MANAGING A FAMILY-OWNED PHARMACY – THREATS, OPPORTUNITIES AND CHALLENGES: CASE STUDY

Abstract

The first pharmacies we know today emerged in the sixteenth century. From the very beginning, the main aim of pharmacies and pharmacy, in general, was to serve patients to maintain and improve their health. Currently, the list of the primary objectives of pharmacies should be expanded by adding one more goal, i.e. to struggle for survival, which affects especially family-owned pharmacies, as pharmacies operate in the highly competitive marketplace. The changing conditions require to adopt a completely new approach to management, including different legal, marketing and social aspects, leading to ever greater challenges in managing family-owned pharmacies today. The application of 4Ps, rebranding and merchandising activities have brought a number of changes, taking pharmacies to the twenty-first century, and strengthening their position in the local marketplace.