Successful pharmacy owners know they need to always keep an eye on the bottom line. Pharmacy Consulting Broker Services reviews financial information and wholesaler contracts for pharmacies all across the country and would be happy to provide you with a free review of your pharmacy. This can help you make more money immediately as well as creating future value if and when you decide to sell your pharmacy.
Pharmacy Wholesaler Prices
You’d be surprised at the differences I see in price with similar sized pharmacies using the same wholesaler in the same state and even in the same city. You can have two stores in the same state getting vastly different prices from the same wholesaler. What I can do is show you ways to evaluate wholesalers and the programs they have and cut through the smoke and mirrors to determine what’s the best deal for you.
How To Avoid the Generic Compliance Ratio Trap
What you also have to be aware of is the Generic Compliance Ratio and the issues surrounding that. I call it “the GCR trap.” You see wholesalers actually punishing pharmacies for purchasing more product. This happens when an expensive brand name comes on the market and you’re buying a greater total cost of goods per month but since more of its brand it throws the Generic Compliance Ratio off, your percentage goes down, and your rebate goes down. I’ll work with you on how to avoid that.
Get Started Increasing Your Pharmacy’s Value
If you’re not under current contract with your wholesaler or a prime vendor agreement, give me a call. I’ll show you ways you can lower your cost of goods. I can do a free cost of goods and profit analysis and show you how to increase the future value of your pharmacy.