Each year, SureCost conducts extensive customer analysis. Based on data from approximately 2,200 retail, long-term care and specialty pharmacies across the country, these studies share valuable insights into how pharmacies thrive in an increasingly complex industry. Respondents also relate how smarter purchasing empowers them to overcome these issues.
This blog post will summarize some key findings. For the full story of how pharmacies like yours drive savings and enhance their operations while ensuring compliance, download The 2023 Smarter Purchasing Report.
Save More By Purchasing Beyond the Top 200
Unfortunately, pharmacy professionals know the “opaque” nature of the pharmacy purchasing ecosystem too well. It was never designed for transparency.
Pharmacy purchasing means navigating a web of brand names, generic alternatives, product categories, wholesalers, secondary vendors, catalogs and purchasing interfaces. “The best price” is neither easy to find nor calculate. The lowest-priced item onscreen could yield the highest cost of goods sold (COGS) if it doesn’t meet compliance targets. And that high-price product might have been your cheapest option after reimbursement. Most pharmacies don’t have the time to pore through all the information and crunch all the numbers.
Unsurprisingly, pharmacies count on generic medications as their most affordable choices. Yet SureCost customers have discovered significant discounts buying the right generics. By shopping outside the “Top 200” generic medications, these pharmacies report an average COGS savings of 19%. That’s more than double the savings from sticking to the Top 200. For example, a pharmacy that buys outside the Top 200 with SureCost saves about 3% annually on average—roughly $90,000 each year! Read more >
