In recent years, the health care industry in the U.S. has accelerated its shift from fee-for-service toward value-based care (VBC) models, focused on holistic, long-term outcomes for patients and lower costs for the system. This shift was spearheaded by the Centers for Medicare and Medicaid (CMS) through legislation enacted between 2008 and 2019, notably by
Retail media networks (RMNs) represent a clear opportunity for pharmacy retailers. RMNs are advertising businesses set up by a retailer that allow CPGs to buy advertising space that reaches in-market buyers. CPGs get the benefit of first-party consumer data. Retailers get a new revenue stream. The market is growing, and is estimated to reach $50
Since Amazon Pharmacy launched in November 2020, the prescription drug home-delivery service has led with a primarily online offering. Its value propositions — technology-based customer support, transparent pricing, fast shipping and an app-based interface — are compelling, but without connections to the broader health care ecosystem, organic growth has been challenging. That’s about to change.
During the pandemic, pharmacies supported the health and well-being of their communities. They cemented their role as core health service providers. By ensuring access to community health care, they proved their value to governments, other businesses and the public. The reward for success is always increased expectations. Today, pharmacies’ local initiatives are no longer enough.
Structural and systemic inequities have long contributed to ongoing health disparities, especially within minority communities in the United States. However, the pandemic and social unrest of the past few years have magnified the issues. For example, Latino and Black people were hospitalized with COVID-19 at a rate 2.8 times higher than white people, according to
If talent acquisition and retention isn’t a top-five topic for your executive team, it should be. The reason is straightforward: The U.S. labor market has undergone significant changes, resulting in fewer available workers and more open jobs — 10.9 million — than at any time since that statistic has been measured. As if that weren’t
The U.S. prescription drug market has reached half a trillion dollars, much of it dominated by large pharmacy service providers. But with a pie this big, it’s little wonder that new players are looking to horn in on the action — in particular “digital native” start-ups that give customers the direct consumer-centric relationship and flexible
The COVID-19 crisis has undoubtedly changed customer behavior, from how people pay to what they buy. But how has the pandemic specifically affected pharmacy customers? Kearney’s pharmacy customer survey from early fall 2020 reveals that COVID-era customers have new ways of shopping, evolving preferences for obtaining prescriptions and increased expectations of their pharmacies. As the
The COVID-19 crisis will eventually move past its peak and everyday life will phase into a new normal. When it does, it’s unlikely that customers or businesses will go back to their pre-pandemic ways. As “essential” businesses, retail pharmacies were some of the first to experience and respond to new changes in customer behaviors and