How Hidden Trackers Fight Pharmacy Losses from Looting
Looting is often associated with protests and civil unrest events that spiral out of control. Nefarious characters often take advantage of confusion and highly charged settings to rob and damage local storefronts, smashing and grabbing as much merchandise as possible.
Pharmacies are particularly attractive targets for looters, as the potential for selling stolen narcotics like opioids and benzodiazepines promises quick and high-dollar profits. In the aftermath of the 2020 George Floyd protests, more than a third of Philadelphia’s 476 retail pharmacies were looted. During these robberies, pharmacies noted that even their insulin inventory was stolen, suggesting a new emerging black market.
The looting of pharmacies can be extremely dangerous for both the livelihood of the business itself and for the safety of the community at large. Additionally, based on past Pharmacists Mutual claims data, on average, one in ten pharmacies are burglarized a second time within a year. Apprehending the thieves the first time prevents pharmacies from becoming repeat victims.
As civil unrest appears to be on the rise, pharmacies and other businesses are hardening their properties and preparing for the worst. One innovative technology is promising to be particularly helpful to pharmacies hoping to more effectively recover stolen inventory and keep controlled substances off the streets: hidden, discreet trackers that send remote signals to law enforcement for apprehension and recovery.
PharmaTracker®, developed by 3SI Security Systems, is a hidden tracker that automatically detects a theft and starts transmitting a GPS location every 6 seconds, allowing authorities to covertly approach and apprehend the thief, and recover the stolen goods. With a wide range of packaging options, and because its transmission are silent, the tracking device blends in seamlessly with other products and is virtually undetectable by criminals.
Because of the success of such hidden trackers in helping authorities and stores recover tens of thousands of dollars in stolen goods per robbery, insurance providers are taking notice. For example, Pharmacists Mutual Insurance Group partners with PharmaTracker® to obtain discounts for its members, and also provides a $1,000 credit towards the deductible if an active PharmaTracker® was in use during a robbery or other loss event. By leveraging tracking technology, pharmacies can mitigate the negative impact that looting and civil unrest can have on their business and their community.
Learn more about how to protect your business from civil unrest with the Pharmacists Mutual Insurance Company Civil Unrest/Riot toolkit, available for free to our members. Request your copy by emailing riskmgmt@phmic.com. Pharmacists Mutual Insurance Group is a nationally recognized leader providing insurance and risk management within industries including pharmacy, healthcare, and more. This information is intended to provide general information only on certain risk management topics, and is not intended to provide any coverage determinations or coverage positions, nor is it to be construed as providing legal, medical, or professional advice of any form whatsoever. Learn more about how we help our members mitigate their risks.