Neighbourhood Pharmacy Association outlines 6 key factors in 900-day plan
TORONTO - The Neighbourhood Pharmacy Association of Canada earlier this month released its 900 Day Strategic Plan that clarifies and refines the mission, structure and vision for Canada's retail pharmacy association.
The release of the 900 Day Strategic Plan comes on the heels of a successful Executive Summit held Oct. 27 and 28, the association stated. The Summit was the first phase of a multi-phase initiative, which was outlined in the Plan, to arrive at a national pharmacy reimbursement framework intended to promote pharmacy growth and also meet the needs of public and private payors.
"Pharmaceuticals and provision of pharmacy services represent the third-largest cost envelope in Canada’s healthcare system, and healthcare accounts for 40% of total provincial expenditures," noted Vivek Sood, Neighborhood Pharmacies chair, at the Executive Summit. "The need to demonstrate value for money spent has never been more pressing.”
The new Plan outlines the six critical success factors that are vital to ensure the long-term sustainability of its members and their business models, including prescription pharmaceuticals, OTC/front-end products in retail pharmacies, specialty pharmacy and long-term care, and the provision of an ever-increasing range of patient care services.
These six success factors are:
Effective governance;
Financial sustainability;
A productive staff complement;
The leveraging of external expertise to support strategic priorities;
Internal performance measurements and accountability; and
Engaged participants, including members, corporate partners, associates and stakeholders.
The broader pharmacy and pharmaceutical ecosystem is a dynamic and challenging environment, with a number of organizations advocating for pharmacy. Commenting on this issue, the CEO of Neighbourhood Pharmacies, Justin J. Bates, said today,
“It is essential that Neighbourhood Pharmacies take on the mantle of leadership in advocating for the business of pharmacy, while continuing to achieve greater alignment with other pharmacy associations," stated Justin Bates, CEO Neighborhood Pharmacies. "It is therefore critical that we strive to arrive at a consensus on a modernized reimbursement model for Canadian pharmacies that reflects the realities of today’s healthcare environment of promoting better patient health outcomes and health system sustainability.”