Business Tips – 7 Ways To Reduce Pharmacy Costs

If you run a pharmacy, you’re probably the first or the second person people come to when they have a health problem. People often altogether skip going to the doctor’s and go straight to the pharmacy because you can easily assist them and suggest the best therapy. This means that while it’s both a rewarding process, it comes with a lot of responsibility. On top of all that, it’s still a business, so it has to be lucrative. This means that you also have to pay attention to your costs and choose cost-effective measures that can only boost your pharmacy business.

Boost non-prescription sales

People don’t go to pharmacies just to get their prescription or a refill. They also need non-prescription medicine, over-the-counter medicine, supplements, vitamins, and everything else a person might need for a healthier life. But, to increase foot traffic in your pharmacy, but cost-effectively, you need profitable products in stock. Do your market research and gather as much data as you can to ensure your product list includes everything an average person might need.

Work on your pharmacy layout design

A pharmacy that is easy to navigate is what every customer dream of. Especially if they are in a rush or need a pain relief medicine or a particular type of supplement, they should easily find what they’re looking for. This is where a pharmacy floor plan can make a significant difference in the overall customer experience. So, focus on areas with high foot traffic and put the popular pairings on these shelves. For example, pair medicine for common colds with nasal sprays, because people who have a cold probably have a congested nose. Always think in terms of the best pairings and products people are most likely to buy if they get one product.

Customer service should be impeccable

Yes, we agree that people go to the nearest pharmacy whenever they can. This means that your primary customers will be people living in close vicinity. But, what if we told you that if you have impeccable customer service, people will always return ad this will also attract new customers? People love to be treated well, and assisted with the utmost care, empathy and knowledge. Make sure you hire knowledgeable people who love working with people. This will be a cost-effective business decision because you won’t lose old customers, and you’ll manage to retain new ones.

Invest in high-quality equipment

One of the worst decisions you can make is to buy cheap equipment because it will cost you more in the long run. So, if you want to reduce pharmacy costs, invest in high-quality equipment like the necessary pharmacy vaccine refrigerator, a pharmacy automation system, or anything else that might be costly to replace or repair along the way. By investing in high-quality equipment, you’ll have the initial investment, but you won’t have to worry about it later on, so it will ultimately reduce your pharmacy costs. Always choose high-quality, reliable, and durable over cheap and low-quality equipment.

Invest in your staff’s sales skills

Some staff members can easily persuade others to buy something extra, while others could benefit from learning more about sales. Sales skills are something that can be easily adopted with proper training. Especially in the pharmacy business, there are some unique pairings like antibiotics and probiotics. People who are given antibiotics as their therapy should drink probiotics as a precaution. Your sales team should know this and aim to upsell to your customers whenever this seems logical. The goal is to add value with your thorough customer service by offering health advice which will ultimately increase sales.

Use social media to your advantage

The fact that people spend from three to five hours on social media every day is something you can take advantage of. The fact that people are willing to spend as much on social media only means that they would be interested in high-quality content. So, use social media to your advantage to promote your pharmacy business with high-quality content. You can talk about common health advice and after each short video, invite people to visit your pharmacy for a personalized approach. This way people will remember our pharmacy and seek you out to learn more about the supplement you talked about in your most recent reel or tik tok video.

Improve your staffing model

By now, you probably know when the peak times are throughout your workweek. During this period, which can be different depending on the day of the week, you might need more staff members on the floor providing equal assistance to your customers. You don’t want people leaving your pharmacy because you’re short staff at that particular time. Determine your peak hours and improve your staffing model so each customer will receive high-quality customer care and attention.

Remember, customer retention is the key to running a profitable pharmacy business. Look into these seven business tips which will help you reduce your cost by making smarter business decisions.

Mike is an Australian business consulting specialist. He’s working with companies that outsource their IT maintenance. He often writes about technology, business, and marketing and is a regular contributor to several websites.