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Neighbourhood Pharmacies readies for Executive Summit

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TORONTO — The Neighbourhood Pharmacy Association of Canada plans to hold its Executive Summit here next month.

Focusing on the changes in Canada’s prescription drug market, the event will have “The Future of Pharmacy Reimbursement” as its theme, Neighbourhood Pharmacies said. Industry leaders will provide perspectives on the evolving pharmacy landscape and current challenges to pharmacy stakeholders. Attendees also will be able to participate in practical, collaborative design workshops with some of Canada’s leading pharmacy brands.

neighbourhood-pharmacies-exec-summit-logoNeighbourhood Pharmacies noted that Canadian pharmacies and the health care system in which they operate are going through a period of significant transformation and disruption.

Besides contending with rising competition, pharmacies are grappling with increasing financial pressure from public payors, the opportunities and challenges of big data, and ever-increasing expectations of patients and consumers, the association said. At the same time, these challenges are creating an opportunity for pharmacy industry stakeholders to collaborate and develp a new model of sustainable pharmacy reimbursement.

“Pressure to manage health care costs has resulted in a global movement towards a value-based approach, where payment is tied to patient outcomes and evidence-based quality metrics,” Neighbourhood Pharmacies chief executive officer Justin Bates said in a statement.  “This shift has fundamentally altered the business landscape for all health care providers. Long-term sustainability of providers has given way to short term goals of managing payors’ expectations.”

The Executive Summit will focus on setting the agenda and discussing how to lead the business over the next 18 to 24 months as the retail pharmacy model continues to evolve, Neighbourhood Pharmacies said. Held in partnership with Idea Couture, the summit is scheduled for Oct. 27 and 28 at the Omni King Edward Hotel in Toronto.


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