In May, CMS announced its final rule allowing step therapy for Medicare Part B drugs. Although various interests pushed back, the move had clearly been signaled, pushing legislators across the country into motion to counter—or at least clarify—the plans to mandate the approach. Almost two dozen states thus far have addressed step therapy—or as opponents like to refer to it, the “fail-first policy”—at their respective legislatures. This includes last year’s efforts in our home state of Minnesota and the bill signed this month in Wisconsin that seeks to provide for a more clear patient appeal process.
Owning a pharmacy is complicated. You are responsible for delivering the highest level of patient care. You are running a business in one of the most tumultuous and competitive markets the industry has ever seen. And, you are responsible for representing the voice of independent pharmacy both in your community and in your local, state, and national legislative bodies.
When it comes time to sell your pharmacy—or to add one to your existing roster of businesses—that complexity increases. But don’t worry if you haven’t mastered every aspect of the transition process. Here are a few things to keep in mind whether you are buying or selling: