This trend of pharmacies going from mere medication dispensers to full health centers is not just a U.S. phenomenon.
Medical marijuana is a polarizing topic, especially among pharmacists. Still, even the most conservative traditional healthcare professionals are unable to deny the attraction of medical marijuana’s more controlled cousin, Cannabidiol (CBD). From the strict regulation on active ingredients (only .03% THC is permissible under the 2014 Farm Bill section 7606), to the staggering profit margins (40-50%, on average), CBD seems to be the miracle product that could financially offset the diminishing returns on more traditional pharmaceuticals.
Everywhere you turn, there seems to be a new set of laws looking to regulate the practices and goals of Pharmacy Benefit Managers (PBMs). While for the past decade, much of this legislation has trickled in on a state-by-state basis, Congress took the hint and jumped on the bandwagon in October of 2018, passing the Patient Right to Know Drug Prices Act into law.
An independent pharmacy is only as good as its inventory, so it makes sense to manage it effectively. Knowing how to trim the fat off your inventory management practices can keep your pharmacy leaner, more effective, and more financially stable as well as support your customers’ needs first.
In late December, the President signed the 2018 Farm Bill into law. The Farm Bill is a re-authorization of US agriculture and nutrition policy that is considered by Congress every 4-5 years. The very last paragraph of most recent Farm Bill contained a bit of unexpected policy: legalization of hemp.
The future of the independent pharmacy is at a critical point in its development. Increasing competition with national brands, a drop in prescribing physicians, and the trend towards e-pharmacies and doorstep delivery of medications has given many independent pharmacists reason to ask: what will the future look like for the local pharmacy?
Thank you to all the wonderful pharmacists that help manage healthcare for the well being of the public!
With the holidays behind us, this year is revving up to be a high-impact year for independent pharmacies across the nation. Nowhere is this more apparent than with the upcoming full adoption of the newly aligned USP General Chapters ,, and on December 1st, 2019.
From our families to yours, we wish you a very happy and safe holiday!
With last year’s flu season causing over 80,000 American deaths, 1 it seems more Americans would be alert to the dangers of the flu season. A Walgreens survey found that 70% of Americans are planning to get the flu shot, but 32% said they hadn’t been vaccinated in at least three years even though most said someone in their family had suffered from the flu in recent years...