5 Unexpected Ways to Add Revenue Streams to Your Pharmacy
We understand how hard it can be to generate revenue as an independent pharmacy. From shrinking reimbursements to growing competition, no matter how many prescriptions you fill, it may not be enough.
Read on for some interesting ways to add revenue streams to your pharmacy.
1. Train Your Pharmacy Team to Cross-Sell
As a pharmacy, you already have the trust of your patients. They are looking to you to learn which supplements might be helpful for their general wellness. As you are aware, many prescriptions have the potential of causing drug-induced nutritional deficiencies. Patients may not be buying the right supplements or may be buying low quality supplements. Having a conversation to make sure they are purchasing the right quality supplements that are beneficial to their health will be meaningful to them, and also increase revenue.
Coaching your team to be helpful and asking customers which products they are looking for can open up the conversation to up-selling.
With CBD being a new market and Texas fully legalizing CBD in 2019, it’s a great opportunity that many pharmacies are now taking advantage of. Many consumers want to try CBD, but don’t know where to go to buy a reputable CBD brand. Supply your customers with a CBD brand they can trust, and they will keep coming back.
CBD can offer larger margins as it comes with a higher price-point and lower wholesale cost than most supplements.
When choosing a CBD line there are many things to take into consideration.
- Organically Grown Hemp – from USA Farms
- Independent Lab Test Results (COA’s) for every product
- Verified 0.0% THC
- Professional, Approachable and Compliant Packaging
- Diverse CBD Product Offering
- Made in a cGMP Manufacturing Facility in the USA
- Marketing Support for Wholesale Customers
- Easy Online Ordering for Wholesale Customers
- POP Displays and Educational Brochures to Increase Sales
Learn More about CBD for Wholesale >
3. Expand Your Front-end Offering with Unique Local Products
Shop local, this a trending theme right now, and also a great way to support local brands in your community. By carrying unique front-end products shoppers can’t find elsewhere, they will be coming back to your pharmacy each time they need more.
Local Products:
- Homemade soap
- Natural skincare products
- Local honey
4. Build an Incentivized Referral Program
Referrals are one of the fastest ways to get new patients to come to your pharmacy. Your referral program should offer an incentive to patients who refer someone to your pharmacy, for example, offer patients a 15% discount on their next OTC purchase when they refer a new patient to your pharmacy.
5. Carry Pet Prescriptions
Americans spent $95.7 Billion on their pets in 2019.
Differentiate your pharmacy and generate more revenue by catering to pet owners.
- Dispense pet medications
- Sell Pet CBD products
- Sell pet products in your front end
- Partner with a veterinarian
One CBD can help you add a CBD line to your pharmacy you can trust. Contact us today for more information.
