Pharmacogenomics: The Future of Pharmacy Revenue – How Personalized Medicine Can Boost Your Income Without the Overhead

In the ever-evolving landscape of pharmacy, staying ahead of the curve is crucial for success. Pharmacogenomics (PGx) offers an unparalleled opportunity for pharmacy owners to not only provide cutting-edge personalized medicine services but also to increase their revenue with minimal investment. Many pharmacy owners are already seeing an additional $60K+ in annual income by incorporating PGx into their practice, while benefiting from a flexible business model that can adapt to any workflow.

Why Pharmacogenomics?

Pharmacogenomics is a game-changer for modern pharmacy practice. By leveraging genetic data, pharmacists can personalize drug therapy to ensure patients receive the most effective medications with fewer side effects. This approach enhances patient outcomes while positioning your pharmacy as a leader in personalized healthcare. Plus, PGx integration is dynamic and can be tailored to your specific workflow, whether you're in a high-volume retail setting, working in a clinical environment, or managing an independent pharmacy.

Key Statistics and Industry Insights:

• A study from the American Journal of Health-System Pharmacy found that pharmacogenomic-guided prescribing improves medication efficacy and reduces adverse drug reactions by 30-50%.
• The global pharmacogenomics market is expected to grow at a CAGR of 8.5% from 2023 to 2030, reaching over $10 billion. This demonstrates the expanding demand and revenue potential for pharmacies investing in PGx.

How Pharmacists are Structuring Their PGx Payment Models

Pharmacists are using a variety of payment models to integrate PGx into their practice. The key to success is creating a payment structure that aligns with the needs of your patient base and the level of service you’re providing. Here’s a breakdown of common PGx payment models:

1. Direct Pay Consultations:
2. Subscription or Membership Models:
3. Insurance Reimbursement and Hybrid Models:
4. Employer and Institutional Partnerships:

Real-World Success:

Pharmacists across the U.S. are leveraging PGx to transform their practices, demonstrating how flexible and dynamic this business model can be:

• Dr. Andrew M., a pharmacist working with a local mental health nurse practitioner (NP), has found a unique way to implement PGx testing. The NP offers patients two PGx options: the clinic’s test or Dr. Andrew’s test, which includes an additional $50 consultation. "In just two weeks, we tested 14 patients. Though $50 is lower than my typical fee due to the patient’s financial situation, they appreciated the service, and now their family members are reaching out, willing to pay full price for more comprehensive consultations. It’s a dynamic process that’s evolving, and it’s exciting to see how this approach can fit into any practice model," says Dr. Andrew.

This adaptability highlights that whether you're in a community pharmacy or clinical setting, PGx services can be molded to meet the needs of your patients and workflow.

Start Your PGx Journey Today

As pharmacy owners look for innovative ways to grow revenue without increasing overhead, PGx stands out as a future-proof solution. The integration is seamless, the benefits are clear, and the financial upside is impressive. Best of all, it can be adapted to fit any workflow model, making it a versatile solution for all types of practices.

Ready to learn more? Book a call today and explore how the Precision Medicine Hero (PMH) course can guide you through the process of implementing PGx in your pharmacy.

Or, watch our free webinar – "101 Ways Pharmacists Can Bring Precision Medicine to Their Community – No Prior Experience Required" – to see how pharmacists like you are transforming their practice and revenue with PGx.

By Dr. Melissa Smith PharmD, CPH Precision Medicine Advocate | Director of Community Engagement and Professional Mentorship