A former independent pharmacist who foresaw the industrys looming extinction due to skyrocketing drug acquisition costs and declining reimbursements has launched a new business he believes will help mom-and-pop pharmacy owners survive.
DermSource, a group purchasing organization (GPO) serving pharmacies with a purchasing platform for discounted prescription dermatology products, debuted with over $3 million in sales, 1,500 orders and more than 65,000 dermatology products in the first four months alone.
As a GPO, DermSource negotiates with manufacturers, wholesalers, and distributors on behalf of neighborhood pharmaciesarranging for broader access to sought-after dermatology products and at prices 30-50 percent below its GPO competitors.
With the guarantee of a fair and transparent deal, DermSource retains a profit margin of no more than 3 percent per transaction, ensuring that the immense savings retained through its program are passed along to pharmacies and their patients.
Launched November 2018, DermSource has already enrolled 200+ pharmacies across fifteen states, with new members enrolling every day. Free to join, the program is available to independent pharmacies nationwide.
Neighborhood pharmacies are under attack from all sides, said DermSource Founder and CEO Yuriy Davydov. Wholesalers and GPOs are perpetually overcharging them to acquire prescription drugs, while pharmacy benefit managers are reimbursing pharmacies at rates below acquisition cost. Its preposterous. These underregulated and intentionally obfuscated processes are literally destroying neighborhood pharmacies.
Davydov closed his own pharmacy in Queens, NY, three years ago. He since shifted his efforts toward helping local pharmacies reclaim their collective buying power within the complex and byzantine U.S. healthcare system.
He noted that with a dermatology market valued at $12 billion annually, DermSource has room to grow substantially while also helping neighborhood pharmacies continue to serve their communities.
To date DermSource has enrolled pharmacies in Arkansas, Arizona, California, Colorado, Connecticut, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Texas, Utah, Virginia. Dozens of pharmacies in additional states are expected to enroll over the next few months.
DermSource is committed to helping pharmacies gain wider and more consistent access to dermatology products and at prices that better serve their patients, Davydov said. Our overriding goal is to improve healthcare outcomes while helping neighborhood pharmacies make a modest profit for their underappreciated role as healthcare practitioners.
Pharmacies in all 50 states are invited to sign up for a free DermSource membership at www.DermSource.com.
DermSource is a dermatology GPO serving pharmacies across the nation with a purchasing platform for discounted dermatology products. Working with VAWD accredited wholesalers and distributors, DermSource negotiates on behalf of the pharmacy for competitive prices and availability of sought-after dermatology products. With the guarantee of a fair and transparent deal, DermSource retains a profit margin of no more than 3%. As a progressive organization DermSource is armed with a mission to help improve the healthcare industry and recognizes that helping independent pharmacies helps the consumer receive treatment, delivering improved healthcare outcomes. Membership is free to pharmacies in all 50 states. Visit www.DermSource.com #TruthinPricing