Recent studies point to digital as the primary force driving the business and societal changes that are affecting company operations across industries. Because retail and health care are facing the most disruption, North American pharmacies can no longer afford to watch from the sidelines. While leading players are making fundamental changes to their entire organizations
Most consumers today are connected to digital technology through personal computers and, increasingly, mobile devices. They use smartphones more than three hours a day for communication, entertainment and shopping, and their online time and activities are increasing. Our Connected Health Consumer survey focused on finding out how consumers’ use of digital/mobile for general purposes (e.g.,
Marketing is among those operations undergoing a fundamental change in the digital world. Today’s consumer has materially different expectations about how she wants to buy products and services and about how she expects companies to market them to her. In such a dynamic environment, chain drug store executives need to make digital marketing a priority.
Despite having close cultural, human and economic exchanges with the United States, Mexico has a very different pharmacy landscape from that of its neighbor to the north — one with outstanding growth potential for pharmacies that build strong differentiating capabilities. The Mexican pharmaceutical market grew 3% annually over the past few years to reach $14
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
Despite all of the talk of big data and predictive analytics, and the maturity of customer loyalty programs, many food, drug and mass retailers continue to rely primarily on category managers to make critical merchandising decisions. Part of the difficulty may be the age-old challenge of an abundance of data but a dearth of insight.
MEMPHIS, Tenn. — Fred’s Inc. has retained global management consulting firm A.T. Kearney to help the retailer grow its pharmacy business. In reporting June sales on Thursday, the discount store chain noted that its expanded specialty pharmacy operation were a key driver of revenue growth for the month. The company in April closed a $66
As prescription drug revenue and profitability are threatened by the expanding share of generics and continued reimbursement pressures, many chain drug retailers are counting on improved front-of-store sales and profitability to counterbalance the declines. That goal faces several challenges. Increases in mail-order prescriptions and 90-day refills reduce prescription-driven door turns. The aggressive growth of small-format
One of the most dramatic changes in global business over the past few decades is the growth of organized retail in developing markets and the expansion of global retailers in general. Since Walmart opened its first store outside the United States in 1991, retailers in many sectors have discovered new markets around the world, and
A lot of uncertainty surrounds the future of health exchanges, but one thing is clear: Customers will have more information about and more transparency into what their health dollars buy — and thus more power to choose. As providers compete on this somewhat leveled playing field, they will be pressured to find new ways to
NEW YORK — E-commerce is rapidly gaining traction in the beauty care and personal care market, according to a newly released study from A.T. Kearney. The report, “Beauty and the E-Commerce Beast: 2014 Edition,” found that an industry rooted in the ability to touch, smell, sample and experiment with products in stores is being played
Consumer-centricity in retailing is often cloaked in words about putting the consumer at the center of our business, but what will happen when consumers are the focal point of their own business? The use of social media changes the dynamic and puts consumers at the core of their own brand. Bad customer experiences, often the
Can retail pharmacies beat other players to patient intimacy? Many pharmacy retailers understand that big data can improve business operations, enabling intimate consumer engagement and thereby driving bigger baskets and more door turns, along with healthier customers and margins. They see impacts almost completely confined to the income statement. Too few grasp the strategic ability
The Wild West never lacked for traveling salesmen pushing the newest elixir or snake oil to solve all your medical maladies. Fever? Take this! Stomach pains? Here’s the cure! As the health and medical fields matured, however, the playing field was leveled as trusted information became available through doctors, textbooks and other channels. The snake