TORONTO — Today, the Canadian over-the-counter and prescription drug business has grown to well over $55 billion (Canadian) and is heavily regulated. This sector has also benefited from the fact that pharmaceuticals currently comprise the second-largest health expenditure category in the country. The retail market offers a wide range of prescription and O-T-C medications, health
Over the last few months, retailers of all types have battle-tested their supply chains as they’ve worked to find ways to get critical products into their customers’ hands. In particular, the pharmacy sector has been hard hit, with shopper behavior vacillating between stockpiling and regular buying. This pattern shift has caused headaches for category buyers
Beauty and personal care consumers are leaving their pre-pandemic shopping mentalities behind as they return to stores with a reprioritized sense of self-care. State-wide shelter-in-place mandates pushed millions of Americans into their homes, fueling a reliance on grocery, convenience and drug store retailers to fulfill in-store beauty and wellness product needs. As a result, consumers’
As Charles Dickens once wrote, ‘It was the best of times, it was the worst of times.’ Retail pharmacy chains like CVS have seen their profits surge during the pandemic. As an essential industry, retail pharmacies were able to keep operating, even as many other retailers were forced to temporarily shutter. Employees at these pharmacies
The coronavirus crisis has changed how shoppers conduct their typical routines and engage with retailers, with many of them switching to new brands or shifting to online only. As we start to emerge from lockdowns and prepare for the next recovery phase, retail pharmacies will be tasked with identifying ways to get consumers to return
Consumer health witnessed its slowest growth over the last five years, at 1.5% in 2019, according to Euromonitor International. The growth of both O-T-C and vitamins and dietary supplements (VDS), which account for more than 85% value sales of consumer health, was slow, leaving the industry with weak growth. A large part of the
I usually don’t mince words, but it is getting more and more challenging to write these opinion pieces with confidence. The difficulty is the two-month lead time between when I hand in my opinion and when you, gentle readers, absorb what I have to say. Now, amid our nation’s reopening, we are experiencing COVID surges
Product transparency is fast-becoming an industry standard — across virtually every channel. This visibility throughout the supply chain supports consumer preferences for locally sourced and/or ethically produced product, and allows manufacturers and distributors to proactively update progression and status as well as minimize disruption and mitigate customer risk. As it relates to transparency across the
At the top of an organization, the leader (CEO or president) holds a unique responsibility: making the whole of the enterprise worth more than the sum of its parts. In chain pharmacy today, this is a particular challenge that requires customer-centric innovation in order to create outsized value. Consider the “parts” that comprise most modern-day
Never underestimate the strength of the American consumer. That was clear from the very early days of the COVID-19 pandemic. As our world imploded in a matter of weeks, and uncertainty around both health and economic issues roiled the country, consumers got on with it. It was evident in the first of our COVID-19 series
For several decades, low-income patients, providers and pharmacies alike have been realizing the cost-saving benefits of the 340B drug-pricing program. The program helps a range of health care providers (covered entities) such as disproportionate share hospitals, rural hospitals, children’s hospitals, FQHCs and other providers that serve vulnerable communities, by lowering the cost of outpatient prescription
As nonessential stores have reopened, there have been some positive signs of consumer demand in physical formats. Despite this, Coresight Research is also seeing sustained demand for e-commerce in core drug store categories, and we expect digital demand to remain elevated over the coming months. Recent uptick in online shopping Coresight Research’s weekly survey of
When it comes to turning high-level corporate strategy into concrete action, top pharmacy chains are “walking the talk” in admirable ways. They’re launching health clinics, partnering with insurance companies, freeing up pharmacists and pivoting to preventative care, just to name a few. It’s particularly heartening to me, as a brand strategist focused on own (or
For drug, food and mass retailers, assortment management is a perennial challenge in the best of times, one that requires discipline and sound practices. The COVID-19 pandemic elevated the stress placed on assortment management to a new level. Demand signals were shattered by unpredictable shopper behavior across categories. Massive disruptions meant that supply chains struggled
