It takes considerable effort to maintain profitability while delivering first-rate patient care in the fast-paced world of pharmacy. The problems faced by pharmacy professionals are numerous, ranging from escalating operating expenses to negotiating the constantly shifting regulatory environment.
The perception that continually pursuing the lowest price is the best option is the biggest obstacle of all. In this blog, we’ll explore some of the most important findings from our in-depth white paper, highlighting the difficulties that pharmacies face in the current market, the reasons why the cheapest price isn’t always the best value and how SureCost equips pharmacies to meet these difficulties and adjust for maximum savings.
The Challenges of Pharmacy Purchasing:
Rising Operational Costs
Operational costs are continually rising in the environment that pharmacies operate in. These expenditures include a wide range of expenses, including rising drug pricing and the cost of maintaining appropriate storage conditions for temperature-sensitive medicine.
In 2021, overall pharmaceutical expenditures in the US grew 7.7% compared to 2020, for a total of $576.9 billion. Utilization (a 4.8% increase), price (a 1.9% increase) and new drugs (a 1.1% increase) drove this increase.
As our white paper demonstrates, these increasing expenditures can have a major negative impact on a pharmacy’s bottom line. To sustain profitability and uphold the best levels of patient care, it’s necessary to constantly look for cost-effective ways. Read more >
