Written by and published in Elements magazine, June 25, 2014
About 23,000 independent pharmacies are in business today. Despite pressure from mail order, third party reimbursements and brick-and-mortar competition, that number hasn’t changed significantly in recent years. What is changing is how independents do business. Take a look at the trends in independent pharmacy today and see how your pharmacy compares.
1
The majority of independent pharmacy owners have one location.
53%
More than half of independent pharmacies are located in small communities with populations of less than 20,000.
7/10
Seven out of ten independent pharmacists identify reimbursement and third party pressure as their biggest challenge.
40%
About 40 percent of pharmacies are offering compliance packaging or synchronized refills.
6
The average independent pharmacy is open six days a week and 55 hours per week.
61%
At just above 60 percent, immunizations are one of the most common services offered by independent pharmacies, followed by blood pressure monitoring (57 percent) and diabetes training (39 percent).
2/3
Independent pharmacies are getting social. About two-thirds (66 percent) use Facebook for their businesses. Only 12 percent use Twitter and 9 percent use Google+.
$3,854,158
Average annual sales per pharmacy location were $3,854,158 in 2012.
66%
About 66 percent of pharmacies have a store website and 63 percent of those websites include an option for patients to submit refill requests.
30%
Pharmacies receive 30 percent of their prescriptions electronically. This is up from 2012 when about 24 percent of prescriptions were e-prescriptions.
Sources: 2013 NCPA Digest; Independent Pharmacy Shoppers: Who, What, and Why?, a study by HDMA and Hamacher Resource Group
