The Third Act for Pharmacy?

The future of pharmacy practice will depend on the independent practice of pharmacy. By independent I am not speaking strictly about the traditional independent drug store. I am speaking about each individual pharmacist learning how to independently generate their own successful career. During the next 20 years the industry forces have aligned in such a […]

The Future of Your Profession

The future of professional practice will depend on the independent practice of the professions. By independent I am notspeaking strictly about the traditional independent drug store. I am speaking about each individual pharmacist or healthcare practitioner learning how to independently generate their own successful career. During the next 20 years the industry forces have aligned […]

What is the Value of a Customer?

What is the value of a customer to your business and just how do you calculate it? It really depends upon your Business Model but let me give you an example from the Pharmacy business. Retail Community Pharmacy Example In my area the average customer purchased 6 prescriptions per month at an average retail value […]

Successful Business Practices Tip #2

Provide Value to the Customer The product or service that your business sells must add value to the customer or it will cease to exist. This value can be financial, emotional, and spiritual or anything the customer perceives to be important. If you are not sure what I mean then just think about this for […]

Successful Business Practices Tip #1

Focus on Value Not Profit Focus your daily decisions on the creation of value for your stakeholders not on profit for your business. This may seem counter-intuitive but the most profitable businesses focus on value not profits.  A Profit Mindset Leads to Loss If every decision, every action, and every direction that you choose is […]

Have you read your mission statement lately?

Almost every business and all public companies post a public mission statement. The real problem is that their business practices don’t necessarily align with their stated mission. Making a mission statement is not hard. But building a mission statement that is well thought out and defines a bonafide value strategy becomes a little bit tougher. […]

The Four P’s of Marketing

A lot of people think of marketing as strictly advertising, and it’s not.  Have you heard of the four P’s of marketing? You have to get all four of these right– product, package, positioning, and promotion – and get it all together so that it’s promoted well and it’s the right product for the right […]

The I-Tribe Practice of Pharmacy

The new issue of the Journal of the American Pharmaceutical Association just came out this week with a special section devoted to to innovations in pharmacy practice. Check out the link below to find a really thought provoking article on a new model for the practice of community pharmacy called the, I-Tribe. Check out the […]