Buffalo, N.Y. (WBEN) "We are being inundated, quite honestly," said Steve Giroux, who owns 7 independent pharmacies in Western New York.
Since Rite Aid's latest bankruptcy filing, and announcement that 68 local stores will be closing as of June 4th, Giroux said his business has exploded.
"Our pharmacy in North Tonawanda, Wurlitzer Family Pharmacy, in particular, is seeing a tripling of our volume. The calls are coming in fast and furious. We've had to hire additional staff just to handle the phone calls."
The process to switch pharmacies is simple. There is no need to transfer. A patient simply needs to tell their doctor or prescriber to send prescriptions to the new pharmacy.
Giroux said pharmacies in Western New York are banding together, trying to step up and be able to absorb the high number of patients who are seeking a new pharmacy.
"Everything is electronic. The prescriber simply sends the prescription to the new pharmacy. We typically need insurance information as well, so it's a good idea to call the pharmacy or stop in with your information."
As an independent pharmacy owner, would Giroux consider buying any of the soon to be vacant Rite Aid stores?
"We are exploring that. There are some great opportunities because of the void that's being created in some markets. For example in Lockport, there were 5 Rite Aids two years ago. They closed one of them a while ago,
and now they are closing the other four. "
He added that it takes capital to consider buying another location.
"It's somewhat embarrassing to say this, but with seven pharmacies, my company is a 35 million dollar company and we have not made a net profit in over five years because the payment system for pharmacies is broken. Pharmacy Benefit Managers, or middlemen, are oppressing pharmacies with unfair contract terms. It's not a sustainable business model."
Giroux added that it's hard to get financing when you're not making a profit. He warned, "We're in crisis mode right now."