After "71 fantastic years" in business, Kingwood Pharmacy in East Ridge is calling it quits - sort of.
The landmark business at 3824 Ringgold Road has sold all of its prescription files and records to the nearby Walgreens at 3508 Ringgold Rd. - so Kingwood customers can get their prescriptions filled there.
And a liquidation sale that Kingwood Pharmacy's owners say is meant as a "thank you" to the community starts Wednesday, featuring Kingwood's gifts and home decor from such brands as Hallmark Gold Crown, Vera Bradley and Arthur Court.
Meanwhile, the compounding pharmacy will live on as Kingwood Compounding Pharmacy, as will the business's medical supply operations, said Joe Musick, who along with his wife Brenda Musick, are the business' co-owners and co-pharmacists. The couple have decided to retire.
"I've been there 54 years; I'm tired," said Joe Musick, who's 75. "It was hard for us to do, believe me. We don't have to sell - I want that to be clear."
Kingwood Pharmacy was founded in 1945 by entrepreneur and pharmacist Tracy Parker, Brenda Musick's father, and Skeeter Skate. Four generations of the family have provided prescriptions, compounding services, gifts and home decor to customers, Kingwood Pharmacy said in a statement.
"Our customers have become like family," Joe Musick said. "It has been a pleasure and honor to serve and care for your needs and get to know you all over these many wonderful years. From the bottom of our hearts, your Kingwood Family thanks you."
Independent pharmacies close
Kingwood says it was the Southeast's largest independent pharmacy.
It joins the ranks of other Chattanooga-area independent pharmacies that have changed hands or closed in the last few years, including East Ridge Pharmacy on Ringgold Road, which Rite Aid took over, and Belvoir Pharmacy and Chickamauga Drug Store, which both closed.
Meanwhile, at least one new independent pharmacy has opened here: Kumar Patel launched his Stop 'n' Go Discount Pharmacy about five years ago in East Ridge at Ringgold Road near Belvoir Avenue.
Chain pharmacies dominate the big markets. CVS has the biggest market share, and Walgreens, which is second and hopes to buy out Rite Aid, together control at least half the drugstore market share in almost every major U.S. city.
Independent pharmacies say they've been hurt by third-party pharmacy benefit managers (PBMs), which handle payments for commercial health plans and have dropped reimbursement rates and increased fees.
Independent pharmacies still outnumber the chains - though the number of U.S. independent pharmacies has been halved in the past 30 years. The United States had 22,814 independent pharmacies in 2014, compared to 21,394 chain drug stores, 8,301 supermarket drug stores and 8,330 mass merchandisers, according to the National Community Pharmacists Association.
Tim Boyd, the Hamilton County commissioner whose district include East Ridge, wasn't surprised to see another mom-and-pop pharmacy close given what he said is the competitive advantage the big corporations have.
"I hate it, but it doesn't surprise me," he said.
Boyd said his family goes to Kingwood Pharmacy because it does the best job at compounding his granddaughter's epilepsy medicine.
"We've tried the big boxes with her - and it's been a disaster," Boyd said. "There's one specific prescription that we get from Kingwood, because big boxes have screwed it up."
Contact staff writer Tim Omarzu at tomarzu@timesfreepress.com or www.facebook.com/MeetsForBusiness or twitter.com/meetforbusiness or 423-757-6651.