Pharma Shopping – The Next Big Retail Trend

Pharmacy e-commerce is poised to be the next big retail trend. But what does that mean for pharmaceutical vendors and manufacturers? This article, written by Forbes Technology Council members (Alok Ladsariya, a partner in McKinsey’s Chicago office; Alec McLeod, an associate partner in the Miami office; and Nikhil Sahni, a consultant in the New York office), explores the trends that are driving B2B and B2C pharmaceutical e-commerce and offers advice on how to capitalize on the opportunity.

Pharma Shopping
Every pharmacy—whether it’s the local drugstore, a chain or an online operation—has different prices for drugs based on their markup and other factors. It’s important to call around before you pick up your prescriptions to find the best price. And when you’re calling, make sure the pharmacy has your correct insurance information—especially if you’ve recently changed jobs or insurers. Otherwise, you could end up paying full price when you could be getting a discount.

Another way to save is by looking into drug manufacturer copay assistance programs. A quick Google search will often lead to the program’s website, where you can learn more about eligibility requirements—typically based on income and geography.

Finally, if you’re still having trouble finding the lowest price, ask your pharmacist for advice. They’ll be able to point you in the direction of rebates and coupons, as well as cheaper generic options for brand-name drugs. They can also help you streamline your medication regimen by pointing out overlaps between two medications, which could be costing you extra money.

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