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Highlights from RBC 2024

The annual Retail Business Conference (RBC) brings together thousands of retail independent pharmacists, their staffs and their families to connect, gain insights, expand their knowledge and hear from Cardinal Health leaders. Their stories, shared at this year’s conference in Chicago, Illinois, highlight that, while community pharmacists are facing challenges, they know they can look to trusted partners, industry organizations and colleagues for advice and support to help them seize new opportunities.

Helping retail independents prepare for the future of pharmacy

For many years, patients have valued the personalized care, attention and access they receive from their local community pharmacy. As pharmacies have continually expanded their services, adding immunizations, point-of-care testing and consultations on managing chronic diseases to their offerings, they have elevated their position among patients as a destination for everyday healthcare needs.

Michelle Britt, SVP, Retail Independent Sales, told the pharmacists in her remarks during RBC’s opening session, “Your stores have become the go-to place for patients in your community, not just for over-the-counter products and favorite personal care items, but also for their general well-being. Patients are seeking out pharmacists to answer everyday health questions, help manage their diabetes, and get the support they need as patients and caregivers. This is not just a moment – it’s the future of pharmacy.”

While their scope of practice continues to widen, pharmacies are also facing headwinds, including declining reimbursements, cash-flow challenges and unpredictable costs. Britt recognized these challenges and shared how Cardinal Health is helping pharmacies take on the dynamics of today so they can continue to transform into the community healthcare destinations patients are seeking.  

Brad Cochran, EVP of Pharmaceutical and Specialty Distribution, expanded on this support in his comments on the RBC mainstage.

“I recently visited several independent and Medicine Shoppe pharmacies to hear and experience firsthand what’s happening in pharmacies and in the market,” Cochran said. “One theme was clear:  Delivering patient care that drives better outcomes while also sustaining a healthy and profitable business is challenging...especially as reimbursements decline. We are using what we learn from pharmacists to educate policymakers on Capitol Hill about the importance of local pharmacies and advocating for increased reimbursement for tests, treatment, and vaccinations so they can support growing patient demand for clinical services.”

Beyond advocacy, Cochran highlighted recent investments in products and services to help pharmacies meet their patients’ changing needs. The Consumer Health Logistics Center, slated to open in 2025, will offer an affordable, comprehensive selection of over-the-counter medications, treatments and diagnostic solutions. Additionally, the new Vaccine Alliance program offers cost-savings and other benefits from participating manufacturers to help pharmacies engage more patients and expand their immunization programs.

Encouraging retail independents to be informed and get involved

During the Industry Session at RBC, Pharmaceutical and Specialty Solutions Segment CEO Debbie Weitzman and SVP of Government Relations Rebecca McGrath sat down with Doug Hoey, CEO of NCPA, to discuss the latest developments on Capitol Hill and how pharmacies can play an active role to maintain momentum toward positive change.

The discussion highlighted the need to advocate for a multifaceted approach to reimbursement reforms. Hoey advised that in addition to working with lawmakers on legislation, a continued expansion of services will demonstrate the value pharmacies provide to their communities and elevate the status of the pharmacist as a healthcare provider.

The conversation also highlighted the positive action being taken on Medicare payment reform, which will help ensure pharmacies are fairly compensated for the services they provide.

“Pharmacists have done an amazing job of pushing federal and state legislation to expand the scope of practice,” McGrath said. “There is growing support and recognition on Capitol Hill for all of the services that pharmacists provide to their communities.”

Sharing innovative new approaches

Each year, pharmacists tell us that one of the most valuable aspects of attending RBC is connecting with fellow pharmacists to share best practices, get advice and learn about new approaches. This year, the Clinical Innovators Panel brought these conversations to the mainstage, with panelists Tim Mitchell, owner of Mitchell’s Drug Stores in Neosho, Missouri, Kayci Stevenson, owner of Tomahawk Pharmacy in Tomahawk, Wisconsin, and Josie Phillips-Ross, owner of Phillips Family Pharmacy in Riverside, Missouri.

Mitchell shared how he created a cost-plus pricing model that enabled him to not only provide added value to patients, but also maintain an edge in a competitive market. He encouraged pharmacists to embrace trial and error as they attempt to implement new solutions and advised them to lean on their staff, their colleagues and partners such as Cardinal Health for support when adding new services.

Stevenson said that the flexibility of being an independent pharmacy owner enabled her to add laboratory services, prompted by requests she received from patients. While there are risks to adding any new service, Stevenson said, the success of taking on this lower-risk opportunity opened the doors for more comprehensive programs, such as long-term care at home services. She noted that by collaborating with local providers in her area, she was able to build relationships and allow for expanded services to meet the needs of the rural, underserved patient population in her community.  

Phillips-Ross said that her passion for continuing education led her to pursue new service offerings in women’s health, hormone consulting and functional medicine. Phillips-Ross said the time and money she personally invested in educating herself about additional clinical services has enhanced the comprehensive, patient-centered care she provides and has helped her staff become more confident and empowered when speaking with patients about these offerings. She encouraged pharmacies to give themselves permission to learn as they go and adjust based on the feedback they receive from their community.

Mitchell added, “Don’t be limited by mentality of ‘what a pharmacist should do,’” said Mitchell. “Keep an open mind, lean on your peers, be nimble and just start – go for it.”

With thought-provoking, powerful conversations, educational and informative presentations, and idea-sharing from their peers, RBC 2024 attendees developed new connections and gained new perspectives on ways to care for their patients and grow their business so they can continue to serve their communities well into the future.