Boosting pharmacy profits: Align strategy with growth opportunities.
Projected to reach £16.8 billion by 2027-28, the Dispensing Chemists industry aims for 2.2% annual growth, despite challenges. Emerging competitors like Amazon and new regulations might limit revenue, along with industry shifts and cost pressures from generics.
However, growth avenues persist. Digitisation, vaccination programs, an ageing population, health awareness, and obesity trends offer potential. Yet, pharmacists face pricing pressure from regulations, tight budgets, and competition.
Amazon’s entry could disrupt, appealing to convenience. Strategy and marketing are key.
Start by identifying growth opportunities:
- Ageing population
- Health-conscious public
- Higher prescription demand
- Expanding services/products
- Digital health technology
- AI & data analytics
- Supply chain resilience
Answer these questions for a clear strategy:
- Nearby GP influence on demand
- Enhancing accessibility and hours
- Adjusting for demographics and health trends
- Effective stock management
- Financial and business software usage
- Staff hiring, training, and retention