How Pharmaceutical Wholesalers Can Help Your Pharmacy Grow
During the COVID-19 pandemic, pharmaceutical wholesalers and distributors demonstrated their vital role by managing increased orders, handling stock, and ensuring timely delivery of important medicines and supplies like vaccines and personal protective equipment (PPE). This experience underscores how pharmaceutical wholesalers not only support pharmacies in times of crisis but also contribute to their growth by maintaining a reliable supply chain, enabling pharmacies to serve their communities effectively, and supporting their overall success and expansion.
In the pharmaceutical industry, pharmacists need to understand the role of wholesalers. It’s important to know how medications move from manufacturers to pharmacies, as this process can impact your pharmacy’s operations and efficiency.
What is a Pharmaceutical Wholesaler
Pharmaceutical wholesaler is a company that purchases pharmaceutical products in large quantities from manufacturers and then distributes them to pharmacies, hospitals, clinics and other healthcare providers.
The role of pharmaceutical wholesalers is to act as intermediaries in the supply chain, bridging the gap between manufacturers and healthcare providers. They manage ordering, storage, transportation, and delivery of pharmaceutical products, ensuring efficient and safe distribution.
Key Players in the Pharmaceutical Supply Chain
The pharmaceutical supply chain involves a network of key players, each contributing to the journey of medications from production to end-users:
- Drug Manufacturers
- Wholesalers and distributors
- Healthcare providers (pharmacies, clinics, hospitals, etc)
- Regulatory bodies
- Logistic providers
- Patients and buyers
Benefits of Purchasing Medications from Pharmaceutical Wholesalers
Partnering with wholesalers gives you more than just access to medications. While they do handle supply and distribution, they also play a key role in managing your inventory and procurement. This support can help your pharmacy grow in ways that might not be obvious right away.
Followings are some of the benefits:
i. Access to wide range of products
Pharmaceutical wholesalers can provide a vast selection of products, including medications, medical supplies, vitamins, and health supplements, because they work directly with numerous manufacturers. By purchasing in bulk from these manufacturers, wholesalers can offer a diverse inventory to pharmacies. In return, pharmacies benefit from a more comprehensive range of products, simplified purchasing processes, reduced risk of stockouts, and the ability to meet a variety of patient needs more effectively. This helps pharmacies provide better care, streamline their operations, and maintain a competitive edge.
For instance, PharmaRise provides over 4,200 SKUs of pharmaceutical and medical products to our healthcare partners. Our inventory includes a wide range of medications, from over-the-counter and generic to branded medications, meeting the needs of both chain and independent pharmacies. Additionally, we provide medical supplies and equipment to hospitals and clinics, ensuring that healthcare providers have everything they need from a single source.
ii. Wholesale Competitive Pricing
Pharmaceutical wholesalers can offer lower pricing because they purchase products in bulk directly from manufacturers. This bulk buying power allows them to negotiate better prices, which are then passed on to pharmacies. By accessing these lower prices, your pharmacy can reduce costs, improve profit margins, and offer more affordable options to your customers.
In addition to competitive pricing, wholesalers often provide volume-based discounts, which means the more you purchase, the more you save. This can be especially beneficial as your business grows, helping you to manage costs effectively while scaling up. In the long run, this financial flexibility supports your pharmacy’s growth and sustainability in an increasingly competitive market.
iii. Efficient Supply Chain
When you partner with pharmaceutical wholesalers, you tap into their expertise in managing the entire supply chain. This includes everything from ordering, storing, transporting and delivering them to your pharmacy.
Efficient supply chain management helps ensure that you always have the medications and supplies you need, right when you need them. Wholesalers often use sophisticated inventory management systems that track product availability and predict future needs. This technology helps them minimize delays and avoid stock shortages, which means you don’t have to worry about running out of essential items or facing unexpected delivery issues.
Learn how PharmaRise can support your setup with reliable supply chain solutions to streamline your pharmacy's launch.
2. Partner with Pharmaceutical and Medical Suppliers
After completing your market research, the next crucial step is to find and partner with trusted suppliers for your pharmaceutical and medical products. Establishing a reliable supply chain ensures that once you open your pharmacy, you’ll be well-stocked with the medications and healthcare products your customers need.
i. Choosing the Right Partner
Look for reputable pharmaceutical companies that offer integrated wholesale and distribution services, or even complete supply chain solutions. When choosing a wholesale distributor, consider their proximity to your store, as closer proximity can lead to faster delivery times. Assess their product range, delivery reliability, and pricing to ensure they align with your pharmacy’s needs.
ii. PharmaRise as a Reliable Supply Chain Partner
Sometimes, it may be necessary for a pharmacy to rely on multiple wholesalers to cover all their needs. In such cases, having a trusted partner like PharmaRise can simplify the process by providing consistent support and efficient service.
PharmaRise has been a trusted name in the industry for over 20 years, standing out as a reliable supply chain partner. We offer comprehensive solutions that include both wholesale and distribution services for healthcare sectors including all types of pharmacies. With us, you gain access to a wide range of pharmaceutical and medical products, ensuring you have the inventory needed to meet your customers’ demands efficiently.
Learn how partnering with a trusted pharmaceutical wholesaler can drive growth for your pharmacy.
How to Choose the Right Pharmaceutical Wholesaler
Aside from knowing the benefits of pharmaceutical wholesalers, you also need to know how to choose the right one for your business. Identifying truly reliable wholesalers can be challenging, but thorough research is key. By researching their company background and track record, you can make informed decisions that help you avoid potential problems and financial losses.
Here are some key factors to consider when choosing the best pharmaceutical wholesaler for your pharmacy:
i. Licensing and Regulatory Compliance
Verify that the wholesaler is licensed and complies with mandatory standards such as Good Distribution Practice (GDP). Then, check if they adhere to ISO 9001 for quality management and ensure that their suppliers follow Good Manufacturing Practice (GMP) for product quality.
ii. Range of Products and Availability
Choose a wholesaler with a large catalog of medications and medical supplies. A broad catalog means you can sell diverse products to meet your customers’ needs and prevent stockouts.
iii. Delivery and Logistics
Review the Service Level Agreements (SLAs) to understand their delivery commitments. You may conduct a trial with a small order to test their delivery performance and service quality before committing to a larger partnership. This will help determine whether they can provide the timely and reliable delivery you need.
iv. Company Reputation
Look at reviews and feedback from other pharmacies to see what they say about the wholesaler. This will provide insight into their reliability and the quality of their services, helping you make an informed choice.
Looking for a partner to rise and grow together?
At PharmaRise, we are committed to supplying independent pharmacies with high-quality pharmaceutical and medical products sourced from trusted manufacturers, ensuring that you always have the medications you need in stock.
