How to Choose Your Specialty Niche

PillsAs a pharmacist and business owner you struggle to stem the continual tide and barrage of greed and power from Insurance companies and PBM’s (prescription benefit managers) and mandatory mail order mandates being forced onto your patients, all under the guise of a massive lie- “It’s cheaper and lowers healthcare costs”. Many of your patients are not coerced by this big lie, they are wise and realize that their health depends on the great relationships and care that they receive form their local pharmacist- you-! The Insurance companies and PBM’s penalize the patient, with higher copayments, and you, with lower reimbursement, dramatically shrinking the margins in your pharmacy.

How do you overcome these obstacles? How do you continue to grow your pharmacy business and make a difference in the lives of your patients?

You need to stand out and be different from the crowd, “Think Outside the Pill Bottle”, and pick your Specialty niche by following your passion, by choosing a specialty that you Care deeply about. By creating a Specialty niche in your pharmacy you are narrowing your focus, but at the same time you can attract more patients, by becoming the expert and authority in the niche you choose.

 

How to Choose Your Specialty

  1. What specialty interests you? You must be interested in the specialty or specialties that you select, such as compounding, HIV, hepatitis, oncology, multiple sclerosis etc.
  2. Find a need in your local community. Is there a need in your local community and a gap you could fill for specialty patients
  3. Do market research
  4. Who are your competitors and how would you compete with them