Pharmacies Of The Future: 4 Keys To Reinvention

The pharmacy, a centuries-long institution and venerable presence in communities around the world, is evolving before our eyes.Business realities, shifting consumer preferences, competition from disruptors, and advances in digital technology are among the factors driving a reimagining of the role pharmacies play in their lives and a re-engineering of the business models on which pharmacies have long relied to be profitable.“To continue to meet growing patient needs, we must evolve how community pharmacy works and, most importantly, how we support their pharmacy teams to create a sustainable future for community pharmacy,” Prem Shah, president of pharmacy and consumer wellness at CVS Health, said, referring to findings from the company’s Rx Report from January 2024.

Medigy Insights

Even amid a wave of recent retail store closures and layoffs, research suggests consumers still prefer a face-to-face relationship with their pharmacist, in a brick-and-mortar setting. In the CVS analysis, 70% of consumers said they prefer in-person pharmacist interactions.Expanding the range of healthcare services they offer is a viable pathway forward for pharmacies because it enables them to leverage the trust they’ve built with consumers. Meanwhile, consumers are looking to pharmacies to supply more health care services.

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