Building Small Pharmacies
Building small pharmacy locations is a strategy for companies expanding into a new market. With the pharmacy industry roll-up many small pharmacies have already been purchased, and others have shut down due to the cuts in reimbursements and increase in restrictions from Pharmacy Benefit Managers (PBMs).
Over the past few years there have been a number of companies who have used the strategy of buying small pharmacies. Having a number of small pharmacies, each licensed in several states, allows a pharmacy conducting business by mail order to stay in compliance with specific regulations and restrictions. Unfortunately, with fewer small pharmacies available in prime locations, some drug store companies will need to change their strategies from buying to building.
Due to the changing strategies of expanding pharmacies, www.PharmacyValuations.com has put together a building team. We have a system is in place to build and license small retail pharmacies in states where pharmacy owners are expanding their business. Building small pharmacies, or kiosks, can provide drug store owners access to new profits.
Kiosks are a free-standing physical structures, manned or unmanned, that provide products or services. When related to pharmacy one might think of a blood pressure kiosk inside a pharmacy location. However, with today’s changing technology pharmacies themselves can become a kiosk.
Pharmacy kiosks can be located in high traffic areas where a full-sized pharmacy might not be feasible – such as train stations or airports. They can also be placed in areas where the customer traffic is slower, but more targeted, such as a heart medication kiosk placed in the medical building of doctors specializing in heart disease.
Is your company shipping to states where you don’t have a physical location?
Does your company have an expansion strategy?
If so, PharmacyValuations.com can complete a build-out of a retail location with:
1. All licensing and PBM contracts.
2. Quicker time line than acquisitions.
3. No inherited problems from acquired pharmacy.
4. No risk of insurance claw-backs due to previous owner.
5. Smaller budget than acquiring most small pharmacies.