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Newsletter-September 2019

Sep 12th, 2019

 

September 2019 Newsletter

From the CEO

As we are about to enter Q4 of 2019, now is a good time to take a hard look at your inventory in preparation for year end.  Don’t wait.  Run a utilization report and compare it against what is sitting on the shelf.  You will likely be surprised at the amount and value of medications that have gone unused over the past 6-9 months. 

As a MatchRX member, you have the opportunity to quickly rid your shelves of partial packs, short dated, and slow moving drugs before the end of the year. Not only will this help to trim your year-end inventory valuation, it will also generate new cash to support expenses like holiday parties, bonuses, and employee gifts. Don’t wait until December. Now is the time to post for sale items you do not need. Just a handful of items can generate hundreds of dollars in a short period of time. Every pharmacy has overstock and partial packs. Don’t let them expire and become worthless. Sell them to a community pharmacy like yours that has a patient in need. Over 6,000 independent pharmacies shop the marketplace on a daily basis. Below are just a few members describing how quickly items sell on MatchRX:

“I joined to get rid of some partial bottles. I posted about 30 items on a Friday morning and had 3 sales by the end of that day which totaled about $1,638. It is still less than one week and I have approximately $2,100 in sales.  It is super easy to post items and sell partial bottles of perfectly good medications.“ - Kemp Drug.

“I ran across a few short-dated items on my shelves that my wholesaler would have charged me a substantial fee to return.  So I decided to list some items and in less than 24 hours I had made my first sale!  Since then I have made several other sales and have listed many more items on MatchRX.” - First Care Pharmacy

“Before I finished posting I had already sold 5 items that helped me to liquidate over $1,200 of inventory practically instantly. Within the first 24 hours of selling inventory and overstock on MatchRX, I sold ten items.” - Russellville Drugs

We are passionate about helping independent pharmacies, and will continue to educate, innovate, and offer new services to help grow your profits and improve patient services. We value your membership and encourage you to make MatchRX an everyday part of your pharmacy operations.

John Kello, CEO

New Features/Functionality Coming With MatchRX 3.0

MatchRX sellers that want to temporarily hide their posting from the marketplace due to a vacation or extended period away from the pharmacy can easily do so by using the new Vacation Mode feature on the “My Posting” page. Simply enter the “From” and “To” dates and your postings will be automatically managed.

Pharmacy News

posted on 06.17.2019

Independent pharmacy runs through Byron Berry’s veins. Graduating from pharmacy school in 1974 and buying his first pharmacy in 1986, Berry has been steeped in the industry for the better part of his life. After spending the last 30 years growing his single location into a line of seven pharmacies across Illinois, he’s gained a clear-eyed view of the challenges facing independent pharmacy.

“Something needs to be done to save independent pharmacy for the future and healthcare for our patients,” Berry said, whose seven pharmacies include full-line remote dispensing and traditional pharmacy locations operating under the banner Pharmacy Plus. “Pharmacy has been good to me in the 47 years I have been involved, and I want it to be rewarding for future generations of pharmacists and for the patients they serve.” (…read more)

posted on 06.01.2019

THE SPECIALTY PHARMACY MARKET CONTINUES TO GROW, and with 60% of the drugs in phase 3 clinical trials considered specialty drugs, 47% of the pharmacy industry’s revenues are projected to come from specialty drugs by 2022, according to the “2018-19 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors” (Adam J. Fein, Ph.D., Drug Channels Institute, October 2018). While there is not a single definition of what a specialty drug is, they generally are described as prescription drugs that are difficult to manufacture and require special handling or administration, have limited distribution, target a narrow group of chronic diseases, are costly, and require ongoing clinical support. What are the current market dynamics, and what technology needs are required to be successful in the specialty space? ComputerTalk set out to explore this question through interviews with specialty pharmacy players. (…read more)

posted on 09.05.2019

Over the past several years, medicinal cannabis has become a focus of research and legislation, specifically regarding cannabidiol (CBD) oils and other CBD products. CBD is one of the most popular types of cannabinoids, and has been shown to reduce inflammation, convulsions, anxiety, and nausea.1

Chain pharmacies, including Walgreens and CVS, have decided to sell CBD products in their stores.2 The projected retail sales of CBD products are expected to reach $1.9 billion by 2020.3 Legislation regarding CBD products is evolving slowly, in attempt to catch up to this current movement. (…read more)

Helpful Hints

Tip 1: Need to train someone in your pharmacy on using MatchRX?

Let us help you! Contact your account representative at 877-590-0808 to train a new or existing employee to use the MatchRX marketplace. In less than 20 minutes, we’ll show your employee how to post an item, manage open postings, confirm orders, and buy from the marketplace. Using MatchRX every day will improve your cash flow and profit per script. Need a refresher? Call us. We’re happy to quickly review any area of the marketplace.

Tip 2: Postings. Postings. Postings.

Sellers – how many scripts do you have to fill to recover the money lost when a drug expires on your shelf? Expired drugs equate to lost profits. Post your overstock, short dated, and odd package sizes to MatchRX and sell them to a fellow independent that needs it to fill a script. Posting is fast and easy.

Here are a few tips to help manage your postings:

  • Use the complimentary MatchRX stickers to track what you’ve posted. Order more here.
  • Assign a tech to help track all your sales made in the marketplace.
  • Post multiple items at a time. When a Buyer adds one of your items to the cart, the marketplace will automatically display the rest of your open postings to help the buyer identify additional items and save on shipping.

We’re here to help. If you have any questions about posting, buying, shipping, MatchMoney, or need to train a staff member of your pharmacy, call us at 877-590-0808.

Tip 3: Did you know you can request additional FedEx insurance?

Congratulations, you just sold an expensive item. If you want to increase the insured value of the shipment before it leaves your pharmacy, contact our customer service team to assist. All shipments processed through MatchRX are automatically insured by FedEx for up to $100.

A MatchRX representative will process additional FedEx insurance for your shipment and provide you with a new label and tracking number. Remember, it’s important to understand how to package your item to help prevent damage while in transit. Our team will review proper shipping practices with you at anytime. Don’t hesitate to contact us at 877-590-0808 or email customerservice@matchrx.com.

Need assistance? Our team is happy to help.

Contact us at 877-590-0808

email: customerservice@matchrx.com

Need more MRX stickers to quickly identify posted items? They’re free, click here to request more.

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