In today’s fast-paced and evolving marketplace, pharmacies and drug stores have become an integral part of consumers’ lives. More than a place to fill prescriptions, these stores are trusted hubs for convenience and wellness today more than ever, post-pandemic.
Consumer preferences evolve every single day. But the drug store experience hasn’t kept up. Picking up a prescription is the same as it was a decade ago. But why? Is the retail pharmacy stuck? Consider this: More than 50% of the companies on the Fortune 500 list 20 years ago no longer exist.
One of the hottest trends in retail and advertising is the emergence of retail media networks.
In today’s landscape, retail pharmacies only account for 2% of the $100 billion dollar ad spend from brand- and vendor-funded retail media, according to WPP media company GroupM.
As pharmacy retailers continue to find their footing in a post-COVID world, it’s important that they look at the changing trends in health care and what consumers expect in their care.
There was a time when likely the only electronic or digital display of any kind that could be found in a pharmacy or drug store was the sign indicating the name of the business above the entrance. Today, things are very different.
WSL Strategic Retail has long advised that to see the future of retail, you have to follow the shopper. And today, many of those shoppers are following someone in very small shoes.
Retail shrinkage is a challenging topic for me to write about, not just because anytime I see or hear the word shrinkage, I can’t help but think about the Seinfeld episode focused on poor George, a cold swimming pool and an ill-timed “exposure” to a fellow house guest.
The balance of this year and the first months of 2024 will be a time of testing and potential transformation for retail pharmacy. Several pivotal questions, some of which have plagued the industry for many years, seem to be headed toward resolution.
To further recognize the 90th anniversary of the National Association of Chain Drug Stores, it occurs to at least one industry observer that this would be the perfect time to create a Chain Drug Store Hall of Fame.
and when I say “us” I do not just mean one company. I
In the past few years, “vertical integration” has been a hot topic for leaders in all health care businesses, from pharmacies to insurers to hospitals.
Value is about how much something is worth, in terms of either cash or importance. In our industry there are a number of different ways to think about value: from the consumer’s eyes; the patient’s eyes; the retailer’s eyes; the brand’s eyes; or the payer’s eyes.
PQA, the Pharmacy Quality Alliance, launched an initiative in 2019 to develop a standardized set of pharmacy performance measures.
Earlier this summer, I had a front-row seat for the amazing progress biopharmaceutical companies are making in the battle against cancer. The deluge of data at this year’s American Society for Clinical Oncology (ASCO) meeting provided many reasons to cheer.
More than six months into NACDS’ 90th Anniversary Year, the association continues to leverage a defining moment for pharmacy and for health and wellness.
