2019 Retail Pacesetters: Medicine Shoppe focuses on ‘caring beyond prescriptions’

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2019 Retail Pacesetters: Medicine Shoppe focuses on ‘caring beyond prescriptions’

By Carol Radice - 05/07/2019
Medicine Shoppe International, which operates the Medicine Shoppe Pharmacy and Medicap Pharmacy banners for independent pharmacies, includes nearly 500 pharmacies across 43 states. As a division of Dublin, Ohio-based Cardinal Health, Medicine Shoppe is backed by an organization that aims to connect patients, providers, payers, pharmacists and manufacturers for integrated care coordination and better patient management.

Backed by nearly 100 years of experience, with approximately 50,000 employees in 46 countries, Cardinal Health generated $136.8 billion in revenue in 2018 and ranks among the top 25 on the Fortune 500 list.

An established franchise system with more than 50 years of experience working with independent pharmacies, Medicine Shoppe International partners with individuals interested in opening a new pharmacy or acquiring an existing operation. It also supports independent pharmacy owners who wish to enhance their existing brand through its co-brand offering. Under this arrangement, pharmacies can retain their identity while leveraging the power of the Medicine Shoppe or Medicap Pharmacy brand.

Medicine Shoppe International pharmacies are built upon the founding principle that each customer deserves personal, professional care. The company is best known for its patient-based services and its ability to meet the needs of the diverse communities each pharmacy serves.

Above all, its aim is for its pharmacies to be viewed as trusted healthcare advisors. Pharmacists are encouraged to personalize their approach with patients, taking the time to get to know each individual and their needs as a way to live up to the Medicine Shoppe motto, “Caring Beyond Prescriptions.” The goal is for its pharmacists and their staff to be viewed as partners in wellness and its pharmacy as a community healthcare destination.

In addition to filling prescriptions, many Medicine Shoppe pharmacies offer Dispill multidose packaging, flu and strep testing, immunizations, medication therapy management, and medication synchronization.

Connie Lane, franchise director at Cardinal Health, said the company supports its pharmacies with the tools and core services they need to succeed in a competitive, ever-changing industry. Whether it is assistance choosing a location or help managing reimbursement, Medicine Shoppe International offers its pharmacies resources to improve performance, streamline their business processes and maximize revenues so that its pharmacists and staff can remain focused on patient care.

Cardinal Health consistently acknowledges its retail pharmacy leaders’ efforts. Each year the company honors a pharmacy they feel serves as a role model for other franchisees to follow. The winner is announced at Cardinal Health’s Retail Business Conference. This year’s Cardinal Health RBC meeting will take place July 17 to 20 in Nashville, Tenn.

Looking at the larger picture, while Cardinal Health and the industry as a whole is in transition due to political pressures around margin compression, the company is taking steps to decrease its costs and diversify revenue sources. It may take a few quarters for management to fully integrate its recent acquisitions, but analysts believe the company is moving in the right direction.

Regan Teague, an analyst at Day Hagan Asset Management in Sarasota, Fla., said that Cardinal Health is making progress on its strategic initiatives to drive future growth, and its focus on reducing costs has begun paying off. Strategic partnerships, he said, are one way in which the company has demonstrated it is refocusing on its core business. “The recent Cordis and Patient Recovery acquisitions show that management is trying to decrease its risk concerning drug prices,” Teague said. “We see this as a positive move for long-term growth.”

This story is one of 20 profiles of retailers who are making a difference in the industry. To read more, click here