Numark Own Brand is a great addition to your pharmacy portfolio, not only is it a high quality brand alternative to have on shelf it also provides large profit margins to your business.
In order to support the growth and maximise profitability in your pharmacy we have created a guide to retail pricing (RRP). We have created a minimum and maximum pricing band for you to set your RRP.
- Our minimum RRP is based on the lowest we think you should price your products if you are in a highly competitive location.
- Our maximum RRP shows the maximum potential we think you could retail your OTC medicine category.
We aim to set the maximum RRP at a minimum of 10% below the own brand alternative in Lloyds Pharmacy and Boots, in order to support you in the marketplace and of course it’s significantly more cost effective than the brand leader.
Did you know – a lot of the manufacturers Boots and Lloyds Pharmacy use are the same as our manufacturers! Same product, same supplier, different packaging.
Our sophisticated new pack designs also warrant a retail price review to drive value into NUMARK own brand as a trusted, high quality brand alternative. By adopting the maximum RRP across the whole medicines category you could increase your average margin by a huge 15%!
Whilst choosing where to set your RRP please take into the account the following:
- Local demographics - what sort of customers do you service daily and who do you want to attract?
- Competition - what competition do you have in the local area for OTC products? Consider other local pharmacies, high street chains and supermarkets.
- Destination store - is your pharmacy seen as a destination store for certain products?
- How best to compete - In your local area, are you best to compete on prices, or are you better placed to compete on other strengths such as expertise or accessibility?
- Regular purchases - what do your customers regularly come in for?