A constant rise in the price of medication from big pharmacies has led many people to explore other options. Boutique pharmacies are a new trend that has cropped up to handle medications for common chronic conditions. To stay in operation against these big pharmacies with what seems like unlimited resources, boutique pharmacies should be implementing the following tips to cut costs.
Offer Generic Medications
One really great way to cut costs as a boutique pharmaceutical company is to switch from brand name medications to generic. You’ll enjoy lower purchase prices on these products and a bigger revenue margin. In addition, your clients will love the fact that their medications can be cheaper with your boutique pharmacy instead of what they pay at the big guys. This can lead to more loyal customers for your business as well as cost savings for you.
Create Relationships With Clinics
It’s in your best interest to create relationships with local clinics in your area. This way, they recommend their clients to go to your pharmacy over other ones in your area. A full service clinical research organization can give you a list of clinics in your area that prescribe the types of medications that you offer at your boutique pharmacy. Consider creating lasting relationships with clinics more important than traditional advertising. They’ll send you targeted clients on a regular basis and the best part is that you won’t have to pay for it.
Negotiate Prices Often With Your Vendors
It’s common knowledge that when you first get an account with a vendor, you’re not getting the best prices on your supplies. Vendors reserve better pricing for customers who buy supplies often and in bulk amounts. You should evaluate the number of medications that you’re selling and try and negotiate for lower prices. You may need to bulk order some supplies to take care of this discounted pricing. It’s best to reevaluate your sales records every three months to see if you have any leverage for negotiating better prices with your supplier.
Boutique pharmaceutical companies are a fairly new innovation that is changing the way that citizens are purchasing their prescription medications. While competing with the big pharmacies for clients can be a challenge at first, there are multiple ways you can overrun them to take most of the clientele in your sector. The above are just three of the many ways you can work to reduce your costs while trying to gain more clients for your boutique pharmacy.
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.