4 Best Times for Pharmacies to Compare Wholesale Pharmaceutical Prices

Time is a strict task master. In the independent pharmacy, there is little time to do anything other than follow routine and react to immediate needs. Lack of time lures many independent pharmacies into taking the course of least resistance and automatically ordering from the same old supplier.

Pharmacies that don’t compare prices could be paying hundreds, or even thousands, of dollars more than necessary every single month.

Given the constant time pressures, how do you make sure you aren’t wasting thousands of dollars? To say that you should add price comparing to your routine is a bit simplistic. You need a more specific approach that is triggered by certain specific events.

Here are four events you can use to trigger a price check for you.

1. Before you place an order

Your pharmacy management system alerts you when you are running low on certain items. It even gives you the option of re-ordering from the same suppler. Easy, right?

Why not take three minutes to check for better prices? If it’s a long list, at least check the most costly items on the list. Is it worth three minutes to save a few hundred dollars?

2. As demand rises

A report on an OTC treatment that promotes weight loss, cures insomnia, or slows aging goes viral and BOOM – you suddenly have a new market for something you don’t usually keep in large supply.

Before you order from the first source that comes to mind, search reliable suppliers for your best deal. Don’t just get ahead of the market, get ahead and optimize your success.

3. After you are notified of a “special” offer

When a supplier contacts you about a special low price, don’t just take for granted that it is the best price.

  • Is there a glut on the market?
  • Is someone else offering an even better price?

If the supplier has called you on the phone and needs an immediate answer, put them on hold for two minutes and check prices online. You might be able to negotiate an even better deal (or find a much better price).

4. When prices rise or fall suddenly

If you owned stock in a company and suddenly their share price rose or fell dramatically, wouldn’t you want to know why? You might even contact your broker or check industry news to find out what’s going on. Should you sell? Should you buy?

The pharmaceuticals market should be no different. When a supplier dramatically raises or lowers the price of a product, it’s going to impact your bottom line. For whatever reason the supplier gives you for the change, you need to know if the rest of the market is responding the same way.

The only way to purchase with certainty is to compare prices.

Make a foundation for your price checking routine

As with any new good habit, it may take a little time to get used to comparing pharmaceuticals pricing. Start by making one or more of the four events described above the foundation for your routine. Train yourself to react to your trigger events by immediately comparing prices.

It won’t take long before you’re an expert shopper. The proof will be in your bottom line.

TRxADE’s online marketplace provides the free, comprehensive, online tools independent pharmacies need to compare wholesale pharmaceutical prices. If you’re a TRxADE member, login to the TRxADE marketplace and see how easy it is to compare prices. If you haven’t joined TRxADE yet, request a live demo or join TRxADE now.