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If you`re involved in the pharmaceutical industry, you`ve likely come across the term “pharmacy shared services agreement.” But what exactly does this mean, and why is it important?

Essentially, a pharmacy shared services agreement (PSSA) is an agreement between two or more pharmacies to share certain services or resources. This can include things like inventory management, staffing, marketing, and even space. By sharing these resources, pharmacies can often streamline their operations and improve efficiency, while also potentially reducing costs.

One common example of a PSSA is between a retail pharmacy and a long-term care pharmacy. The retail pharmacy may have excess staffing or space, and can offer these resources to the long-term care pharmacy in exchange for access to their specialized products or services.

There are several potential benefits to entering into a PSSA. For one, it can help pharmacies to better weather the ups and downs of the market. By sharing resources, they can avoid over-investment in areas that may not be profitable in the long run. This can also lead to greater flexibility and agility in responding to changes in the healthcare landscape.

Additionally, a PSSA can help to improve patient care. For example, two pharmacies may jointly invest in technology that allows for better coordination of care between them. This can help to ensure that patients receive consistent and high-quality care, regardless of which pharmacy they visit.

Finally, a PSSA can be a way for pharmacies to expand their presence and reach new customers. By partnering with other pharmacies, they may be able to establish a stronger foothold in certain markets or communities.

Of course, there are also potential drawbacks to entering into a PSSA. For one, there may be conflicts over resources or disagreements over how to allocate them. Additionally, there may be legal or regulatory issues that need to be addressed, particularly if the pharmacies involved are located in different states.

Overall, however, a pharmacy shared services agreement can be a valuable tool for pharmacies looking to improve efficiency, reduce costs, and improve patient care. If you`re considering entering into a PSSA, it`s important to work with experienced legal and financial advisors to ensure that you`re making the best decisions for your business.