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Industry updates and trends

New Ways Pharmacies Can Boost Revenue for 2024

April 9, 2024

As inflation continues to rise, business costs mount, and economic headwinds increase there’s no denying that it’s incredibly challenging to be a small business owner. This couldn’t be more true for the pharmacy owners dedicated to serving their communities.

Keeping your practice healthy and growing in 2024 requires that you make key strategic decisions that may stretch your creativity. Luckily, there are up-and-coming strategies you can leverage at your own pharmacy to diversify your revenue streams to earn more to combat rising costs.

Let’s dive into some of the most exciting ways you can drive revenue at your pharmacy in 2024 and beyond.

Diversifying Your Pharmacy’s Services

A great way to boost revenue for your pharmacy is to expand to new health ventures beyond just stocking prescriptions and over-the-counter medications.

By offering services like vaccinations, health screenings, and wellness consultations you can earn more — and you’ll get patients in your pharmacy more frequently and even possibly attract new patients who wouldn’t have otherwise used your pharmacy.

These hands-on services also provide an excellent opportunity to establish meaningful, 1:1 relationships with patients that then enable you to deliver better and more personalized care. This makes you a trusted practitioner in your community and a go-to person for more patients.

Stocking Trending CPG Brands

If you go onto department stores and mega-pharmacy’s sites you’ll probably run into a “best sellers” or “popular on social media” merchandise page — and this is for good reason.

Patients looking to supplement their health with wellness and beauty products often flock to what is trending, especially with the rise of apps like TikTok that make it easy to get excited about what influencers are using. 

Your pharmacy can take advantage of the hype by stocking upcoming, but extremely popular, wellness products, cosmetics, and more. 

This will definitely catch the attention of new, younger patients, but patients of all generations appreciate variety and popularity when it comes to OTC and CPG products that you stock at your pharmacy.

Leveraging Technology with Solid ROI

Possibly the easiest way to maximize growth and revenue for 2024 is through the new technology available to pharmacies. 

There are platforms designed to boost efficiency, and patient experience, and make caring for patients easier than ever before. Whether it’s physical technology like pickup lockers to help streamline processes or software that automates communications — it’s important that you stay on top of what’s new.

At Nimble, we’re committed to helping pharmacies grow through technology that fosters a seamless patient experience and improved pharmacy success. If you’d like to learn more, check out our offerings for pharmacies, or schedule a time to chat with our team.

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