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 medical devices, Over-the-Counter (OTC) products including vitamins 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 branded to a variety of generics, 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 with the highest tier from manufacturers. This bulk buying power allows them to achieve better prices, which are then passed on to pharmacies. By accessing these lower prices, your pharmacy can reduce costs, improve profit margins, and offer wider selection as well as affordable options to your customers.

Alongside competitive pricing, pharmaceutical wholesalers recognize the value of providing fair pricing. Fair pricing means that pharmacies receive reimbursement rates that reflect the actual costs of the medications they dispense. This is important because when reimbursement prices are fair, pharmacies can cover their costs more easily. This helps them avoid financial strain and maintain a stable cash flow. Fair pricing motivates pharmacies to buy medications at lower prices. When pharmacies can purchase drugs cheaply, they can sell them at competitive prices while still making a profit. This competition helps keep overall costs down for consumers.

For example, PharmaRise supports independent pharmacies by offering fair pricing that doesn’t require bulk buying. This means small pharmacies can purchase the right amount of stock without straining their cash flow, allowing them to focus on sustainable inventory management. PharmaRise’s pricing model helps these pharmacies avoid tying up their finances in excess stock, which can lead to slow movement or expiration. By providing affordable prices regardless of order size, PharmaRise helps smaller pharmacies remain competitive, manage costs, and continue serving their communities.

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. However, we can help them to source the alternative for long lost no stock item in the market as replacement.

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.

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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

The mandatory licenses and certifications for pharmaceutical wholesalers in Malaysia include:

1. Pharmacist Type A License

Issued to pharmacists, this license allows them to import, store, and deal with all poisons either by wholesale, retail, or both.

2. Medical Device Authority (MDA) Establishment License

Mandatory for any entity that manufactures, imports, exports, or distributes medical devices in Malaysia to obtain this license .

3. Good Distribution Practice (GDP)

The minimum requirements that a wholesale distributor must fulfill to maintain the quality and integrity of medicines throughout the supply chain.

4. Good Manufacturing Practice (GMP)

Ensures that products are manufactured safely and meet quality standards.

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.

Having a single reliable wholesaler like PharmaRise means you can access everything you need from one source to save you time and money. This one-stop convenience is attractive to pharmacy owners who want to order a selection of drugs, medical devices and OTC products to meet the customer demands.

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.

Look for a wholesaler that values communication and support, showing genuine interest in your needs. They should not only deliver products on time but also engage with you throughout the process, addressing any concerns and guarantee a smooth experience. This level of personal interaction can strengthen your partnership and build trust over time.

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.

Reach Out to Us Today

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