MPA originally created Pharmacy Services Inc. (PSI)
to meet the needs of independent pharmacies, assisting in the management of their practice locations, while remaining competitive in the marketplace. The creation of PSI enabled MPA to focus on what the Association, as a nonprofit organization, was structured to do, such as advance legislative initiatives and advocate for the profession; provide valuable, innovative continuing education programs; and promote professional ethics and practice standards.
PSI operated a cooperative buying group for 32 years until July 2014, when the PSI Board of Directors elected to merge with another Michigan-based buying group called Pharmacy Management Partners (PMP). This merger allowed PSI to combine two strong, independent pharmacy buying groups into one to strengthen buying power. Both buying groups hold similar philosophies, focusing on member needs, full disclosure and transparency, sharing revenue back to their membership, and supporting Michigan Pharmacists Association (MPA) and its efforts.
PSI has invested in other businesses to help support the profession and MPA. It began operating the PSI Insurance Agency in 1992 to provide competitive insurance products to pharmacies and pharmacy professionals. PSI created Well Street Care Management Network in 2007 to conduct pilot studies to prove the value of pharmacists’ involvement in medication therapy management (MTM) services before the term MTM was even understood as it is today. PSI has also partnered with MPA to develop and refine the executive fellowship to include business development activities.
PSI continues to strategically invest its resources to support community pharmacy and pharmacists in other areas of need. In 2016, PSI invested in Quantum Medical Concepts (QMC). Originally launched in 2014 by the Michigan State Medical Society, QMC is an investment fund providing capital for Michigan-based medical startup businesses developing innovative medical technologies. In addition to funding and support, QMC provides startups with access to both the Michigan State Medical Society’s and PSI/Michigan Pharmacists Association’s network of more than 15,000 physicians and pharmacists who provide invaluable insight through the early development phases of new medical devices and technologies. Learn more about Quantum Medical here.
Providing services and advancing community pharmacy practice in Michigan are at the core of PSI’s goals. PSI's future direction is about enhancing your services and strengthening your business.