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Chain Drugstore Daily 1 9 Saturday, August 24, 2019 Thinking Beyond Dispensing to Improve Financial Results By Lari Harding, Vice President, Strategy & Marketing, Inmar The last three years have been tough for retail pharmacies. Reimbursement rates have declined, formularies are now more complex, preferred networks are becom- ing more aggressive, access to the spe- cialty drugs is limited, generic drug prices are deflating and DIR fees are con- suming more than two percent of sales revenue. The result is a retail pharmacy business that is struggling to generate sufficient sales volume to overcome a very thin margin. It's becoming increasingly difficult to make money in the retail pharmacy business. But it's not impossible, if retail- ers are willing to think beyond dispens- ing and pursue strategies that leverage existing assets as well as technologies and insights available from Inmar. Here are four strategies for improv- ing pharmacy financial performance. Capitalize on the convergence of healthcare, beauty and self-care. Seven percent of Google's daily searches are health related, equivalent to 70,000 every minute. Leverage your pharmacy's credibility along with your media assets (e.g. website, pharmacy app, facebook page, etc.) to aid consumers in this educa- tion effort. Demonstrate your understand- ing of their needs and consumers will make your pharmacy their first choice for primary care. But don't be overtly trans- actional; focus on creating trust and per- sonalizing both message and approach. Cater to the product assortment needs of the pharmacy shopper. Pharmacy shoppers, when properly engaged, will visit your retail location more frequently and their basket sizes will be larger. Recognize the full value of these shoppers – to both back of store and front-store – and provide recommendations of complementary front-store products to augment pre- scriptive treatments. Leverage the engagement capabilities available via Inmar-powered loyalty programs to create a frictionless experience that drives sales, builds relationships and protects patient privacy along with pharmacies. Prioritize in-store services and become a destination for healthcare. Your pharmacy probably offers vaccina- tions, blood pressure checks, etc. But, there's opportunity – and need – to deliv- er more. Make your pharmacy a health- care destination point, and you will grow both the utilization of your pharmacy and your clinical services revenue. By mak- ing more in-store services available, and supporting consumer need for conven- ience with whole health assistance, you can drive additional traffic and generate greater revenue. Determine your pharmacy's "sweet spot." How well do you know your customers? What is driving sales volume and shopper spend? The better you know your shoppers, the better you can engage them – and for that, you need Inmar Analytics. With Inmar Analytics you can turn available data into actionable insights and begin using your pharmacy as a growth driver for your entire retail business. By carefully focusing on exact- ly which products and services are deliv- ering positive return and determining precisely which consumer segments to target, there is a path to profitability. Retail pharmacy is well positioned to be more convenient and successful in provid- ing more comprehensive health solutions in a single, experiential destination. A prof- itable, thriving retail pharmacy business is possible; you just need to call Inmar, get creative and think beyond dispensing. For more information, visit booth #1151. High Quality, Consistent Supply: Keys to Amneal's Success Since 2002, patients, customers, physi- cians and pharmacists have trusted Amneal to consistently and reliably deliver quality pharmaceutical products. Indeed, Amneal views quality as a non- negotiable commitment – a core pillar to the company's success. It permeates every aspect of the business from R&D and manufacturing to packaging and dis- tribution, and it explains why the compa- ny has been so successful in keeping the trust it has earned. "Everything starts with quality and supply from a customer perspective," explains Andy Boyer, Executive Vice President, Commercial Operations at Amneal. "Operations, quality and regula- tory are key functional areas that are inte- grated to allow Amneal to be successful in delivering products of high quality and at high service levels." Quality-by-design has long been a fundamental part of Amneal's operations, and teams throughout the organization push for continuous improvement. The company looks for that same quality mind- set in new hires and continues to reinforce it through employee development. "Accountability runs throughout the organization," according to Joe Greer, Senior Vice President, Global Quality Management. "We embrace the concept that quality begins with each and every one of us, every day, across all roles and departments." The proof is in the numbers. Amneal has successfully completed more than 70 U.S. Food and Drug Administration (FDA) inspections across its 10 manufac- turing and three distribution sites. Last year it gained an impres- sive 72 Abbreviated New Drug Application (ANDA) approvals (62 final and 10 tentative) and launched a total of 42 products. The impressive statistics speak to a culture fully aligned with the high standards set down by the FDA. Amneal's supply levels and cus- tomer service also earn praise from busi- ness partners. Amneal consistently wins top honors from customers and business partners since it launched its own label of products in 2007. Supplier awards from every major wholesaler and distributor line the shelves of its Glasgow, Kentucky distribution and sales operations facility lobby. An impressive five HDA DIANA trophies for supply chain excellence round out the selection, along with recog- nition from the company's chain drug store partners. This summer marks the opening of a third Amneal distribution center in Glasgow, Kentucky. The new site was needed to handle consolidated logistics following the company's merger with Impax, as well as a rapidly expanding pipeline. Amneal continues to focus aggres- sively on building a diversified pipeline of complex, high-value products. Its generics R&D team successfully filed 31 ANDAs in 2018, 65 percent of which were non-oral solid products, creating a pipeline of 118 filings across various dosage forms. "We are committed to investing in our supply chain and are proud to consis- tently deliver one of best service levels in the industry," says Boyer. "We don't plan on relenting any time soon; we continue to work with our partners in supply chain planning to ensure the trend continues." For more information, visit booth #201 or go to www.amneal.com.