We all need to visit a pharmacy or drug store at least occasionally due to an injury, disease or just to stock up on vitamin & other supplements. The Pharmacy & Drug Store Franchises market consists of neighbourhood pharmacies, large domestic or global drug store chains, supermarkets, retailers with specific drug store departments and various pharmacy chains.
The Pharmacy & Drug Store Franchises market serves its clients a range of prescription & over-the-counter medicines, toiletries, beauty products & other forms of consumable goods. The players involved in this industry are not independent but exactly like other retailers that operate under franchise agreements. The terms & conditions specified in the franchise agreement govern how these stores operate.
While drug stores & pharmacies are ubiquitous, the competition in the industry is extremely intense as retailers have to adapt to rapidly changing trends around the world and seek to enhance customer loyalty. There has been rapid growth in the 21st century in the Pharmacy & Drug Store Franchises market.
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Pharmacy & Drug Store Franchises Market Drivers
A critical driver for the Pharmacy & Drug Store Franchises market is the widespread adoption of generic drugs. These drugs are identical to branded drugs in dosage, safety, strength, method of administration, characteristics & purpose of use. The main benefit is that they are substantially cheaper than the latter. As per the U.S Congressional Budget Office, generic drugs can save patients anywhere between $8 & $10 billion a year.
A second driver is the fact that pharmacy & drug stores are essentially a basic need of humanity. Health-related expenditure will only go up across the world as more & more people get access to better medical care. An ageing population in developed countries, youth with sports related injuries, or working professionals suffering from clinical depression, stress, diabetes or hypertension will all be dependent on the Pharmacy & Drug Store Franchises market.
Another major factor is the medical education industry. Pharmacy schools, in particular, are responsible for the resurgence in their franchises. Medical schools tend to provide their students only specialised knowledge with very little business or management skills.
Pharmacists can make good money opening franchises which also help them pay off their massive student loans. These are anticipated to be the main drivers of the Pharmacy & Drug Store Franchises market in the next decade.
Pharmacy & Drug Store Franchises Market Restraints
There are some challenges to be overcome in the Pharmacy & Drug Store Franchises market. A major one is the cost of pharmacy-based managers which have been rising. PBM’s oversee drug-benefit plans of both the employers & health insurers. Their main purpose is to keep the cost steady, which they accomplish by deciding which drugs to cover & then securing lower prices from drug makers through rebate programs.
Since these are based on a percentage cut, PBM’s have benefited from skyrocketing drug prices. There is also intense competition as incumbent players resort to a price war to drive out new players with limited funds. Not only does this reduce the overall industry profitability, but it also makes fledgling companies hesitant to enter the Pharmacy & Drug Store Franchises market.
Pharmacy & Drug Store Franchises Market Key Regions
The largest Pharmacy & Drug Store Franchises market in the world are the U.S, China, Japan, the E.U and the rest of the world in that order. The U.S is expected to maintain their sizeable lead over other countries on account of a large population segment being aged 65 and over, high disposable income, and government funding for Medicare and Medicaid.
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China is anticipated to become the largest within the next decade or so on account of their massive population and government focus on the healthcare industry as a whole. This will thereby also benefit the regional Pharmacy & Drug Store Franchises market.
Pharmacy & Drug Store Franchises Market Key Market Players
Some companies in the Pharmacy & Drug Store Franchises market are MedPlus, Medzone, Medicap, Apollo Pharmacy, Discount Drug Stores, RK Franchise Consultancy, CVS, Rite Aid, Walgreens, & Shopper’s Drug Mart.
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