This is a very controversial article...one that many pharmacists and pharmacist proprietors will disagree with.

The purpose of the point of view expressed is not to play down nor undermine the value of retail pharmacy, but rather, to highlight that like many industries, there is a myriad of challenges facing retail pharmacy - does it have what it takes to thrive, and not just survive?

I was strolling through the bustling mall when my eyes were drawn to a sign hanging in the window of a small camera/photo processing shop. Its bold letters proclaimed, "Closing Down Sale"

Intrigued by the imminent demise of this once-thriving establishment, I couldn't resist the pull of curiosity. I entered the shop, to have a peek at the discounts, screaming 'Buy me!'.

Before I could immerse myself in the world of photo frame nostalgia, a voice interrupted my contemplation."Hi, I can help you ma'am," chimed the photo lab technician, in a melancholic voice.

Startled by the interruption, I glanced up and replied, "No, thanks. I am just taking a look. It's sad to see you're closing down."

The technician's eyes shimmered with a mix of resignation and acceptance, and he confessed with a sigh, "Well, it's inevitable. We saw it coming. It's hard to beat the current conveniences of phone cameras and technological advances."

.

.

As I absorbed his words, the implications began to sink in. "Everyone knew that the new digital technology would render some current businesses obsolete," Simon Sinek wrote in his Infinite Game, citing the faltering of Kodak as a sombre example. In an era dominated by swift technological shifts and the rise of digital imaging, the iconic photography company had been left behind, a victim of its own unwillingness to embrace change.

In his book The Infinite Game, Simon Sinek calls on companies to embrace Existential Flexibility, which is "the capacity to initiate an extreme disruption to a business model or strategic course in order to more effectively advance your Just Cause."

In this article, I will delve into the concept of Existential Flexibility, as introduced by Simon Sinek in his book "The Infinite Game," and explore why it is imperative for retail pharmacies to embrace this mindset to not only survive but also thrive and stand the test of time.

Why must retail pharmacy have Existential Flexibility?

The retail pharmacy industry is navigating a rapidly changing landscape. From technology advancements to shifting patient expectations, to drug shortages, pharmacy businesses face numerous challenges that demand a flexible and adaptive approach. It is imperative for retail pharmacies to embrace this mindset to not only survive but also thrive in the face of adversity.

Existential Flexibility, as proposed by Simon Sinek, is the ability to embrace change, redefine oneself, and consistently evolve in the pursuit of a purpose beyond short-term success. It entails recognizing that the retail pharmacy industry is part of an infinite game, where the goal is not to win against competitors but to outlast them by adapting to changing circumstances, and by advancing a Just Cause.

But what is a retail pharmacy's Just Cause?

The retail pharmacy industry's Just Cause is to improve the health and well-being of individuals and communities by providing accessible, affordable, and high-quality pharmaceutical care.

It encompasses a deeper purpose beyond the mere transactional aspect of selling medications and healthcare products. The Just Cause of retail pharmacies is to contribute to the overall health outcomes of their patients.

Existential Flexibility means that instead of fearing things that are new and disruptive to the retail pharmacy industry (finite thinking), we appreciate the unpredictable circumstances, look at the opportunities new technologies provide, and use them to advance our Cause (infinite thinking). Instead of waiting for an advancement that may drive us out of business, we foresee the change coming, recreate our processes, and leverage our passion for our Cause to embrace the change early, at a time when the business is already enjoying success, rather than waiting when we are at the mercy of new technologies or being driven out of business by the challenges the industry is facing.

Existential Flexibility does not happen when the company is just founded, fully formed, or struggling, it happens when the company is thriving and functioning, allowing it to navigate and adapt to impending industry changes in advance of them occurring.

Example 1

You are a retail pharmacy proprietor, and you are aware of the rise of medication adherence applications that help patients adhere to their medication regimen.

You either:

1. Ignore the rise of these technologies, think that this isn't a priority right now as your business is already flourishing and there is no reason to explore or embrace this technology at this point. (finite thinking) OR

2. Embrace this technology and decide to explore ways by which you can bring the benefits of medication adherence apps to your patients, as this aligns with your Just Cause of improving the health and well-being of your patients

The former is a reactive approach, one day these technologies will be the ‘standard of care', and you will be left behind or lagging in your services, or even worse, the significant industry challenges may have already driven you out of business by competition. By embracing the latter, you are:

1. leading other players in the industry

2. expanding your offering to your patients

3. delivering on your promise of improving healthcare

4. you are staying ahead in the innovation curve, competition doesn't affect you

Example 2

You are a pharmacy proprietor. You heard about the rise of pharmacogenomics and precision care and their value in enhancing medication outcomes and reducing adverse events. You have also heard that there are some local pharmacist consultants providing private pharmacogenomics consultations.

You either decide:

1. This isn't the right service for your pharmacy, as your team is already overstretched and there is no way you can add on extra services. Your pharmacy is thriving well with the existing revenue OR

2. Partner with one of these private pharmacist consultants, offer them a clinic space, work out a plan to launch the service through your pharmacy and consider how you can work out an agreement that benefits both of you.

The former option is finite thinking, as it:

• fails to recognize that pharmacogenomics will inevitably be the 'standard of care'

• falls back on the reassurance that 'if I am thriving, why do things differently'

• fails to deliver on the Cause of enhancing well-being through Proactive care.

On the other hand, the latter option is infinite and futuristic thinking, it:

• recognizes the rise in private consultant pharmacists, and, instead of being threatened by them, partners with them

• foresees change and embraces it, Proactive rather than Reactive

• embraces change while it is thriving, instead of being 'forced into' change when it is the 'norm' while facing resource constraints such as staffing, time, etc

But here is the thing...

For retail pharmacies to truly embrace Existential Flexibility, they need to create a culture that inspires and motivates their teams. When employees understand the bigger picture of their work and the company's Just Cause well, they become more resilient, adaptable, and committed to overcoming challenges and embracing change. By fostering a culture that encourages learning, growth, and creative problem-solving, pharmacies can build a workforce that thrives even in the face of uncertainty and change.

Existential Flexibility serves as a guiding principle for retail pharmacies facing the dynamic challenges of today's pharmacy industry. By embracing this mindset, pharmacies can position themselves as adaptable, innovative, and patient-centric organizations. In an industry where change is the only constant, Existential Flexibility empowers pharmacies to not only survive but also thrive in the face of uncertainty, ultimately enhancing the quality of care and experiences they provide to their patients.

-Katrina

P.S. If you're interested in my writing and want to:

• explore opportunities for collaboration

• navigate a new career pathway

• establish a new service

Then DM me!

For more information about my services, visit my website.