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.
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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.
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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.
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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.
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