How Pharmacies Can Thrive Amid Financial, Regulatory and Economic Uncertainties

Community pharmacies need to ramp up now to be ready for 2023 and ensure their operations, technology and partnerships are in tip-top shape should more unexpected economic turbulence arrive.

Concerns about the economy have kicked into high gear, melting away notions of a cool, lazy summer for community pharmacies. Recently, an astounding 68% of CFOs polled by CNBC said they believe a recession will occur during the first half of 2023.

The concerning economic outlook is yet another stressor atop an ever-growing list for pharmacies—which includes uncertainty around cashflow, loopholes in CMS’ final rule around PBMs’ use of DIR fees, and the burden of adapting Pharmacy Quality Alliance’s (PQA) new pharmacy quality metrics. While PBMs will likely see increased scrutiny by regulators in light of recent news that a national PBM was charged with delivering unnecessary prescription drugs to military personnel, they continue to be at odds with the profitability of independent pharmacies.

Because the stakes are higher for 2023 than in years past, understanding potential industry challenges and tapping into new solutions will be crucial to community and independent pharmacies that hope to stay profitable.

2023: What’s ahead

The potential for continued DIR clawbacks may be the biggest challenge community pharmacies need to brace themselves for in the coming year—but it isn’t the only one.

In a recent report from the Columbia University Mailman School of Public Health, nearly 80% of pharmacists surveyed expect a more prominent role in preventive care by 2030. Many are feeling the effects already, as they are called upon by payers and physicians to supplement routine medical care in addition to administering medications.

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