Looking Beyond PBMs for Revenue Opportunities
Pharmacy revenue needs to diversify, so what's out there?
As pharmacy enters 2023, the need to diversify revenue will be more important than ever said Lisa Faast, PharmD, DiversifyRx CEO, in her session "Top 3 Non-PBM Revenue Opportunities in 2023" at the Total Pharmacy Solutions Summit held on October 22, 2022. Relying on pharmacy benefit managers often leads to uncertainty, poor cash flow, and anxiety. Potential revenue streams could include point-of-care testing, pharmacogenomics, or cash prescriptions. Faast addressed common questions for each potential service, including regulatory issues and how each one added to revenue.
"I think we can beat any online pharmacy, hands down, because we're a real brick and mortar, in real life pharmacy. People still like to get real health care from real people and not from the mailman. And when you can offer the exact same price, or sometimes even better pricing frankly than some of the big guys, people will choose you. They like that personal connection, especially when it comes to health care, even the Gen Z-ers and millennials who are usually anti people," Faast said.
