Hamacher research shows independents effectively can compete with national chains
WHAT IT MEANS AND WHY IT'S IMPORTANT — The news that Hamacher Resource Group has identified six front-end growth drivers for independent pharmacies is important because the nation’s 20,000-plus independent pharmacies need all the help they can get as they compete with the national chains.
(THE NEWS: Hamacher identifies six front-end growth drivers for independents. For the full story, click here)
There are six categories — first aid, eye/ear care, sun care, smoking cessation, durable medical equipment and foot care — that are selling better in independent pharmacies over chain pharmacies.
The white paper acknowledges that front-end sales might be tempting to overlook as over-the-counter, health and personal care products, general merchandise and durable medical equipment sales combined for 2% of annual sales for healthcare distributors. However, the research raises the point that this equates to a hefty $5.4 billion.
Furthermore, the white paper outlines strategies independent pharmacists can possibly undertake to meet the current challenges and embrace opportunities for growth. The strategies include:
Actively manage the front-end and maximize its profitability with an appropriate health, beauty and wellness assortment. Where medically appropriate, proactively recommend HBW items that complement dispensed prescription product(s).
Maintain a solid partnership with your distributor. Support from distributors includes headquarter-type services that equip the pharmacy to compete effectively.
Enhance the shopping experience for consumers by managing space more effectively, including category adjacencies, traffic engineering, and inventory stocking levels.