In his article, “The Number One Reason Why Pharmacies Fail,” Steve Rodriguez, PharmD, CMAA, emphasizes that the primary cause of failure among independent pharmacies is inaction. While external challenges like low reimbursements from Pharmacy Benefit Managers (PBMs) and regulatory changes are significant, Rodriguez argues that the decisive factor is the pharmacy owner’s willingness to take proactive steps.
Rodriguez outlines several areas where inaction can be detrimental, including neglecting continuing education, avoiding networking, lack of regular evaluations, absence of strategic planning, and procrastinating decisions.
The article concludes that success in the evolving pharmacy landscape hinges on decisive action. By investing in staff development, engaging in community outreach, strategic planning, and regularly evaluating financial health, pharmacy owners can build resilience and adaptability. Taking action is not just beneficial—it’s essential for survival and growth in the current market.
To read the full article, please click here.
When it comes to selling a pharmacy, strong financials and a solid infrastructure are two of the most important qualities that buyers will evaluate in a potential acquisition candidate. If you are thinking of selling your pharmacy or are curious about valuation and the current market, please contact us!
