The financial news is not good for the nation’s independent pharmacies. The 2024 NCPA Digest reported that gross profit margins fell to an all-time low of 19.7% during 2023, “the lowest point in the NCPA Digest Report’s 10-year lookback window.” The decline is driven by factors including reduced reimbursement rates, increased drug costs, arbitrary pharmacy benefit manager (PBM) practices, and the overall effects of inflation.
The situation has forced many pharmacies to close their doors, with the number of independent pharmacies falling from 19,432 during 2023 to 18,984 stores as of June 2024. That’s a loss of more than one pharmacy per day, the analysis notes. Read More >
