Pharmacy Retailing in the UK

2012-07-10
Published : Jul-2012

With an ageing population, significant changes in government policy and consolidation in the market, Pharmacy is an ever-changing sector. Learn where the opportunities and threats are in the market and how to manage these most effectively for your business.

Features and Benefits

  • Reduce the impact of changes in government policy on your business by being prepared and understanding where the greatest threats will come from.
  • Use the data, forecasts to 2015, and insight on the market, including NHS receipts and OTC, to help form an effective growth strategy.
  • Understand the impact on pharmacy retailing of the Boots/Walgreens merger and how the investment will increase competitiveness in the sector.
  • Identify the opportunities to grow business in this sector by comparing strategies of the key players in the market and their performance metrics.

Highlights

In 2011, the government announced plans for changes in the control of entry rules that would end the 100 hours exemption and this has prompted a rush of opening applications which we forecast will dilute profitability. 250 new pharmacies opened in the first four months of 2012.

Furthermore price deflation is making the pharmacy model non viable. Cost per prescription has fallen 23.0% since 2004 as the government has reduced reimbursement rates. This, combined with imminent patent expirations, will lower prices further.

The takeover of Alliance Boots by the largest pharmacy chain in the United States, Walgreens, expected to be completed before 2016, will lead to a major reinforcement of Boots’ existing economies of scale. The new group will have 11,000 stores in 12 countries and is expected to have a turnover of $130.0bn (£82.6bn) by 2016

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Report Details:

Published: July 2012
No. of Pages: 149

Price: Single User License: US$5250                   Corporate User License: US$ 13125

Your key questions answered

  • What impact is deflation and government strategy having on the market and how can this be managed to ensure success?
  • How are grocers and local GPs threatening pharmacy specialists and how can retailers deal with these threats and increase customer loyalty?
  • Which retailers will gain market share in 2012, which are expected to be the greatest share losers and why? What can competitors learn from this?
  • What are the factors that will impede or maximise future growth opportunities and sales in pharmacy retailing?

EXECUTIVE SUMMARY
Key findings
(Untitled sub-section)
Main Conclusions
Market growth disappoints – NHS volumes up but prices down
GPs are now a competitive threat for retailers
100-hour pharmacy openings have negative impact on profitability in sector
Uncertainty over national versus local commissioning could hit services income
Value-based pricing will hit prices in pharmacy market …
… as it heads towards patent cliff
Walgreens’ takeover of Alliance Boots will intensify competition
Grocers aggressively targeting pharmacy growth – collective market share 11.8% in 2012
But strengthened Boots poses a danger to grocers
Other major specialists in retreat
Healthy Living Pharmacies future blueprint for growth
Market dependent on improved consumer environment
Need for format innovation like Lloydspharmacy’s Health Village …
… and promotion as trustworthy places for advice
    MARKET ANALYSIS
Pharmacy market definition
OTC sales much more resilient than NHS in 2011 and 2012
Volume growth diluted by rise in pharmacy numbers
Pharmacy growth slows in subdued retail market
Market drivers
Ageing population means greater medical need
Distribution channels
Pharmacy numbers rise
Prospect of further restrictions lead to wave of new openings
    COMPANY DATA ANALYSIS
Market shares
Three leading specialists slip back and grocers gain share
Grocers strong in health & beauty but lag in pharmacy
Winners & losers
Co-operative and top grocers the biggest winners over five years
Key operating statistics
Space productivity likely to fall in 2012
    OUTLOOK
Key Issues
Alliance Boots takeover could halt grocers’ expansion
Other benefits on service provision and technology
Impact on other players and the market generally
Flood of 100-hour pharmacies worsens revenue problem
GPs often behind 100-hour applications
Squeeze on revenue per pharmacy will lead to further consolidation
Likely control of entry changes are destabilising the sector
Health & Social Care Act passed
What is the timescale for the changes?
Lack of clarity about services commissioning
Potential for conflict with GPs grows
Services grow but are they the future?
Healthy Living Pharmacies develop rapidly
Framework for service growth
Future funding packages also a factor
Medicine patent cliff comes closer
Value-based pricing looms
New pharmacy formats
Lloydspharmacy experiments with Health Village concept
Need for store innovation
Future key factor is NHS price deflation
OTC will lead weak recovery
Consumer lifestyles provide potential for growth
Marketing will be key

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