Today’s retail pharmacies face increasing pressure from all fronts. Governments are aiming to reduce health care costs, and public sentiment is pushing the industry toward a value-based model. The use of high-cost specialty drugs is increasing dispensing complexity and shifting channel volume — at a time when disruptors like Amazon are poised to impact pricing.
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
Pharmacies have long been the front door to the country’s health care system. People choose their favorite pharmacy and make stopping by a habit. They drop in to pick up monthly prescriptions, ask the pharmacist for advice and, of course, snag retail items in the process. But can pharmacies hold on to this coveted position?
In today’s retail landscape filled with intense competition and discouraging news about store closures and challenging sales figures, Global Market Development Center (GMDC)|Retail Tomorrow is focused on designing new strategies for retailers and suppliers to navigate a path forward to evolve and thrive. Even during one of the industry’s most uncertain times, brick-and-mortar still has
The continued digitization of electronic health records (EHRs) and growth in the number of wearables and Internet of Things (IoT) devices are rapidly expanding the volume of patient data. This increased digitalization offers patients more access to their health histories and the ability to track and take active responsibility for their health. EHRs also hold
In recent years, the specialty pharmacy industry has been defined by rapid growth with considerable entry from new participants. Factors driving growth include an increase of therapies introduced into the pharmacy benefit class rather than through the medical benefit, a growing number of patients receiving treatment for a wider range of conditions, price inflation caused
Every year, Canadians, who have access to one of the most advanced health care systems in the world, spend more than $200 billion on health care, $34 billion of which is on pharmaceuticals. Although medical services are socialized, government-supported drug benefits are limited to children, the elderly and the poor. In this regard, drug funding
Personalized medicine is broadly defined as the individual customization of health care — medical decisions, practices or treatment. For the community pharmacy industry, the impact of this trend is an over-the-horizon disruptor that will impact, among other things, the work flow in the retail pharmacy, the expectations of the pharmacists and the industry operating model.