Why is one product worth more than another? Why can one brand charge a higher price than another brand whose products fill the same exact need?
It’s all about perception. The quality of the product, the services a company offers, or the status associated with owning a particular product or shopping at a particular store. All of these factors impact a customer’s perception and influence their purchasing decisions. And sure, sometimes it might be about cost, but having the battle for the lowest price isn’t usually going to be a battle that independent pharmacies can win.
So instead, focus on the areas where you can beat the competition. Instead of slashing prices and cutting margins, try to be the better pharmacy, the more sought after brand, and the clear choice for your customers.