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Institutional Pharmacies Market: Overview

Pharmacies, or pharmaceutical shop is a kind of shop which is engaged in the selling and distribution of pharmaceutical and healthcare related products (drugs, devices and others) and services (dosing training, medical advice, information about side effects and precautions) to the patients and customers. Pharmacy shop is an inseparable aspect of pharmaceutical sciences field and is one of the most growing field in the healthcare industry.

Pharmacies are broadly classified on the basis of sales nature and end customers, namely, retail pharmacy and institutional (consultant) pharmacy. Retail pharmacies comprises traditional, independent pharmaceutical shops, which are engaged in satisfying the customer needs and interaction with routine customers, whereas, institutional pharmacies offer more emphasis on provision of long-term care facilities, products and services, and on maintenance of patient data and medication history and records.

Although, the institutional pharmacies were not directly involved in patient interaction, due to rising geriatric population and changes in the pharmacy practices, institutional pharmacies have started consulting and guiding the patients directly. Sometimes, institutional pharmacies are considered similar to hospital pharmacies, but former is different on the basis of principles of operating the business and end users.

Institutional Pharmacies Market: Drivers and Trends

The market of institutional pharmacies is expected to grow steadily in upcoming period, owing to various market drivers, such as, benefits of bulk purchase, increased need of institutional pharmacies, rise in geriatric population where patient data monitoring has became essential. In addition, rising prevalence of chronic disease propelling the needs of long-term care, large employment opportunities and rising awareness amongst the pharmaceutical graduates and hospitals regarding the benefits of institutional pharmacies against the traditional pharmacies. Rising geriatric population and chronic disease prevalence are some of the most important drivers of this market.

According to Center for Disease Control and Prevention (CDC), by the 2050, the aged population in the U.S. would exceed 89 million, twice of the 2013. Institutional pharmacies play an important role in maintaining the clinical database and guiding the geriatric patients regarding medications and its associated issues.

Further, increased prevalence of chronic disease is another growth propeller of the institutional pharmacies. According to International Diabetes Federation, 382 million people across the globe are suffering from diabetes, by 2013, and this number is expected to grow to 592 million by the end of 2035.

Institutional Pharmacies Market: Restraints

The institutional pharmacies play a vital role in the maintenance of patient medication database related to such chronic diseases and helps in the estimation of further treatments. On the other hand, lack of awareness, high initial costs and stringent government regulations are the major hurdles, expected to impose a threat to the market growth. In addition to this, shrinking medical reimbursement and increasing consolidation of the industry are additional threats to the market growth. The major opportunities include government programmes and campaigns for the promotion of this concept in the world, regulation of laws and rules related to institutional pharmacies would enhance the institutional pharmacies across the globe.

Institutional Pharmacies Market: Key Players

Major players operating in this market include OmniCare, PharMerica, BGS Pharmacy Partners, Golden Horizons, NuScriptRx, Uvanta, Chem Rx Corporation and others. Due to extensive trend of consolidation of the industry, many major players are employing the strategies of acquisitions and partnerships to expand their product portfolio and geographic presence. For instance, Chem Rx Corporation formed partnership with PharMerica to expand the business in New Jersey and New York, U.S. Similarly, BGS Pharmacy Partners acquired Spectrum Pharmacy Services, LLC, to expand the business in Las Vegas, U.S. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Institutional Pharmacies Market