Whether independent, chain, or mail-order, the pharmacies that make up the tail end of the prescription drug distribution chain are part of a rapidly changing marketplace. At the periphery of the healthcare industry, pharmacies operate according to both the market conditions dictated by healthcare economics and regulation and the performance and ingenuity of their pharmaceutical suppliers. In Part 8 of BVR's 2013 Online Symposium on Healthcare Valuation, James Lloyd and Jeff Milam examine the valuation challenges these businesses pose, given their unique status as being both in and out of the healthcare industry, and the economic and regulatory forces currently reshaping their marketplace.