As the world population lives longer, more people make use of medication and health products during their lifetime. The global pharmaceuticals market is already worth US$780 billion a year, and the figure is expected to increase dramatically in the near future.
The opportunities are great; but the pharmacy business is tough and competitive. Drugstores must manage and distribute medicinal products according to many complex laws and regulations. This means managing expiry dates effectively, handling prescription drugs according to legislation, calculating prices based on very diverse insurance schemes, and more.
Pharmacies are also expected to give competent advice to customers and provide a fast, professional and polite service. On top of that,margins on pharmaceuticals keep on shrinking, making the success of a drugstores increasingly dependent on a good selection of retail items alongside medications.
If your drugstore can’t offer all of this – because you are not focusing on service, or your management system is inadequate – you will be crushed by more forward-thinking chemists.
Is your pharmacy ready for great future revenue opportunities, or will you let your competition get ahead of you?