1 in 3 independent pharmacies to close this year: Survey

Thirty-two percent of independent pharmacy owners plan to shutter their businesses by the end of 2024, according to a February survey

Local pharmacies are facing a plethora of headwinds, including dwindling reimbursements and struggles with pharmacy benefit managers, the National Community Pharmacists Association said Feb. 27. 

On Jan. 1, CMS enacted a rule for payers and PBMs to apply all price concessions, or direct and indirect remuneration fees, at point of sale. In a survey of 815 independent pharmacy owners, 99% said prescription reimbursements have fallen. 

Because of the lower reimbursements, 93% of respondents said they would consider dropping out of Medicare Part D in 2025 if this trend continues. 

A pharmacy closed nearly every day in 2023, according to the NCPA, which is asking CMS for help. 

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