3 reasons to co-brand your pharmacy
Drug Store News editor-in-chief Rob Eder with pharmacy owner Jerry Callahan and Cardinal Health VP of Medicine Shoppe Pharmacies John Fiacco.
LAS VEGAS — One major focus at Cardinal Health RBC this year is the company's hot, new Medicine Shoppe/Medicap Pharmacy co-branding initiative, which gives independent pharmacy owners the best of both worlds — the local name recognition of their neighborhood community pharmacy and the national brand awareness of the Medicine Shoppe/Medicap Pharmacy banner.
To get a better sense of why more independent pharmacy owners are gravitating toward the co-branding option, Drug Store News talked with John Fiacco, VP of Medicine Shoppe Pharmacies, and pharmacy owner Jerry Callahan. Here are three reasons why co-branding makes sense for an independent pharmacy owner trying to stay ahead of the competition and position themselves to win in a rapidly changing healthcare landscape.
Two brands are better than one
“The co-branding option allows a pharmacy owner to take advantage of the Medicine Shoppe or the Medicap Pharmacy brands, while retaining their own brand identity,” Fiacco told DSN. “A lot of [my] older stores, like my first one, Ellsbery Pharmacy, the community recognizes that name, but new people that come into the area don’t. They recognize the Medicine Shoppe brand. It gets people into the store,” Callahan added.
Part of a special club
The Medicine Shoppe banner is more than just a brand; its franchisees are, in a sense, part of a special club that reflects the outcomes-based future of cutting-edge pharmacy care.
“The one thing I have always felt about Medicine Shoppe is they don't just let anybody in,” Callahan said. “You have to meet their criteria.”
“Our brand stands for performance and patient care,” Fiacco said. “We are doing everything we can to move our pharmacies to be more outcomes-driven. “We want people that are going to uphold our brand. Our brand standards are performance; you're going to immunize; you're going to be tobacco-free; you're going to participate in our programs and improve your Star ratings.”
All about the business
In addition to brand recognition and cutting-edge clinical programs, the Medicine Shoppe/Medicap co-branding option also enables independent pharmacy owners to tap into national marketing programs and ad campaigns — such as a new ad set to debut in October in Better Homes & Gardens magazine — as well as the business acumen of MSI's financial consulting services. “Most pharmacists are great at customer services, but in my experience they are terrible at business,” Callahan said. “That's something the Medicine Shoppe offers.”