1. Independent Pharmacy Ownership
Challenges and Opportunities

2. Presenters Ashley Seyfarth, PharmD Joseph Daniel Cross, Rph, PhC
Michael Raburn, Rph
Brian Hunt, PharmD
Mona Ghattas, Rph

3. Learning Objectives
Describe the current market landscape and recent industry trends regarding independent pharmacy, both locally and nationally
List the potential mechanisms through which an independent pharmacy can be opened or acquired
List factors that should be considered for the development of a successful independent pharmacy
List technologies and other programs or resources available to help independent pharmacies manage workflow and general business activities
Compare basic challenges and rewards associated with independent pharmacy
Evaluate the importance of staying engaged politically, professionally, and civically as an independent pharmacy and list examples of independent pharmacy driven initiatives.

4. Current Market - Nationally

5. Current Market - Nationally

7. Current Market – New Mexico

8. List the potential mechanisms through which an independent pharmacy can be opened or acquired.

9. Relationships Community Pharmacy Internships
Build relationships with Independent Community Pharmacy Owners
Most independent pharmacy owners want to help.
Discuss exit plans and time frames with existing pharmacy owners.

10. Pharmacy Transition Buyer Services

11. Pharmacy Transition Buyer Services
Your dream is to own a local pharmacy. Our dream is to help you achieve your goals.
 From business development and business strategy to financial planning and networking, Cardinal Health is dedicated to being your strategic partner on your path to ownership.
Whether you are a student, a current owner or are ready to buy, sell or franchise a community pharmacy we have solutions designed to help you at each stage of your ownership journey. 

12. Want to Own and Work for Yourself
Starting from scratch is extremely difficult.
Develop relationship with existing independent pharmacy owner looking to transition
Wholesaler and buying group transition services want to help
Patience
Sweat Equity

14. Development of a Successful Independent Pharmacy
*Considerations

15. Research - Do Your Homework!

16. Location, Location, Location!

17. Capital - $$$$$$?

18. Staff:
Pharmacists?
Technicians?
Clerks?
Maintenance?
IT?

19. Marketing – Create Your Brand!

20. Provide Service With Excellence

21. Workload – Can You Commit?

22. Relationships – Are You a “People Person”?

23. Be Involved – Network!

24. Give Back – Nobody likes Scrooge!

25. Go For It! – You Can Do This!

26. For workflow and business
Technology
For workflow and business
Computer system
IVR
Website interface
iPad mobile delivery

27. Technology
For workflow and business

28. Technology
For Patients and Convenience

30. The Importance of Staying Engaged or…

31. …the work after work.

32. “…If you don’t stand up for yourself, people aren’t going to think you can stand up for them.”
- Sidney Blumenthal

33. Be an advocate… …for your business …for your community
…for your profession
…and, most importantly, for your patients.

34. Join Forces State Pharmacists’ Associations
National Independent and Community Pharmacy Associations
Professional Advocacy Groups

36. National Advocacy Efforts
Independent pharmacists have played a critical role in…
Influencing the introduction of ban ons retroactive pharmacy DIR fees in the U.S. Senate and House of Representatives.
Pressing Congress to include language clarifying congressional intent—and reining in FDA overreach.
Influencing Medicare to require that PBMs regularly update MAC pricing.
Banning proration on covered "short-cycle" prescriptions for LTC. Pharmacies.
Protecting pharmacy compounding from a congressional push to effectively ban it.
Saving every retail pharmacy outlet in the U.S. $70,438—or $4.015 billion in total.
Doing all this and more!

37. Local Advocacy Efforts
Transaction Fee Bill (SB 77|HB 122): made it illegal for pharmacy benefit managers (PBMs) to charge a New Mexico pharmacy or pharmacist a fee for any action related to the adjudication of a claim.
MAC Transparency bill (HB 126): increased the transparency required of PBMs in setting and adjusting MAC prices
Adequate Medicaid Reimbursement: (SB 425..did not pass House): sought to direct the Secretary of Human Services to review and adjust the dispensing fee based on average pharmacy costs
Pharmacy Audit Rights ( adherence to Section , NMSA 1978 as required by HB 126)
Support for pharmacist prescriptive authority (immunizations, birth control, tobacco cessation)
Support for measures to improve access to naloxone

38. No pharmacy is an island…
It is imperative that independent pharmacists collaborate with pharmacy professionals from all practice settings for the advancement of our profession and the care of our patients.

39. What’s Next? Provider Status PBM Clawbacks DIR Fee Transparency
Fair Reimbursement

40. Independent Ownership
Challenges
Financial risk
Workload
Liability
Rewards
Practice autonomy
Financial gain
Professional/Community influence
Patient/customer relationships

41. References:
10 Things To Consider Before Opening a New Pharmacy Location. Elements: PBA Health; November 7, 2016.
10 Business Skills Every Pharmacy Owner Need to Know. Elements: PBA Health; November 21, 2017.
10 Prescriptions for a Successful Independent Pharmacy. Elements: PBA Health; December 15, 2015.