How retail pharmacies can thrive in economic turmoil

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HubCare’s Vision is to Democratise Healthcare for Africans- Kareem
Pharm. Sesan Kareem

 

Nigeria, like many developing nations, is grappling with a complex economic landscape characterised by high inflation, fluctuating currency values, and rising costs of essential goods and services. Retail pharmacies, a vital component of the healthcare sector, are not immune to these challenges. In this edition, I will explore the strategies that retail pharmacies can adopt to weather the economic storm, sustain their operations, and thrive in the future.

Cost management and efficiency

Energy efficiency: Invest in energy-efficient equipment and renewable energy sources like solar panels and inverters to reduce electricity consumption and lower operational costs.

Negotiate with suppliers: Leverage your buying power to negotiate favourable terms with suppliers, including discounts and extended payment periods.

Streamline operations: Identify and eliminate non-essential expenses to improve operational efficiency and maintain profitability.

Diversification and value-added services

Expand product offerings: Explore opportunities to diversify your product range beyond traditional pharmaceuticals, including over-the-counter (OTC) products, medical devices, and healthcare accessories.

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Offer value-added services: Provide additional services such as health screenings, vaccinations, and patient counselling to attract customers and generate additional revenue.

Partner with healthcare providers: Collaborate with hospitals, clinics, and health insurance companies to offer integrated healthcare services.

Home delivery: Introduce home delivery services to enhance customer convenience and attract a broader clientele.

Technology adoption

Embrace digital solutions: Implement electronic health records (EHRs) to improve patient data management, enhance operational efficiency, and reduce errors.

Leverage e-commerce: Explore online platforms to reach a wider customer base and offer convenient services such as home delivery and online consultations.

Utilise mobile technology: Utilise mobile apps and SMS services to engage with customers, provide health information, and promote loyalty programmes.

Customer engagement and loyalty:

Personalised service: Provide personalised customer service to build trust and loyalty.

Loyalty programmes: Implement customer loyalty programmes to reward repeat business and encourage referrals.

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Community engagement: Participate in community health initiatives and events to strengthen relationships with local residents.

Patient education: Offer patient education programmes to empower customers to manage their health effectively.

Financial management and risk mitigation:

Financial planning: Develop a robust financial plan to manage cash flow, monitor profitability, and anticipate future challenges.

Risk management: Implement risk management strategies, such as insurance coverage and contingency planning, to mitigate potential risks.

Access to financing: Explore financing options, including loans, grants, and partnerships, to support business growth and expansion.

Collaboration and networking

Industry associations: Actively participate in industry associations to share best practices, advocate for the sector, and stay updated on regulatory changes.

Partnerships: Collaborate with other healthcare providers, such as doctors and clinics, to create referral networks and expand market reach.

Adapt to changing market dynamics

Consumer trends: Stay abreast of consumer trends and preferences to adjust product offerings and marketing strategies accordingly.

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Regulatory changes: Monitor regulatory changes and ensure compliance to avoid penalties and maintain operational integrity.

Economic fluctuations: Develop contingency plans to mitigate the impact of economic downturns and capitalise on opportunities during periods of growth.

Optimise inventory management:

Just-in-time inventory: Implement a just-in-time inventory system to minimise stockouts and reduce holding costs.

Supplier relationships: Cultivate strong relationships with suppliers to negotiate favourable terms and ensure a reliable supply of products.

Demand forecasting: Utilise data analytics to accurately forecast demand and optimise inventory levels.

 

ACTION PLAN: Manage costs efficiently, focus on customer satisfaction, and manage your finances effectively.

AFFIRMATION: I am action-oriented. I am a goal-getter. I am blessed and highly favoured.

Sesan Kareem is the visionary Founder of HubPharm Africa, a patient-centric digital pharmacy, www.hubpharmafrica.com, and Principal Consultant at the Sesan Kareem Institute, www.sesankareem.com.ng. To engage SK for your training and speaking engagements, send an email to sesankareem2@gmail.com.

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