Pharmacy Services Incorporated (PSI) was established in 1982 as a for-profit subsidiary of Michigan Pharmacists Association (MPA) to serve the business needs of pharmacists and community pharmacies. Originally, PSI’s primary focus was assisting independent pharmacy owners to help them remain competitive in the marketplace by operating a cooperative buying group.
In 1992, PSI began operating PSI Insurance Agency to provide competitive insurance products to pharmacies and pharmacy professionals. The Agency has grown since its inception and now offers a full range of personal and commercial insurance products to not only pharmacy professionals but any type of customer. PSI continued to invest in the profession of pharmacy by creating Well Street Care Management in 2007. Well Street conducted pilot studies to prove the value of pharmacists’ involvement in medication therapy management (MTM) services. Well Street is being transformed to Well Street Care Management Network to provide clinical support services with the long-term goal of establishing a network of pharmacy providers.
In July of 2014, after 32 years of service, PSI's cooperative buying group merged with another Michigan-based company called Pharmacy Management Partners (PMP) to create one larger, stronger buying group to benefit the members of both companies. This allowed PSI to strategically invest its resources to develop new services that would support community pharmacies and pharmacists in other areas of need. 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.