Pharmacy

Unleashing Hidden Pharmacy Savings Beyond the Top 200

Diversifying your pharmacy’s medication offerings beyond the Top 200 presents a strategic opportunity for substantial pharmacy savings and enhanced profitability

Unleashing Hidden Pharmacy Savings Beyond the Top 200
Danielle Dinglasan

Danielle Dinglasan

Product Marketing Manager at SureCost

Top 200 vs Beyond 200

Pharmacies opt to purchase from the Top 200 medication list due to practicality and patient-centricity. The Top 200 medications typically include high-demand medications that are widely prescribed and have established market trends. This strategic approach ensures the ready availability of commonly prescribed medications, aligning with efficient inventory management. This allows pharmacies to easily forecast, allocate resources efficiently and minimize the risk of backorders. 

Pharmacies also leverage the frequency of these prescriptions to negotiate advantageous terms with suppliers and drive cost savings. With high volume and high frequency purchases, pharmacies unlock the potential for cost-saving partnerships.

Diversifying your pharmacy’s medication offerings beyond the Top 200 presents a strategic opportunity for substantial savings and enhanced profitability

However, looking beyond the Top 200 medications presents pharmacies with an avenue for heightened cost savings, an aspect often overlooked by many pharmacies. By exploring medications outside this list, pharmacies tap into a niche market that often experiences less price competition, enabling them to maintain healthier profit margins. 

The financial benefits of reduced price competition and potential for higher profit margins significantly impact the bottom line. By embracing a diverse range of medications, including those with lower individual demand, pharmacies tap into bulk discounts, rebates and favorable terms from secondary vendors. 

This strategy enhances flexibility, safeguarding against market fluctuations and supply chain disruptions. Secondary vendors act as a strategic safety net, ensuring uninterrupted supply in the face of supply chain disruptions.

Juggling Top and Beyond 200 Purchases

Purchasing from both Top and Beyond 200 is a strategy that requires meticulous purchasing and inventory management to achieve the right balance between demand and supply. In the intricate world of pharmacy purchasing, finding the optimal pricing for items is like navigating through a maze. 

Amidst a complex landscape of brand names, generic alternatives, wholesalers, secondary vendors catalog order forms and diverse product categories, pharmacies often find themselves lost in a sea of information. Even those with the luxury of time to dedicate hours to research miss out on potential savings, as the best prices remain obscured within this maze.

Managing shelf space and storage becomes a critical consideration when dealing with a diverse range of medications. The Top 200 medications often have a stable shelf presence, while Beyond the 200 products might require more flexible storage arrangements due to a diverse group of medications having varying shelf lives and storage requirements. 

SureCost empowering pharmacies with the Top and Beyond 200 purchasing strategy

SureCost consolidates pricing data from primary and secondary vendors for both Top and Beyond 200 onto one platform enabling pharmacists to avoid price shopping, easily compare prices and make cost-effective purchasing decisions. Pharmacists also build stronger relationships by negotiating based on accurate, real-time pricing information. This leads to more favorable terms and improved vendor partnerships, particularly for Beyond 200 medications where negotiation might be more challenging. 

With historical pricing and demand data available, pharmacists also identify trends and make informed decisions about stocking quantities With SureCost, pharmacies have a holistic, accurate view of their inventory levels. This enables accurate demand prediction and helps in optimizing inventory levels.

Evidence of SureCost Users Saving Beyond 200

Let’s dive into the numbers and see how SureCost users have revolutionized the way they approach savings.

Savings Percentages for SureCost Users

As the graph demonstrates, substantial savings extend beyond the often mentioned Top 200 medications. However, achieving these numbers requires more than manual scrutiny. SureCost has enabled pharmacies to gain unprecedented visibility into their purchasing landscape.

How does this affect the bottom line?

Based on SureCost’s minimum average 2-3% savings for pharmacies, the potential for cost reduction magnifies when shopping goes beyond the Top 200. Imagine a pharmacy with an annual expenditure of $3 million utilizing SureCost to save 3%. The result? An astounding $90,000 in annual savings. 

Venturing beyond the Top 200 product list presents pharmacies with a lucrative opportunity for amplified savings

While the Top 200 offer some cost efficiencies, looking outside this scope introduces substantial benefits in terms of diverse options and is more favorable pricing terms and cost savings. This strategic expansion fosters competition among vendors and empowers pharmacies to align choices with budget goals, ultimately enhancing the bottom line. However, the intricacies of managing a diverse range of products from both the Top and Beyond 200 lists pose notable challenges. 

To harness the advantages while mitigating these complexities, pharmacies must adopt a pharmacy purchasing and inventory management software. SureCost provides a unified platform that seamlessly integrates primary and secondary vendor pricing, streamlines demand prediction, facilitates pricing negotiation, optimizes storage and fosters efficient supplier relationships. 

By embracing this technology, pharmacies find a harmonious balance between Top 200 and Beyond 200 purchasing, reaping the rewards of effective cost management and time savings, while bolstering patient care and operational excellence.  

Dive into our full Annual 2023 Smarter Purchasing Report for insights on Beyond Top 200 savings and more smarter purchasing strategies. 

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