SHELF OBSESSED

Data touches every area of our lives. Some of the biggest companies in the world got that way only in part because of their products or services. The secret to their growth has been in combining granular analytics to supply chains, logistics, inventory management, and customer experience. As the owner or manager of a pharmacy, you may not be looking to grow the next Amazon or Walmart, but that doesn’t mean you can’t learn a thing or two about pharmacy analytics to maintain your competitive edge. Like our clients, Shelving Design Systems has had to evolve with the times. Here’s some of what we’ve learned about the intersection of analytics and pharmacy shelving design.

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The retail pharmacy industry is undergoing a significant transition, and independent pharmacy owners who are able to adapt to the rapidly changing trends will find themselves positioned well to profit from some newly created circumstances.

It's been 50 years since the Medicare program was enacted, and since its inception, millions have signed on to this federal insurance program. At last count more than 55 million Americans were currently receiving benefits from the program. Medicare Part D, which went into effect in January 2006, is a prescription drug plan that, according to The U.S. Department of Health and Human Services 2015 Budget in Brief, has more than 40 million participants enrolled, most of whom are seniors, aged 65 and older. It's estimated that seniors fill nearly 30 prescriptions per year at retail pharmacies, compared to only about half that number being filled by individuals between the ages of 19 and 64.

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For many owners, a viable pharmacy strategy for 2016 must include the consideration of getting their drug store certified as a specialty pharmacy. Statistics now show that the market for specialty drugs is growing so quickly that soon it will comprise a full 50% of the total dollar amount of the drugs dispensed in the U.S. each year. Pharmacies opting out of this segment of the industry are likely to fall behind those who are willing to actively pursue this lucrative area of drug dispensing.

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As an independent pharmacist, you do everything you can to serve your customers to the best of your ability every day – and that includes keeping up with emerging pharmacy trends. Recent trends in pharmacy, like the establishment of pharmacy clinics (for patients' non-emergency healthcare needs), are a great way to boost your bottom line and help your customers and patients out at the same time.

But there's one among the old pharmacy trends that's making a comeback: the soda fountain. Today's incarnation also includes a coffee bar as customers look for alternatives to supermarket and fast food resources, and place more value on having centralized meeting places for building a community.

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