By Nancy Varekamp
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After 103 years, the Hollywood district has lost a piece of its history with the January 27 closing of Paulsen’s Pharmacy. The pharmacy was heralded in a 2014 issue of the Star as Hollywood’s longest continuously operating business.
“It came down to the drug buying current reimbursement for small, independent pharmacies,” said Joe Amspoker, who became general manager of Paulsen’s after it was purchased by Haller’s Pharmacy Group – a collection of independent pharmacies in California. “The margins were two and three percent. You’d buy drugs for more than you’d get reimbursed for.”
Trade magazines and national news media have reported for years that many independent pharmacies are closing due to reimbursement reductions that cause them to lose money on the prescriptions they dispense.
Amspoker said it was within a year or two after his group bought Paulsen’s in 2016 that the reimbursement reductions became an increasing concern. Reports vary on the number of independent pharmacies that have closed in the past few years. “It’s very sad,” Amspoker said. “Across the nation, capitalism at its best and its worst.”
Amspoker was pleased with the outcome of Rite Aid taking over Paulsen’s client list and inventory. “We almost looked at it as a partnership. They saw an opportunity to expand their customer base, and they made the commitment to do free delivery and uphold Paulsen’s standards of customer service.”
Gary and Karen Balo, who owned and operated Paulsen’s Pharmacy for 45 years before selling to the Haller’s group, agreed that reimbursement practices are unfair and have taken a toll on the industry.
“We are saddened over the closing of any small business, especially Paulsen’s Pharmacy,” he said. “A big shout out to all the generations of patients who supported us.”
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March 04, 2021 at 02:09PM
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103 years of history in Hollywood comes to an end for Paulsen's Phramacy - Hollywood Star News
"Hollywood" - Google News
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