Price inflation is a persistent challenge in the pharmacy industry, posing significant financial pressures on pharmacies and impacting patient access to affordable medications. As the cost of pharmaceuticals continues to rise, it is crucial for pharmacy professionals to proactively address this issue in order to ensure the sustainability of their businesses and the well-being of their patients. In this article, we will discuss strategies and best practices to help pharmacies get in front of price inflation and navigate this complex landscape.
1. Monitor and Evaluate Drug Pricing Trends:
To effectively combat price inflation, pharmacies must closely monitor drug pricing trends. Stay updated with industry news, market reports, and regulatory changes that may impact pharmaceutical costs. Consider subscribing to pricing databases or utilizing technology solutions that provide real-time information on drug prices, including wholesale acquisition costs (WAC) and average wholesale prices (AWP). This knowledge will enable pharmacies to identify price increases early on and adjust their pricing strategies accordingly. Read more >
Net-Rx™, an MHA Solution, has specialized in providing operational and software-driven solutions exclusively for pharmacies for more than 15 years. Led by industry experts, Net-Rx™ solutions drive operational excellence and optimum financial performance across reconciliation, reimbursement verification, and prescription pricing.
