The new plan represents not simply a change in focus but a renewal and enhancement of the organization’s strategic orientation, Neighbourhood Pharmacies announced early this month.
With retail pharmacy in a state of transition, Neighbourhood Pharmacies has an increasingly important role to play in guiding the industry toward a new, sustainable business model. The association is filling that role with a broad range of activities and initiatives, including a two-day Executive Summit that was held late last month and that led to the update of the 900 Day Strategic Plan. Successful execution of the plan is expected to increase trust, respect and influence for pharmacy in public policy development.
“Pharmaceuticals and provision of pharmacy services represent the third-largest cost envelope in Canada’s health care system, and health care accounts for 40% of total provincial expenditures,” Vivek Sood, chairman of the Neighborhood Pharmacies board, commented. “The need to demonstrate value for money spent has never been more pressing.”
The new plan outlines what Neighbourhood Pharmacies characterized as the six critical success factors vital to ensure the long-term sustainability of its members and their business models, including the ever-increasing range of patient care services, prescription pharmaceuticals, O-T-C/front-end products, specialty pharmacy and long-term care.
These six success factors are the following:
• Effective governance.
• Financial sustainability.
• A productive complement of staff.
• The leveraging of external expertise to support strategic priorities.
• Internal performance measurements and accountability.
• Engaged participants, including members, corporate partners, associates and stakeholders.
“It is essential that Neighbourhood Pharmacies take on the mantle of leadership in advocating for the business of pharmacy, while continuing to achieve greater alignment with other pharmacy associations,” stated Justin Bates, chief executive officer of Neighborhood Pharmacies. “It is therefore critical that we strive to arrive at a consensus on a modernized reimbursement model for Canadian pharmacies that reflects the realities of today’s health care environment of promoting better patient health outcomes and health system sustainability.”