“According to the National Community Pharmacists Association’s 2018 Digest, 73% of independent pharmacies are immunizing. As of December 2018, more than 340,000 pharmacists have been trained to administer vaccines across the patient lifespan, reports Drug Store News.”
Nearly half of consumers have abandoned a medication prescribed by their physician because it was too expensive, according to a survey released today by DrFirst, the nation’s leading provider of e-prescribing and patient medication management solutions. At a time when the federal government is pushing a variety of measures to make prescription drug prices more transparent to consumers, the nationwide survey revealed that fully 73% of consumers would change pharmacies if they knew that doing so would save them money on a prescription.
Despite all of the changes in the health care industry, customer satisfaction with pharmacies has remained relatively stable, according to the J.D. Power 2015 U.S. Pharmacy Study. PharmacyÛªs focus on customer satisfaction sets the bar for the health care industry.
Although fully one-third of patients use multiple pharmacies to fill their prescriptions, 9-of-10 say they actually do have a preferred pharmacy, according to a recent survey. Just 2% of survey respondents named a mail-order provider as their preferred pharmacy. 85% of patients surveyed report they would switch from their preferred pharmacy for some degree of cost savings at another retailer if their co-pay were to increase.
A significant growth opportunity for independent pharmacy may be in its sales of over-the-counter products, according to new research from Hamacher Resource Group. U.S. retail pharmacy sales (i.e. prescription drug business) at independents rose 2.5% to $44.70 billion in 2010, compared with a 1.3% increase to $106.58 billion by chain drug stores, according to data from IMS Health and the National Association of Chain Drug Stores.
According to J.D. Power and Associates’ annual national pharmacy study, customers with higher satisfaction scores are financially beneficial to their pharmacies through increased rates of loyalty and advocacy and higher revenue per visit. Highly satisfied customers are three times more likely to say they “definitely will” return to their pharmacy and are ten times more likely to say they “definitely will” recommend their pharmacy, compared with customers with low satisfaction. “Pharmacies have an opportunity to grow their business and better position themselves for the future by improving satisfaction levels among their customers,” said Jim Dougherty, director of the healthcare practice at J.D. Power and Associates. Based on national average spending by pharmacy customers, a highly satisfied customer may generate $227 in additional prescription revenue each year.