retail pharmacies, the COVID-19 virus has sparked a number of
DIR (direct and indirect remuneration) fees are increasing — creating greater and greater financial challenges for retail pharmacies. In the second quarter of 2018, DIR accounted for 1.13% of sales and, year-to-date, it is trending at 1% of sales. For the same period last year, DIR was running at 0.9% of sales. On top of
While there are many similarities between retail pharmacies and other retail businesses, two key factors provide a unique opportunity to improve operations and financial efficiency, in turn enabling better patient outcomes. The ability to develop close relationships with other players in the health care industry value chain, and the opportunity to utilize relevant data in
Retail pharmacies need to maximize the full value of a key revenue stream: immunizations. While most pharmacy chains offer flu shots, the continued development of vaccines along with their expanded indications will be an important driver of revenue, customer loyalty and health outcomes. It will also improve the persona of pharmacy as an important provider
The pharmacy that’s first to offer a seamlessly functioning, personalized voice recognition service will have a huge advantage over its competitors. More so than with other voice-activated retail applications, the applications of voice in retail pharmacy can be endless. The good news is that all the elements to put together a great offering already exist.
After stumbling out of the gate early this month with an ill-conceived bid to hamstring the Office of Congressional Ethics (a plan that roused a chorus of critics, including President-elect Donald Trump, and was quickly withdrawn), Republicans in the House, along with their colleagues in the Senate, regained their footing and set about the business
ROCHESTER, N.Y. — Blood pressure kiosks in retail pharmacies are a key focus of an international effort by hypertension organizations to tighten the regulation of consumer BP devices. PharmaSmart International reported that 21 international hypertension organizations have published a joint statement urging the private health care sector and governments to address the issue of inaccurate
MEMPHIS, Tenn. — John Foley, a former retail operations executive at Walgreens, is joining Fred’s Inc. as executive vice president of store operations. Fred’s said Wednesday that Foley is slated to take over the post immediately and that Mike Holligan, who formerly served in the role, will move to an open position of regional vice
The major provisions of the Patient Protection and Affordable Care Act have been in effect for almost two years now, enough time to undertake an interim analysis of the controversial law’s impact on the health care system. President Obama and other advocates of the ACA, which since its enactment in March 2010 has withstood two
NEW YORK — PharmaSmart International Inc. and Chain Drug Review have teamed up to help pharmacists help their patients lower their blood pressure. Under the partnership, PharmaSmart biometric screening technology and health IT systems will serve as the driver for generating and streaming patients’ blood pressure readings to a secure, HIPPA-compliant data center. Qualified clinicians
One of the most dramatic changes in global business over the past few decades is the growth of organized retail in developing markets and the expansion of global retailers in general. Since Walmart opened its first store outside the United States in 1991, retailers in many sectors have discovered new markets around the world, and
Can retail pharmacies beat other players to patient intimacy? Many pharmacy retailers understand that big data can improve business operations, enabling intimate consumer engagement and thereby driving bigger baskets and more door turns, along with healthier customers and margins. They see impacts almost completely confined to the income statement. Too few grasp the strategic ability
