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The broad array of medicines available, from the newest innovation to the most tried-and-true generic, saves and improves the lives of patients everywhere, providing tremendous value. But the ecosystem in the United States that results in innovative medications being discovered and ultimately dispensed to patients at the pharmacy counter is hampered by an opaque pricing
More than 30 years ago, U.S. law mandated state licensure of prescription drug wholesale distributors, resulting in a patchwork of varying state requirements and practical burdens for multi-state businesses. In 2013, Congress passed the Drug Supply Chain Security Act (DSCSA), which was intended to strengthen the integrity of the pharmaceutical distribution supply chain and to
As the world emerges from several years of “pandemic living,” there are profound changes in customer preferences and purchasing behaviors on the horizon. These trends will have transformative, lasting impacts on the drug store beauty market. While some pandemic-induced trends, like buy online pick up in store (BOPIS) and ultra-fast delivery, appear to be here
Store closures are the order of the day among the major pharmacy chains, continuing a multiyear trend of consolidation of locations in the sector. This comes amid increasing digitalization and a push further into health care services by major chains, both necessitating significant investments by major retail names. However, pharmacy retailers must continue to invest
COVID-19 has had a profound impact on health and wellness shopping. The pandemic was a catalyst that blurred the boundary between health and wellness, with health subsuming wellness into its definition. As a result, brands and retailers are repositioning their products and services to focus more on health. Personal care products are now personal health
NEW YORK — When Sharon Leite joined The Vitamin Shoppe in 2018 as chief executive officer, the company had hit a speed bump after many years of steady growth and retail expansion. The industry had been changing rapidly, particularly around transformative digital and e-commerce technologies, but the 45-year-old company hadn’t quite transitioned with the times.
A CNN/Time/Harris study in 2002 found that an astounding 82% of Americans believed there was still a lot of stigma attached to mental illness. However, Americans are finally opening up more about mental health. In fact, a 2019 poll on behalf of the American Psychological Association found that 87% of American adults agreed that having
In the business of pharmacy, there is a cost to not having transparency. And there is a cost attached to transparency. The question is which of these is better for you and your customers. It’s an increasingly important question given the growth of health care. The consumer health care industry grew 12% in 2021 while
Since their inception, pharmacies have strived to provide a quality health care experience for consumers. Over the past several decades, pharmacies have evolved from the small-town neighborhood store to major chains serving millions. In that time, they’ve implemented additional services for communities: In 2006, Walgreens was the first major chain to pioneer the in-store clinic,
We are more than two years into COVID, and the health care industry still has an “edge of your seat” feel — even as the crisis wanes, there’s an uncertainty about what will happen next. This rings especially true for retail pharmacies, which experienced pandemic highs and lows. American consumers applauded as pharmacies elevated the
While we don’t celebrate it, there is no question that the drug channel front of store has benefitted mightily from the pandemic. Increased traffic, new shoppers, pantry loading, digital downloads and ultimately millions of vaccinations have driven revenue and placed this channel squarely in the spotlight. The pandemic bent the trend curve, increasing store traffic
Congratulations, you made it! 2021 was a year of transformation for both brands and retailers. Massive supply chain disruptions forced us to pivot when products ran out-of-stock. Retailers rushed to initiative delivery programs to accommodate shoppers’ needs. And as costs skyrocketed, further adjustments were made to ensure our endeavors were financially sustainable. As we think
The cyclone that hit the prescription drug industry may now seem in the distant past, but the events we’re about to discuss were set in full motion only two years ago. At the onset of the pandemic, there was widespread concern among patients who were worried about whether they’d be able to get their prescriptions
U.S. patients may not fully understand the complex manufacturing and market dynamics that allow them to pay an average of just $6.61 for their generic prescription medicines at the pharmacy counter. That’s why tens of millions of Americans entrust their health to generics and biosimilars. In fact, fully 90% — nearly 4 billion in 2020
