In recent weeks I have noticed that my inbox is being filled with headlines that include the words CHEMIST WAREHOUSE and AMAZON. I can (once again) sense discomfort within the pharmacy industry. There are always conversations both negative and positive about the future of community pharmacy. At Peak Strategies we argue the later, the positive. Of course, we know there are some major hurdles to overcome, however we understand the need for community pharmacy.
A couple of weeks ago there was commentary about Chemist Warehouse (CWH) on the popular marketing TV show Gruen. After reading about it on AJP and Pharmacy News I felt it was necessary to watch the segment.
The host Wil Anderson and other guest speakers discuss in detail about CWH’s strategic marketing. The chemist chain spends $100 million a year to look cheap and cleverly gives the impression that all their merchandise is a bargain. They describe CWH as a marketing machine and that it’s more a media empire than chemist.
Owning a pharmacy is never easy. It involves a lot of risk, a lot of hard work, and the ability to change, evolve and adapt. There are many challenges that get thrown your way that you must deal with effectively. Many of which are completely outside of your control. And the reality is, not everyone is destined for pharmacy ownership. It’s not for everyone.
So, what does it take then to own multiple pharmacies? It takes a very special kind of owner with a different skill set. If you are heading down this path, there are some important things you need to know about.
