Pharmacy

6 Ways Pharmacy Compounding Can Grow Your Business

7 mins read

In the pharmacy industry, patient care is the first and last objective. Dispensing medications is the most critical function provided by pharmacists. However, there are instances that patients can’t take the commercially-available drug. These may be due to the patient’s age, health status, allergies to certain ingredients, and others.

Sometimes, patients need medicines that come in a different form. This is where compounding comes in. Compounding is making a medication by customizing the dosage form and ingredients. The roles of pharmacists have now evolved beyond the traditional confines of dispensing drugs to providing patient care through personalized medicine.

Some pharmaceutical companies specialize in compounding medicines such as Fagron Sterile’s products. These ready compound products may help pharmacists compound medications with the right ingredients, correct form, and the proper labeling. So, how can compounding help pharmacy businesses grow? Here are six ways:

  1. Giving Patients Access To Discontinued Drugs

When medicine manufacturers discontinue particular drugs, it may be difficult for patients who still need them to complete their prescriptions.

Compounding pharmacists play a crucial role in re-creating pharmaceutical-based components to ensure that patients receive the necessary treatment they need. They have access to the best quality pharmaceutical components and may fill prescriptions utilizing the latest research, quality control processes, and methods to fulfill the needs of each patient.

With that said, pharmaceutical companies can earn revenue by supplying compounded products to pharmacies. And as for pharmacy businesses, they can continue to grow by catering to patients who need access to discontinued medicines.

  1. Filling Prescriptions When There Are Shortages Of Medications

Pharmacies occasionally experience shortages of medications due to manufacturing delays and other factors outside their control. In some cases, the only way for patients to receive the medicine they need is through compounding.

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Compounding pharmacists can work with pharmaceutical companies to create customized medications when a shortage occurs. By doing so, pharmacies can fill prescriptions for their patients. As a result, pharmacy companies can boost their business while helping patients get the medications they need.

  1. Provide Unique Treatment

There are unique formulas such as topical creams for eczema, diaper rash, liquid dosage forms for pediatric patients, and other specific dosage forms that are difficult to find in the commercial market.

Registered pharmacists can compound these unique medication forms for patients with a compounding system. It may give pharmacies an edge over their competitors and attracts more customers.

With that said, if pharmacies provide these unique treatment options, it may boost their bottom line while helping patients. Therefore, it’s a good way for pharmacy business development.

  1. Preventing Allergies To Medications

Some patients experience allergic reactions to certain ingredients found in commercially available medications. To avoid experiencing an allergic reaction, patients may need customized drugs that contain different ingredients but the same therapeutic effects.

The compounding method allows pharmacists to customize medication by altering the ingredients. They may provide medicines that prevent allergic reactions and give patients peace of mind. It’ll not only help pharmacy businesses to improve but also improve patient care.

However, in this situation, you must know what specific ingredients a patient is allergic to so you can avoid using them in the medication preparation. This way, you could help keep patients safe from any potential harm from ingredients found in other medications.

  1. Make Medications Affordable

Drug prices may sometimes be high, and some patients may find it difficult to afford medications. Compounding pharmacies have access to premium medical-grade substances that are frequently less expensive. As a result, pharmacies could reduce the cost of drugs while supplying patients with high-quality products.

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Independent compounding pharmacies avoid utilizing designer dyes and preservatives patented by pharmaceutical firms. Compounded pharmaceuticals are much less expensive than those on the market since they don’t require patenting and pricey drug components.

While patients want to save money on medications, they also want to receive high-quality products that won’t harm them. Employing the compounding method may help patients save money without sacrificing quality. In this way, your customers recognize the value of your service, which can further boost your pharmacy business.

  1. Increase Revenues

When patients buy their medications from compounding pharmacies, they usually purchase other products like creams, ointments, and vitamins. This means you gain revenue from selling compounded medicine and non-compounded medicines, and other products in your pharmacy.

Moreover, it provides an opportunity to cross-sell other products to patients who come in for their medication prescriptions. It also allows you to develop a good relationship and build trust with your patients, leading to more sales in the long run.

Conclusion

Pharmacy compounding is a versatile process that pharmacists can use to improve patient care. If you want your pharmacy to experience consistent growth, it may be a good idea to consider compounding as an essential part of your business method. This way, you can provide patients with customized medication that meets their specific needs.

Author’s Bio

Liam Grant is a medical specialist. He conducts research to be more knowledgeable in his field. He shares her expertise by conducting webinars and writing blog posts and guest posts as well. Liam enjoys playing basketball and tennis in his free time.

 

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