How To Get Into Medicine Shoppe International
Medicine Shoppe International, Inc. offers pharmacy franchises to pharmacists. The Company provides the pharmacists with a system of business training, site location, marketing and advertising programs and management support. Medicine Shoppe serves customers in the United States.
One of the best attributes that differentiates Medicine Shoppe International from other medical stores is the company’s dedication to providing high-quality, results-driven business ownership opportunities in professional retail pharmacy. Their pharmacies receive individualized business support and patient care solutions support. Medicine Shoppe is focused on helping pharmacies to not only meet but to exceed the standards of the other centers like Centers for Medicare and Medicaid Services (CMS) Star Ratings.
For years, Medicine Shoppe International has seen more than a 10% increase in its pharmacies above the five-star thresholds. Medicine Shoppe Pharmacy operates in more than 500 pharmacies and over 43 different states of the U. S., and over 200 international locations. They combine pricing and product management strategies with advertising, display and shipping programs to provide a comprehensive suite of solutions to enhance the customer experience and increase revenue.
Medicine Shoppe International is renowned for providing expert and personalized health care right from when its establishment by Micheal Busch in 1968. Micheal Busch’s mission was to bring his community a pharmacy that was both dedicated to personalized service and managed by the pharmacist. Busch’s pharmacist-non business model gave him the freedom he needed to grow his business and equally focus on the needs of his customers. It turned out to be successful.
Today, the company is a company under the Cardinal Health Incorporations. Headquartered in Saint Louis, MO since 1970, Medicine Shoppe Pharmacy and Medical Pharmacy franchises, Cardinal Health Incorporation is a globally integrated healthcare services and products company, providing customized solutions for hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physical offices nationwide.
The uniqueness and the innovativeness of Medicine Shoppe International set it apart. It isn’t like the normal food chain where things are dull and not interesting, customers have enjoyed this food chain and they have written about it online. A customer noted on yelp.com that:
“A friend of mine recommended this pharmacy to me a couple years ago and I’m so glad that she did. The switch to this pharmacy was way easier than I expected. They basically handled everything for me. The staff upfront always greet me happily and really go out of their way to help me with my meds. The pharmacists are able to answer all my questions. I wouldn’t go anywhere else in the area. I even got my mom to start coming here for her orthotics and she loves talking with the ladies that work upfront.
If you’re looking for a new pharmacy, this is it:
For a distributor, this is an established store that can get your products to move as fast as possible. With the awesome varieties they offer and the established customer base, it can be easily deduced that there are customers already dedicated to what they sell.
How to get your product into Medicine Shoppe International
- Understand you client: Before you spend a lot of time and money creating a product, you should know if anyone will want to buy it. Learn more about Market Research
- Learn if it’s protectable: Know if you can defend your product against cheap copies if it gets knocked off. Learn more about Copyright and Patent your product
- Test your product: Make sure that there’s a demand for your product and the customer understands what you are selling when it’s on the shelf and nobody is there to explain it. Learn more about Product Testing
- Perfect your pitch: Before you speak to decision makers, know your numbers, know your retailer and know your logistics in and out. Learn more about Pitching Your Product
- Don’t do it alone: If you haven’t been successful in retail before, a secret of success is that you can’t do it alone. Having great sales staff, customer support and marketing partners can take you from zero to success faster than if you tried on your own. Learn more about Retail Partnerships
Contact Medicine Shoppe International Buyer
Do not trust any “list” of buyers.
Typically retail buyers change either companies or positions every few years. This strategy helps retailers know that their buyers are not taking “kick-backs” and are selecting the very best product for the very best position each time.
Buyers are typically held to a very rigorous standard of sell-through volume that they must hit and because of this they are risk averse. Your job as a supplier or vendor is to convince them that the buyers going into the stores not only know about what you’re selling but are actively seeking the product in the store currently.
Contact Medicine Shoppe International Buyer
Sometimes easier said than done, however you must get on Medicine Shoppe International radar.
Call the Medicine Shoppe International corporate phone number and ask for the names of the buyer and assistant buyers in your category.
Always leave voicemail with whomever the dispatch will connect you.
Use that information to connect with them on LinkedIn, RangeMe and any other professional social platform.
Ask your representative at your trade bureau to connect you to the Medicine Shoppe International buyers as they will potentially have a better history.
Get On Medicine Shoppe International Radar
Use advertising, public relations and marketing to make your brand known to Medicine Shoppe International buyer through 3rd party websites & industry media sources.
Be everywhere that they look, the key is to position your brand as the obvious choice when Medicine Shoppe International is looking to either refill a slot or create a new category.
Latch on to the news of the day and any trend that will make your product fill that niche whether that be Non-GMO or Vegan Leather for example.
Investing in your brand can only benefit your opportunities in the future. As being “top of mind” will have a ripple effect when you physically present your product at a Medicine Shoppe International buyers meeting or trade show in the future.
Use Hard Facts
Medicine Shoppe International buyers typically got to their position by picking “winners” and know how to see through the fluff.
Focus on the numbers, know your bottom dollar during a negotiation and how fees and chargebacks may cut into your position.
Know that long term success may outweigh short term sales, however financing large purchase orders from Medicine Shoppe International when the net result is negative is not sustainable.
Understand the playing field and the other brands that are in your space, what they are offering as promotion and pricing and how you can stand out against them.
By knowing that each buyer at Medicine Shoppe International probably knows more than you do, take an active listening approach to sales and understand that no is a perfectly acceptable answer that may have saved you millions of dollars on the backend.
How to Submit a Product to Medicine Shoppe International
There are several ways to get a product placed in Medicine Shoppe International. However, most entrepreneurs only dream about getting their product distributed to major retailers, few actually do it. We have experienced a significant rise in interest since the show Shark Tank started airing on NBC. Mr. Checkout has had the pleasure of working with a few Shark Tank success stories such as KISStixx and 180 Party Cups which are now currently being distributed around the country to stores like Walmart, Target, Kroger, 7-Eleven and more.
If you envision your product would be a good fit for Medicine Shoppe International, we have a few steps to help you get your product on their shelves.
Here are the 6 steps you need to take to have your product placed in Medicine Shoppe International.
1. Start with the right questions.) Before you try distributing your product to Medicine Shoppe International, you need to ask yourself a few basic questions. Do you need to build demand for your product, or is there already a demand for it? Do you know that Medicine Shoppe International would be interested in selling your product? If you can strike a deal with Medicine Shoppe International, can you handle the production volume? Do you want to sell directly to Medicine Shoppe International, or do you want to license your product to a manufacturer that will handle distribution?
2. Be prepared to profit.) Does your product offer enough of a profit margin for Medicine Shoppe International? Can you sell your product at a reasonable enough profit to cover the packaging, shipping, commissions, marketing and wholesale distribution? Check Medicine Shoppe International guidelines for other fees that you will have to build into the cost of your product in order for you to be able to turn enough of a profit to make the effort worth your while. If you work with a discount retailer, they will try to strip your profits down to zero in order to keep their prices as low as possible.
The typical breakdown of margins are: If a products costs $1 to produce, that product will retail for $4. That product that retails for $4 will wholesale for $2 to distributors and stores that purchase direct. Big box retailers like Medicine Shoppe International may offer to pay $1.25 to the manufacturer if the product costs $1 to produce. That is the typical profit margin.
3. Determine if Medicine Shoppe International is the right store for your product.) The relationship between you and Medicine Shoppe International starts with you browsing their store for competing products. If Medicine Shoppe International already has a similar product, it is going to be very difficult to get your product picked up. Spend some time at your local Medicine Shoppe International to see what kind of products they are selling, speak to the manager and see if he thinks your product will sell well in their store. Picture in which zone your product would best fit on the shelf and keep in mind that the most precious asset that these big box stores value are their shelf space. Keep this information in mind when you are preparing your presentation to Medicine Shoppe International.
If your company is minority or women owned, check Medicine Shoppe International website and see if they offer specific opportunities for those designations.
4. Pitch your product to Medicine Shoppe International.) Decide whether it will be you or a representative to present your product to Medicine Shoppe International. Your presentation depends heavily on your strengths as a businessperson as they will most likely ask financial questions and logistics questions.
It’s common for companies to hire a broker to pitch their product to Medicine Shoppe International, as it will be more likely that your product will make it to the next stage if the individual pitching your product has industry knowledge or a personal relationship with Medicine Shoppe International. The percentage of commission verses, however generally a broker will take around 5% to represent your product to Medicine Shoppe International.
We at Mr. Checkout have experience dealing with brokers and know that there are several retail brokers that have poor business practices that can potentially damage your brand. If you are seeking a legitimate Medicine Shoppe International broker, please give us a call for a recommendation. It could save you a huge headache and a lot of money.
5. Complete the required Medicine Shoppe International paperwork.) Often Medicine Shoppe International will have you go through an application process. However, before submitting the paperwork required by Medicine Shoppe International, you should contact a buyer at Medicine Shoppe International and let them know your intentions. Having a contact inside of the company will potentially move your application more smoothly through the process.
6. Anticipate the need for increased volume.) Having Medicine Shoppe International agree to stock your product will most likely mean a significant increase in volume. You should be prepared to ramp up your production and informing your manufacturer of this opportunity.
Having production, logistics and distribution to sync is not only difficult, it requires a significant amount of time invested in customer relations. Also, Medicine Shoppe International may have stipulations in the contract that may penalize you for delays in shipping and production. Have an attorney explain all contracts to you if you don’t understand the terms.
If you’re looking to sell your product to Medicine Shoppe International, be sure to thoroughly assess the marketplace, carefully prepare for production growth, and take full advantage of resources available to help you grow your business.
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