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Pharmacies

Pharmacies

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Executive summary

The Pharmacies and Drug Stores industry consists of operators that retail a range of prescription and over-the-counter (OTC) medications, health and beauty items, toiletries and consumable goods directly to consumers on a walk-in basis. Over the five years to 2022, the industry experienced revenue growth, as the number of people with private health insurance remained high, resulting in more prescription medications being filled. Moreover, the burgeoning elderly population boosted industry performance, as this consumer bracket generally requires medication to address chronic ailments, resulting in steady revenue streams. As a result, industry revenue is expected to increase an annualized 2.0% to $338.5 billion over the five years to 2022, with an increase of 1.9% in 2022 alone.
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industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

BLOCKBUSTER DRUG
A drug product that generates annual sales in excess of $1.0 billion.

FORMULARY
A list of medicines that are covered by a health insurance plan and always meet Medicare's requirements.

FRONT-END SALES
Sales of products from the front of the store or products sold separately from the pharmacy.

OVER-THE-COUNTER (OTC) MEDICATIONS
Medicine that can be purchased without a prescription.

PHARMACY BENEFIT MANAGER (PBM)
A third-party administrator of prescription drug programs.

PRESCRIPTION DRUG
A licensed medicine that can only be obtained with a doctor's approval.

Details

The COVID-19 (coronavirus) pandemic is expected have a moderately beneficial effect on industry performance since it first took hold in the United States in 2020. Throughout the pandemic, due to the fact that pharmacies have been considered essential businesses, they were permitted to remain open during periods of nonessential business closures. As a result, pharmacies were largely able to continue serving their regular customer base while providing essential services to assist in treating patients with the coronavirus. Moreover, since many operators provide an increasingly diverse array of front-end goods, including various grocery items and cleaning supplies, the industry experienced an uptick in demand as other establishments remained closed or partially opened.

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