Strategic Survival in Community Pharmacy Practice
The article discusses the urgent need for innovation and adaptation in the healthcare and pharmacy industries amidst technological disruptions and changing patient expectations.
The business and practice of healthcare is ripe for disruption. Technology is disrupting the traditional dispensing functions which have served as the bread and butter of pharmacy for so long. The boundaries of the pharmacy industry are changing as we continue to embrace patient-centric care. Shifts to virtual environments, “at-your-doorstep” convenience, and the availability of Dr. Google is driving us to think about shifting to other value-based strategies to stay relevant.
As healthcare professionals, you are experts in your clinical crafts, and you work tirelessly for your patients. But, if I asked you if you knew how many patients you serve, could you answer me? Could you tell me what proportion of your patients have therapies that are working for them? Are your patients getting the outcomes they want? If you struggle to answer these questions, you should start to think about value-based strategies in your practice.
When we put a strategic focus on what we do, and think about who pharmacy is really competing with, we can see more opportunities to compete on value-based strategies and patient outcomes. We can think differently about our roles. Because disruptive innovators are changing the way industries operate. Technologies, efficiencies, and automation are no longer only about cutting costs, they are about to make waves by impacting the outcomes for patients as well.
Airlines used to worry about competing with other airlines, trains, and cars. Now they worry about competing with Zoom and Microsoft Teams. Similarly, pharmacy used to worry about competing with other pharmacies. While large companies, retailers, and insurers are looking at adopting digital solutions into their space we are also being hit with several digital giants beginning to compete in the health space. Healthcare is going digital and digital is going healthcare.
So, how can you make strategic choices to embrace innovation in your practice? How can you practice with purpose to impact the standards and outcomes of health of our communities?
Strategic focus involves looking at your external and internal environments to help you make choices.
Externally, you must look at opportunities and threats OUTSIDE of your business:
What societal changes are taking place that can impact the value you bring and the outcomes you produce?
What are the behavioural shifts taking place with your patients?
What economic, political, or regulatory changes impact your practice?
What do you do now that may be obsolete in the future?
When you turn inward, remember that being a great clinician, caring about your patients, and being passionate about what you do is valuable, but it’s not strategic. For your strengths to be strategic advantages, they need to be valuable AND ALSO unique. Lastly, your strengths need to be at least marginally difficult to replicate for it to serve as a strategy and a distinct competitive advantage.
Here are some questions to help you think about your internal areas of excellence:
What knowledge or skills do you have and excel in?
What passions and experiences set you apart from others?
What is unique about your pharmacy’s culture, human capital, or strategic network?
What processes, systems, or programs have you instituted that cannot be found in your average pharmacy?
To start to build your strategy, consider strengths YOU have that are valuable, unique, and difficult to copy and paste. How can YOU use them to take advantage of the opportunities or neutralize the threats in your external environment?
Adapted for general health practices from publications written for Pharmacy Practice + Business magazine: https://www.canadianhealthcarenetwork.ca/strategic-survival