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Pharmacists can Find Top Prescription Medications at a Discount
Introduction
The Importance of Price Shopping in Pharmacy Inventory Management
Would you buy a new car without shopping around and comparing prices? Probably not. Well, the same principle applies to pharmacy inventory management. With inventory accounting for an estimated 70% of a typical pharmacy’s operating budget, and at a time when an alarming number of pharmacies are opting to stop carrying certain high-cost medications, shouldn’t a pharmacist invest the time to ensure competitive pricing?
In a perfect world, of course they would. But it’s far from a perfect world. For one thing, the National Community Pharmacists Association (NCPA) reports that pharmacists lose money on roughly 3 of every 10 prescriptions they fill. The numbers are worse for Medicare Part D prescriptions, with more than half of pharmacy owners saying they lose money on more than 60% of the Part D prescriptions they fill. This dire economic situation comes as pharmacists are also stretched for time, with most saying they simply don’t have enough hours in the day to complete their tasks.
How then, could a pharmacist possibly find the time to check pricing for the hundreds of drugs held in the pharmacy’s inventory?
The answer, naturally, is in technology. Technology-based solutions allow pharmacists to quickly compare pricing and optimize inventory management. The results can be amazing. One New York City pharmacist, according to Drug Topics, credited automated price comparisons with helping his pharmacy save between $2,000 and $3,000 per day in ordering costs.
PrimeRx MARKET: Save Time & Cut Costs with Real-Time Price Comparisons
Thousands of pharmacists rely on the PrimeRx MARKET solution to help guide their drug purchasing decisions. PrimeRx MARKET is an online prescription drug marketplace that allows direct access to more than 40 wholesalers and drug suppliers. A pharmacist simply types in a particular drug, and the system generates a list of pricing options.
PrimeRx MARKET not only helps pharmacies save significantly on costs but also frees up valuable staff time. With real-time price comparisons, staff no longer must individually check each supplier’s pricing—allowing them to focus on more critical tasks.
Pharmacies get instant access to pricing for every drug in their inventory and can effortlessly place orders with multiple suppliers—all in one place. It’s a smarter, more efficient way to manage purchasing.
Survey: The Growing Impact of Negative Reimbursements
A shocking survey by the New York City Pharmacists Society found that 92% of responding pharmacists said they had turned away patients in the last six months due to excessively low reimbursement rates. The survey also found that 98% have stopped carrying “some or all brand name drugs over the last six months to avoid sustaining crippling losses on those medications.”
Negative reimbursements are a growing concern for pharmacies, forcing many to dispense medications at a loss. With reimbursement rates often failing to cover acquisition costs, pharmacies are left in a difficult position—either absorb the loss or stop carrying certain medications altogether.
How PrimeRx MARKET Helps Offset Financial Losses
PrimeRx MARKET helps pharmacies minimize these financial losses by offering real-time visibility into drug pricing across multiple suppliers. Instead of relying on a single wholesaler or waiting for reimbursement surprises, pharmacists can compare costs instantly and make informed purchasing decisions that improve their margins.
By having immediate access to competitive pricing, pharmacies can identify cost-effective purchasing options that reduce the risk of filling prescriptions at a loss. This level of pricing control allows pharmacies to offset negative reimbursements, keeping essential medications in stock without sacrificing profitability.
With reimbursement pressures mounting, PrimeRx MARKET gives pharmacies the flexibility and insights they need to navigate today’s complex pricing landscape and make every purchasing decision count.
As these findings make clear, pharmacies are at a breaking point. But PrimeRx MARKET offers a lifeline in helping pharmacies manage during this period of extreme uncertainty.
