Pharmacy Market- a Rising Domain Full of Opportunities

The pharmacy market has grown unprecedentedly in the last few years. With the rising number of people suffering from various diseases, there has been a significant hike seen in the pharmacy market in last few years. It has been estimated that approximately 131.2 million people in the United States is taking one or more prescription drugs.

Furthermore, the pandemic has affected the pharmaceutical industry positively, although it has forced the companies to operate differently. This blog consists of the market analysis, and how the pandemic has shaped the pharmacy market-

How the pharmacy market transformed due to the pandemic?

The pandemic has brought changes for the pharmacy market. The primary concern in the beginning of the pandemic was to provide medicines, vaccines etc, to the people. The pharmacies were providing even providing the lifesaving drugs and essentials at times. There was a limited accessibility to the doctors and the repercussions of the pandemic were on height.

A s a result of the pandemic there was a 10-fold rise in the pharmacy home delivery during the pandemic. All around the world, patients and consumers of almost all the ages became more comfortable by digitally accessing the pharmacies. There were patients who were not able to visit the pharmacies and to sort this out the pharmacy management systems added mobile availability and virtual queues.

However, the pandemic tapped to the full scope potential of the pharmacy market. Patients were comprehensive of going out to the hospitals and visit doctors. The data published by the CDC states that pharmacies administered more than 258.1 million doses of the pandemic.

The Future of Pharmacy- Disruption Creating Opportunities

In today’s healthcare system, the pharmacy industry is widening its usage of enabling technologies. As the technology is becoming ubiquitous and amalgamating with smart home, the role of pharmacies has evolved. In future, the pharmacies may need to specialize medical, digital, and behavioral, to meet the patient’s requirements.

Medical- Future pharmacies will be required to be specialized in providing management and treatment of the poly-chronic patients and complex diseases.

Digital- To help the patients and providers to implement, select, and manage digital therapeutics and to provide prompt solutions

Behavioral- Focus on the person’s mental health and various other changes to remain complaint with the consumer’s expectations

Features in the modern pharmacies-

The expectations from the modern pharmacies are that it should be aesthetically appealing and comfortable for the customers. The most prominent features various top notch companies are inculcating is as follows: -

1-    Contemporary pharmacy shelving and fixtures

Top notch pharmaceuticals brands utilize the up to date pharmacy fixtures and shelving. An aesthetically appealing look of the pharmacy also easily showcase the merchandise.

2-      Transparent signage and logos

Retail pharmacies understand how to do this to the best effect. This helps in the instant visual recognition. People are choosing logo which fits into the name and matching the brand.

3-    Attention to HIPAA regulations

HIPAA regulations stands for Health Insurance Portability and Accountability Act. It includes various specific requirements in regards to:

A-  Privacy

The patients have all the rights to restrict the disclosures and have whole access to specific health information.

B-   Security

Any unauthorized disclosure of the protected health information is considered to be reportable breach. All the sub-contractors and business associates must sign agreements and must comply with the HIPAA regulations.

Pharmacy Market Overview-

The global pharmacy market size was valued at USD 1020 billion in the year 2020. The market is expected to expand at a CAGR of 5% from 2023 to 2033.

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Key Companies & Market Share Insights-

The key players of the pharmacy company are written as follows-

1-     CVS health

2-    Boots Walgreens

3-    Cigna

4-   Walmart

5-    Apollo

6-   Rite Aid Corp

7-    Humana Pharmacy Solutions

8-   Matsumoto Kiyoshi

9-   Lloyd Pharmacy

Example of Apollo Pharmacy is remarkable as it is scaling new heights. Apollo pharmacy has become one of the largest pharmacies in the world and has opened 5000th pharmacy outlet recently. In fact, from pharmacies it has occupied 70+ hospitals, 11000+ doctors, 5000 pharmacies, 150+ labs & 1450 collection centers in 140 countries. They were first established store in the year 1987.

It provides holistic services such as buying medicinal products, online consultations, and order online test. The Apollo franchise has been managed by a team of qualified and experienced professionals.

Winding up,

The example of the Apollo pharmacy is just a single example of various pharmacies around the world growing. It is quite evident that the pharmacy market is anticipated to reach zenith. Recently, Research Nester has published a research report, incorporating various important parameters of the market. It always advisable to know the intricacies of the market before making a huge investment. Knowing the challenges and regional analysis helps the investors to make sound decisions.