The retail pharmacy market is going through significant changes due to shifts in consumer preferences and market dynamics. The rise of eCommerce and the entry of Amazon into the pharmacy space have put pressure on traditional retail pharmacies. To stay competitive, retailers must find new ways to differentiate themselves by implementing innovative strategies, technologies, and services that enhance customer experiences, convenience, and well-being.
The global pandemic has accelerated the adoption of online purchasing, including medication, with consumers appreciating the ease, availability, lower prices, and accessibility of pharmaceutical eCommerce. The market for ePharmacies is projected to grow substantially, from $59.93 billion in 2021 to $256 billion by 2030.
Mobile apps play a vital role in the eCommerce pharmacy surge, providing unprecedented ease and accessibility for ordering medications. However, while consumers enjoy the convenience of mobile apps for acquiring medications, few apps assist with medication adherence beyond automatic refills or synchronization.
Amazon's entry into the prescription drug market has disrupted the industry, with initiatives such as Amazon Clinic, One Medical, and RxPass catering to their vast consumer base of 200 million Prime subscribers.
Operating costs for pharmacies continue to rise, with payroll costs being a significant driver. A labor shortage further complicates the situation, leading some pharmacies to cut operating hours.
With the aging population and an increase in chronic diseases, there is a higher demand for prescription medications, leading to increased complexity and stress on pharmacies.
Despite advancements in drug treatments, poor medication adherence remains a significant healthcare issue, impacting real-world outcomes and causing approximately 125,000 deaths per year in the United States. Traditional medication dispensing in bottles may contribute to this problem, and there is a need for more effective medication adherence programs.
Calendarized blister packaging has shown promise in improving medication adherence by providing a tangible and simple way for customers to take their medications consistently. When combined with an integrated e-commerce platform, it can create new experiences and enhance customer loyalty.
To adapt to changing market dynamics and customer preferences, pharmacies must embrace new technologies and offer competitive solutions that improve consumer experiences and medication adherence throughout the healthcare journey. Competing solely on price is not sufficient, and pharmacies need to focus on value-added services and differentiation to succeed in this evolving landscape.
Full article from Pharmacy Times here.