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BOSTON — Community pharmacy is at a pivotal juncture in the effort to further the nation’s health and wellness, Rite Aid Corp. chairman and chief executive officer John Standley said at the National Association of Chain Drug Stores’ Total Store Expo.
Community pharmacy is at a pivotal juncture in the effort to further the nation’s health and wellness, Rite Aid Corp. chairman and chief executive officer John Standley said at the National Association of Chain Drug Stores’ Total Store Expo.
"This is a critical point in time for the chain drug industry," said Standley, who is also chairman of NACDS. "Health care delivery is undergoing historic change, placing unprecedented demands on our businesses while presenting enormous opportunities to grow."
The industry is already being recast through increased offerings of medication therapy management and services such as immunizations, he said.
In 2008 chain pharmacies administered over 5 million immunizations, he noted. By last year that number had grown to more than 25 million. "If we were able to have that much success with one clinical service in the last five years," he said, "imagine what we can do over the next five."
Standley described ways in which collaboration between retailers and suppliers helps retail pharmacy meet patients’ and consumers’ needs. "This is the perfect time for us to come together and challenge ourselves to be better, smarter and more efficient in all aspects of our business," he said. "Our business is shifting and changing, and we must ensure that we change along with it."
"The Total Store Expo gives us the opportunity to change by building stronger partnerships that fuel innovation throughout our companies," he added. "At the heart of this process is the relationship between suppliers and retailers."
He provided a case study of Rite Aid’s progress as a result of such collaboration, and referenced ample evidence of successful and similar partnerships throughout the industry. "At Rite Aid, our relationship with supplier partners really began to grow and evolve about four years ago, when we first launched our wellness store initiative. Like other drug store chains, we were highly focused on becoming a health and wellness destination, offering services like immunizations and patient counseling that went far beyond filling prescriptions.
"So the question became: ‘How do we align our front-end offering to support this health and wellness transformation so that we can deliver an engaging total store experience to our customers?’ " Partnerships with suppliers led to merchandising concepts that improved engagement with consumers, he said.
"Our transformation is unique, but it also has similarities to what’s occurring at other retailers throughout our industry," he added.
Standley also credited NACDS and its allies with securing an important victory for patient care, citing the federal government’s decision to delay reimbursement rate changes for Medicaid.
NACDS president and CEO Steve Anderson described prospects for association members to work to meet the needs of both consumers and patients.
"The opportunity is greater right now than ever before," he said. "If this moment in time cannot be called a renaissance of health, wellness and consumer-focused retailing, then no time in our history will ever bear that name."
Anderson presented results of opinion research commissioned by NACDS that show strong and growing support for new pharmacy services. The research also suggests a reliance on pharmacists as sources of information about prescription and over-the-counter drugs and personal health questions. It also reveals a reliance on stores with pharmacies as sources of diverse personal care products.
The July survey found that half of respondents had discussed a medication with a pharmacist in the past year, and more than 70% said they valued a pharmacist’s recommendation on an O-T-C drug. About three-tenths of respondents had spoken to a pharmacist about a personal health question.
Anderson also described initiatives under way in Congress to examine opportunities for health care advances. "Something very interesting is going on in Congress and, surprisingly, it’s positive and bipartisan. There seems to be a race to capture the flag of health care innovation. Members of Congress are looking for what’s next in health care. They’re kind of looking for health care reform 2.0, and NACDS is positioning the health and wellness solutions of chains and suppliers as part of it."
Keynote speaker Ben Bernanke, former chairman of the Federal Reserve, said the nation will remain economically vibrant thanks to ongoing technological development, strong free markets, an entrepreneurial tradition and a young, diverse and growing workforce.
The show’s attendance topped 5,500.
