Pharmacy Marketing and Sales: Article

In today's competitive pharmacy industry, it is crucial for pharmacists and pharmacy owners to focus on marketing and sales in order to stay profitable and serve their patients effectively. But with so many options and strategies available, it can be difficult to know where to start. Here are insights on the most effective approaches to pharmacy marketing and sales.

According to Nicolette Mathey, PharmD and owner of both an independent pharmacy and a consulting firm, ATRIUM24, "finding a niche and taking an individualized approach to sales and marketing is key. This means identifying what is profitable and aligns with the pharmacy's passions, profits, patients, and payers, and then effectively marketing those services to the community." Mathey notes that it is important to not just focus on brand awareness, but also on closing sales and finding ways to bring in business.

Mike Koelzer, host of The Business of Pharmacy Podcast, adds that "in today's day and age, you can think marketing, but you always have to think about closing. And I don't mean that in a real aggressive way, but you always have to think about closing the sales instead of just getting your name known. That's just not enough anymore."

One common challenge faced by pharmacists and pharmacy owners is the need to balance the demands of running a business with the desire to serve their patients and the community. This can be especially difficult in today's reimbursement landscape, where volume is no longer the main driver of profitability. Mathey advises pharmacy owners to take a close look at their profit and loss statements and identify the services that are most profitable for their business. This could be anything from specialty medications to over-the-counter products to consulting services.

Once the pharmacy has identified its niche, it is important to be proactive in marketing and sales efforts. This could involve detailing to doctors and other healthcare providers, networking with community organizations, or finding creative ways to reach out to potential customers. Mathey notes that pharmacists can be hesitant to engage in sales and marketing efforts, as it can be outside their comfort zone or perceived as "salesy." However, she emphasizes the importance of being proactive and putting in the work to grow the business, rather than just talking about it.

In the end, successful pharmacy marketing and sales requires a balance of understanding the needs of the business and the community, and being proactive in finding ways to meet those needs. With the right approach and strategies, pharmacists and pharmacy owners can effectively market and sell their services, leading to increased profitability and the ability to serve their patients and communities to the best of their ability.

For more insight on pharmacy marketing and sales, listen to the associated podcast featuring industry experts Nicolette Mathey, PharmD and pharmacist Mike Koelzer. Mathey advises finding a niche and taking an individualized approach, while Koelzer emphasizes the importance of closing sales. Both offer valuable insights for pharmacists and pharmacy owners.

The Business of Pharmacy Podcast? is an interesting and entertaining weekly podcast discussion on the business of pharmacy. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers a new topic relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.