With current attacks on the 340B Program by some pharmaceutical manufacturers and other challenges affecting patients in need of prescription drugs, is it time for your Hospital or Health Center to consider a retail pharmacy strategy of its own? Some Hospitals and Health Centers own retail pharmacies, but opportunity still exists to improve the patient experience and provide financial benefits to the organization.
Why You Should Consider a Retail Pharmacy Strategy
Now may be the right time to consider taking action based on the following:
- Patients continue to struggle with medication compliance and availability of needed medications often leading to hospitalization or readmissions.
- Some pharmaceutical manufacturers have reduced the 340B Program opportunity for indigent or underinsured patients of Hospitals and Health Centers that do not own a retail pharmacy by limiting availability of 340B Program priced diabetes, pulmonary and cardiovascular medications.
- Large retail pharmacy chains continue to reduce the clinical services they offer, which affects patient’s access to care.
- Transportation and risks associated with visiting local pharmacies hinder at-risk populations that need medications the most.
- Pharmacy benefit managers continue to help inflate drug prices and limit patient choice options creating confusion and struggles for patients.
Patients of your Hospital or Health Center may struggle to receive proper pharmaceutical care needed to support all medical needs. Wouldn’t it make sense to assist in controlling the narrative and provide a simple solution for patients using your own retail pharmacy strategy?
Benefits of a Retail Pharmacy Strategy:
- Expand the patient experience and improve health outcomes.
- Increase access to needed medications and provide convenient pharmacy care.
- Improve patient compliance and reduce hospital admissions and readmissions.
- Provide patient access to reduced priced medications using the 340B Drug Discount Program.
- Improve brand loyalty for Hospitals or Health Centers.
- Increase pharmacy availability for employees and associate members of the organization.
- Help reduce overall drug spend for Hospitals or Health Centers.
If you would like to evaluate the pharmacy opportunities for your Hospital or Health Center, Blue’s Pharmacy Consulting Group can be your trusted advisor. We have assisted numerous clients in determining if a retail pharmacy strategy is the right option for many health care clients. If you have any questions, please reach out to one of the Blue Pharmacy Consulting Group / 340B ACE Consultants.
