The Self-Employed Pharmacists Target Market (How to Become a Self-Employed Pharmacist – Part 7)

by Marvin on January 12, 2010

in Coaching Series

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Are you stress out enough yet? Are you tired of working in the same place, doing the same thing over and over? Are you ready to work with multiple clients in different locations to relieve the monotony? Ready to learn about the clients you’ll be working with?

So what pharmacies are starving for your services? Stay tuned; in this chapter we answer this very question.

If you’ve caught this coaching series in the middle, please take the time to start at the beginning of the coaching series and get yourself caught up!

Last week, I talked about “Two Essential Tools You Need to Conduct Business“.

So you now you know the tools you need in your arsenal to conduct business with a pharmacy. This week’s lesson is equally important.  Time for a breakdown of the pharmacies we’ll be targeting.

This lesson is titled “Self-Employed Pharmacists Target Market”.

It’s simple, independent contracting can work in any pharmacy environment that wants to save time and money.  Tell me what business doesn’t want to do that?

What a clearer breakdown?  Ok, I’ll break things down into three types.

Independent Pharmacy: A retail pharmacy not directly associated with any chain pharmacy.

They are pharmacist-owned, privately held businesses with various practice settings.

They include single-store operations, pharmacist-owned multiple store locations, franchise, compounding, long term-care (LTC), specialty, and supermarket pharmacy operation.

Independent pharmacy owners generally have high standards of customer service and strive to outperform chain pharmacy competitors. They are family oriented and treat their employees (and pharmacists) well.

According to NCPA, in 2007, there were 23,348 independent pharmacies in the U.S.  Independent pharmacies dispensed 1.4 billion prescriptions annually accounting for 41% of the retail prescriptions.

Average total sales amounted to $3.6 million per location and average prescription sales are $3.49 million per location.

Over 30 percent of independent pharmacy owners have ownership in two or more pharmacies. The average independent community pharmacy location dispensed 61,087 prescriptions (196 per day) in 2006, up slightly from 61,071 in 2005.

The independent pharmacy owner is a great target market. The reason being is because you will be working with other owners who are pharmacists too. They also left the big chains for probably the same reasons you did. The independent owners are innovative and know how to keep their business strong by offering niches. A good independent pharmacy owner is a big chains worst nightmare!

Closed Door Pharmacy: A pharmacy that provides pharmaceutical services to a defined and exclusive group of patients and is not open for dispensing to the general patient population and cannot be registered as a wholesale distributor.

Biggest advantage here for a pharmacist is that there is no direct contact with retail customers.  That’s right, most of the job involves sitting and checking prescriptions.

Hospital pharmacy: A pharmacy generally located within the premises of the hospital. These pharmacies usually stock a larger range of medications, including more specialized medications, than would be feasible in the independent setting.

Most hospital medications are unit-dose, or a single dose. Hospital pharmacists and trained pharmacy technicians compound sterile products for patients including total parenteral nutrition (TPN), and other medications given intravenously.

This is a complex process that requires adequate training of personnel, quality assurance of products, and adequate facilities.

Hospital Pharmacies hospitals differ considerably from independent pharmacies. These pharmacies typically have challenging clinical medication management issues whereas independent pharmacies typically have challenging business and customer relations issues.

Pharmacists who work in a hospital setting (referred to as clinical pharmacists) often specialize in various pharmacy disciplines such as hematology/oncology, HIV/AIDS, infectious disease, critical care, emergency medicine, toxicology, nuclear pharmacy, pain management, psychiatry, anti-coagulation clinics, herbal medicine, neurology/epilepsy management, pediatrics, neonatal and more.  Potentially dangerous drugs that require close monitoring are dosed and managed by clinical pharmacists.

Others: Keep in mind there are Home Health Care, Long Term Care, large and small retail chains

So there you have it.  At least three types of pharmacies to target your efforts.  Independents, Hospitals and Closed Door among others.

Next Week’s Lesson – How to Market to Your Target Market

We introduced you to your future clients and the situations they face. Use this knowledge when you meet with them.

Next week, we’ll cover how to market to these pharmacies we’ll show you what marketing techniques we recommend.

This concludes this week’s lesson. Make sure to keep these potential clients in mind and keep a sharp eye out in your area for potential pharmacy clients.

If you liked this article why not take advantage of your time now and leave us a comment or better yet sign up for our email newsletter and receive the entire Coaching Series Free.

In most hospitals in the United States, potentially dangerous drugs that require close monitoring are dosed and managed by clinical pharmacists.

Want to break away from the chain pharmacies? Need help getting started as an Independent Pharmacist? Want an advantage over the competition in your area? Check out our Starter Package!

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How to Market to Your Target Market (How to become a self-employed Pharmacist – Part 8)
January 18, 2010 at 11:12 am

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1 bognos April 29, 2010 at 3:28 am

its a nice and educative write up,I really gained

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