An independent pharmacy is a retail pharmacy that is not directly affiliated with any chain of pharmacies and is not owned (or operated) by a publicly traded company. Independent pharmacies are pharmacist-owned, privately held businesses in varying practice settings. They include single-store operations, pharmacist-owned multiple store locations, franchise, compounding, long-term care (LTC), specialty, and supermarket pharmacy operation. Independent pharmacy owners generally have more flexibility to build personalized customer relationships and they strive to differentiate their services from big-chain corporations.
In 2010, there were 23,064 independent pharmacies in the U.S. Independent pharmacies dispensed approximately 1.5 billion prescriptions annually accounting for nearly 40% of the retail prescriptions. The average independent pharmacy had total sales of approximately $4 million and average prescription sales of approximately $3.7 million per location (accounting for 92.5% of all independent pharmacy sales). Over 26% of independent pharmacy owners have ownership in two or more pharmacies. The average independent community pharmacy location dispensed 64,169 prescriptions (205 per day) in 2010, up from 61,071 in 2005.
The future of Independent Pharmacies
The number of independent pharmacies has been steadily declining over recent years due to the difficulty of competing with large chain corporations. Large chains have the advantage of a vastly greater reach and an abundance of resources, and sometimes independent pharmacies cannot keep up with the level of production. However, this is not the only factor.
Independent pharmacists still believe in the power of their services and continue to prove their importance. These community pharmacies strive to bring a level of care that goes beyond filling prescriptions. They offer more specialized, innovative services and a level of personal customer service that is unmatched. Due to their smaller size, they have a better connection to their local community and have the ability to get to know their patients beyond just their medications. For these reasons, many patients still prefer the personal touch of an independent pharmacy and the extra services that they can receive there.
There are also a variety of independent pharmacy associations, at state and national levels, that unify pharmacists so they can educate each other on how to move forward most efficiently. Joining these organizations and attending trade shows is a great way for pharmacists to get involved in the movement and constantly innovate their own pharmacies.
Patient services and niche practicing
Delivery services
The most commonly offered services by independent pharmacies are delivery services.
Durable medical goods
Most independent pharmacies provide durable medical equipment, such as diabetes testing supplies, therapeutic shoes for diabetics, prosthetics, orthotics and other supplies to meet essential health needs.
Compounding
Compounding pharmacists provide customized medications ordered by prescribers, sometimes when all other options will not work. Compounded medications are prepared by pharmacists for individual patients, often with special needs, and/or as a result of relationships with medical specialists, such as Dermatologists, Oncologists, Pediatricians, and Veterinarians who are unable to take medication in its originally manufactured form.
Diabetes training
Independent pharmacists provide diabetes care and management to help patients achieve therapeutic and lifestyle goals. Pharmacists screen patients at high risk for diabetes, assess patient health status, educate patients to care for themselves, monitor outcomes, and when appropriate, refer patients to other health care professionals. Some independent pharmacists provide patients with diabetes self-management education/training (DSME/T) that teaches patients to adhere to the standards of care including, but not limited to, healthy diet, physical exercise, medication, self-monitoring, healthy coping and behavior change, and reducing risks (i.e. diabetic foot care).
Medication therapy management
Medication therapy management (MTM) programs are designed to optimize the benefits of prescribed drugs, improve medication use, reduce the risk of adverse drug events and drug interactions, and increase patient adherence to prescribed regimens.