Pharmacy Market BUZZ

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It’s the Perfect Time for Retail Pharmacies and Clinical Labs to Work Together

I recently had the privilege of presenting at my first Executive War College. It was a great opportunity to address laboratory and diagnostic leaders about the common challenges and opportunities shared between laboratories and the pharmacy sector. One of the most common shared challenges is downward pressure on reimbursement rates. Both the diagnostics business and the pharmacy business are about serving more patients, and revenue compression makes this difficult. 

There are several current trends that affect both laboratories and pharmacies, including: 

• A continued, exponential increase in healthcare costs.

• An increase in missed clinical visits―while predicated on the COVID-19 pandemic, a significant gap persists 

• Patients are receiving more clinical services at pharmacies including vaccinations, test-to-treat for COVID-19, strep throat, or flu, HIV PrEP and PEP, and chronic disease management. According to a J.D. Powers 2021 US Pharmacy Study, 51% of pharmacy customers have used health and wellness services at the pharmacy in the past year. Read more >

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