Company Research Report: Independent Pharmacy Cooperative (IPC)

Company Overview

• Name: Independent Pharmacy Cooperative (IPC)

• Mission: IPC aims to maximize the success of independent member pharmacies by providing access to products, services, and solutions that position its members as industry-leading healthcare providers.

• Founded: 1983

• Key People:

• Marc Essensa - President & CEO

• Ashton Maaraba - President, IPC Digital Health, LLC

• Darren Thieding - EVP & Chief Operating Officer

• Devin Millard - EVP & Chief Financial Officer

• Mark Kinney, RPh - EVP, Government Relations

• Headquarters: No information is available

• Number of Employees: No information is available

• Revenue: IPC customers order more than $1.4 billion in products every year.

• What is the company known for: IPC is the leading buying group for pharmacy owners, serving over 2,000 stores across the country. It is also known for its legislative advocacy, pharmaceutical wholesaling, and member-owned cooperative structure.

Products

• Products Offered:

1. Generic and Brand Pharmaceuticals - Over 8,300 products available for backup contracts.
2. OTC/General Merchandise - Access to over 1,100 products.
3. Pharmacy Select - Allows purchases to be treated like McKesson purchases for significant savings.

• High-Level Description:

• IPC provides a comprehensive suite of products and services geared toward independent pharmacies to enhance profitability and operational efficiency. They focus heavily on offering competitive prices and extensive product selections.

• Key Features:

• Competitive pricing and savings on generic and brand pharmaceuticals.

• Comprehensive backup contract enabling pharmacies access to an extensive product range.

• Warehouse Edge Program offering additional savings opportunities based on purchase volumes.

Recent Developments

• Recent Developments:

• IPC is introducing a new digital health initiative in 2024, known as iCare+, designed to future-ready pharmacies with telehealth solutions.

• New Products Launched:

• No specific new products have been launched recently. However, the iCare+ program aims to include telehealth, remote monitoring, and home health test kits in its offerings.

• New Features Added:

• Enhanced ordering portal updated in 2023 for better usability and informed decision-making.

• Telehealth services integrated through iCare+ intending to improve patient care and profitability.

• New Partnerships:

• IPC collaborates with organizations like the National Community Pharmacists Association (NCPA) to advocate for legislative changes benefiting independent pharmacies.

In summary, IPC's focus remains on empowering independent pharmacies through a cooperative model, strategic product offerings, and future-ready initiatives aimed at enhancing operational success and patient care in a rapidly evolving healthcare landscape.