Prof Ndubuisi Ekekwe, Twitter’s Snout And Community Pharmacies: The Need To Capture Value

In a thought-provoking post on LinkedIn, and quite typical of him, esteemed academic and technology entrepreneur Prof Ndubuisi Ekekwe has raised a crucial point about capturing value in business, drawing parallels between Twitter’s recent changes, an idea we can extend to the predicament faced by community pharmacies.

His insights shed light on the importance of properly integrating value-driven services and charging accordingly to ensure sustainable growth and success.

Prof Ekekwe’s post emphasizes that failing to capture value while delivering exceptional services to customers can lead to losses for a business.

The analogy he draws between Twitter’s much criticised shot at monetisation and the business trajectory of Meta’s newly launched Thread, is applicable to what I’ve been advocating for about 10 years now about the “unrecognised” role of community pharmacies in primary care delivery from Lagos to Bornu and from Ebonyi to Sokoto.

This is a key segment of the private healthcare sector that desperately has a need for proactive strategies in value creation and monetization.

According to the Professor, when Twitter initially introduced charges for its blue tick and limited reads, it faced considerable backlash from users. However, when Meta, the parent company of Facebook, introduced Thread and promised not to adopt similar limitations, it was met with applause.

But, to the dismay of many, Thread recently announced its plans to follow Twitter’s path and monetize its offerings as well!

Prof Ekekwe likens this to a piglet wondering why its mother has a big snout, only to grow up and find itself with the same characteristic. The comparison serves as a cautionary tale for businesses that fail to recognize the significance of capturing value.

The scenario also echoes the situation faced by community pharmacies, which often offer free consultation, medication advisory, blood pressure checks, and other valued services to their communities without effectively capturing the corresponding value.

These pharmacies are lauded for their dedication to serving their communities, but their sustainability can be compromised if they don’t find a way to balance value delivery and financial viability.

If selling drugs were enough, then a lot of pharmacies would not be shutting down or struggling as we see today.

My advocacy has been about professionally integrating point of care services and offering great value while charging clients accordingly.

By adopting this playbook, community pharmacies (and even physician-led general practices) can establish sustainable healthcare businesses (yes, healthcare is business!), even in the face of rising costs, inflation, and other challenges in the industry.

When I led a team of professors, practitioners, and public health experts from Nigeria, Canada, Oman, and the United States (including from reputable institutions like the College of Medicine, UI and Harvard T. H. Chan School of Public Health) to curate the first internationally accredited Certification Programme in Point of Care Testing, my aim was not only to improve diagnostic accuracy at primary care level but to also see to it that healthcare providers (nurses, physicians, community health workers, pharmacists etc.) operating at that level can sustain their business of healthcare.

Prof Ekekwe’s insights serve as a valuable wake-up call for businesses across different sectors. It highlights the importance of strategic planning and effective value capture to ensure long-term success and growth.

Whether it’s a tech giant like Twitter or a community pharmacy serving its local residents, the principles of capturing value remain vital for fostering a resilient and thriving business environment.

As businesses navigate an ever-changing landscape, the lessons shared by thought leaders like Prof Ekekwe provide valuable guidance on how to adapt, innovate, and position themselves for continued success.

The challenge now lies in applying these principles to create a future where businesses can flourish, value is captured, and customers are provided with exceptional experiences.

The Professional Certification Programme In Point of Care Testing by the Skill Development Council Canada in partnership with Global Masters Institute is still ongoing. Hurry now and grap 50% discount.

Further 10% discount applies to a group of 5.

We are open to partnership with medical schools, pharmacy schools, nursing schools, basic medical science departments, NGOs and healthcare organisations.

Visit www.globalmastersinstitute.com/blog/