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Partners in Compounding 9.15.14
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In This Issue

September 16, 2014

 

IACP's award-winning Corporate Partner program engages corporate leaders in the pharmacy compounding community by connecting them with IACP’s more than 3,600 Members. We encourage all IACP Members to support these corporate partners that are instrumental in our joint effort to protect and grow this vital part of quality health care. For a complete listing of IACP Corporate Partners,
click here.

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IACP is proud to acknowledge the now 58 diverse leading companies representing the IACP Corporate Partner Program. This new monthly newsletter, Partners in Compounding features up to three Corporate Partners and their products and services in pharmacy compounding to help improve your practice. IACP Corporate Partners are crucial allies in our mission to protect, promote and advance the art and science of pharmacy compounding by providing funding and in-kind support throughout the year.

We urge you to show your appreciation of IACP’s Corporate Partners. When you make purchasing decisions, consider the companies that have invested in our profession by being Corporate Partners of IACP.

For more information about IACP's Corporate Partner Program, click here or email Meridyth Moore at Meridyth@iacprx.org.

Please visit our Corporate Partners' web sites by clicking the links below.
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Corporate Partner Since 2013

DYNALABS is a quality assurance company that utilizes its core capabilities of analytical testing, data analysis and consultation to help its clients continuously improve. DYNALABS has been servicing the compounding and hospital pharmacy market since 2004 providing chemistry, microbiological, and consulting services. Equipped with the latest technologies, such as the Scan RDI, and staffed with well trained and qualified scientists, we are committed to providing the highest level of service for any project, large or small.

DYNALABS has a long standing relationship with the Food and Drug Administration. In June of 2014, we hosted a 3 day FDA Quality Systems inspection. No 483 observations were noted, and our quality systems were found to be compliant with cGMP regulations as defined in 21 CFR 211. Additionally, the observations from our 2012 inspection were reviewed and noted as fully implemented with no further action required. We will continue to evaluate and improve our processes to remain compliant with regulatory requirements and customer expectations.

Corporate Partner Since 2013

THE BEST STRATEGIES TO INCREASE FRONT-END SALES IN A COMPOUNDING PHARMACY

Why is it essential to increase front-end sales? Because of the long-term trends of
  • Eroding Rx margins
  • Increasing expenditures for health/wellness/nutrition.
In addition
  • Front-end margins are not controlled by any government agency
  • Their average gross margin are ca. 40%-50%
  • There is an increasing reliance on self-care
  • The FDA is continuously approving Rx/OTC switches.
In pharmacy chains the ratio of Rx to front-end sales is about 40/60.

How can the independent pharmacy increase their front-end sales? Essentially by stopping to be a Rx filling station + convenience store and Instead becoming a top health care and wellness destination.

What makes any business successful:
  • Solving the most critical problems
  • Of its specific customers
  • Better than any of its competitors.
You have to ask yourself these questions:
  • Which customer groups am I serving in my specific location?
  • Of these - who are my preferred customers?
  • What are their most important health/wellness related wants/needs?
  • Which of these are presently not answered neither by myself or my competitors?
  • If I don’t have the optimal solutions, which providers do and how can I cooperate with them?
To keep your competitive edge you have to:
  • Keep listening to your most important customers
  • Avoid commoditization of products/services
  • Customize your products/services
  • Focus on your strengths compared to your competitors.
Which product categories should the compounding pharmacy focus on? You have to make the transition from an Rx driven to a front-end driven generation of profits. High potential categories in this respect are skin care, anti-ageing, cosmeceuticals, nutraceuticals, Aromatherapy, fitness, testing devices, DME, Dx and clinical services (e.g. MTM).
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International Academy of Compounding Pharmacists

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