Future-proofing the pharmacy profession in a hypercompetitive market

Singleton, Judith A. and Nissen, Lisa M. (2013) Future-proofing the pharmacy profession in a hypercompetitive market. Research in Social and Administrative Pharmacy, 10 2: 459-468. doi:10.1016/j.sapharm.2013.05.010


Author Singleton, Judith A.
Nissen, Lisa M.
Title Future-proofing the pharmacy profession in a hypercompetitive market
Journal name Research in Social and Administrative Pharmacy   Check publisher's open access policy
ISSN 1551-7411
1934-8150
Publication date 2013-01-01
Year available 2013
Sub-type Critical review of research, literature review, critical commentary
DOI 10.1016/j.sapharm.2013.05.010
Open Access Status Not Open Access
Volume 10
Issue 2
Start page 459
End page 468
Total pages 10
Place of publication Philadelphia, PA United States
Publisher Elsevier Inc
Language eng
Formatted abstract
This paper highlights the hypercompetitive nature of the current pharmacy landscape in Australia and to suggest either a superior level of differentiation strategy or a focused differentiation strategy targeting a niche market as two viable, alternative business models to cost leadership for small, independent community pharmacies. A description of the Australian health care system is provided as well as background information on the current community pharmacy environment in Australia. The authors propose a differentiation or focused differentiation strategy based on cognitive professional services (CPS) which must be executed well and of a superior quality to competitors' services. Market research to determine the services valued by target customers and that they are willing to pay for is vital. To achieve the superior level of quality that will engender high patient satisfaction levels and loyalty, pharmacy owners and managers need to develop, maintain and clearly communicate service quality specifications to the staff delivering these services. Otherwise, there will be a proliferation of pharmacies offering the same professional services with no evident service differential. However, to sustain competitive advantage over the long-term, these smaller, independent community pharmacies will need to exploit a broad core competency base in order to be able to continuously introduce new sources of competitive advantage. With the right expertise, the authors argue that smaller, independent community pharmacies can successfully deliver CPS and sustain profitability in a hypercompetitive market
Keyword Hypercompetition
Pharmacy
hypercompetitive pharmacy market
Differentiation
Strategy
Professional services
Community pharmacy
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Critical review of research, literature review, critical commentary
Collections: Official 2014 Collection
School of Pharmacy Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 5 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 12 times in Scopus Article | Citations
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Created: Thu, 23 Jan 2014, 20:38:08 EST by Mrs Judith Singleton on behalf of School of Pharmacy