market research of pharmacy buisness

1. AZERBAIJAN MEDICAL UNIVERSITY
PHARMACEUTICAL DEPARTMENT OF TECHNOLOGY
FREE WORKS OF PHARMACEUTICAL ECONOMY
STUDENT: AL-BUISSA MUHAMMED HAMED
4th COURSE 887B
2016-2017

2. The fact is, you cannot build a successful pharmacy without having the
right data about customers, products and the competitive market in
general. 360 degree market research is an essential management tool for
a viable business and marketing plan enabling any company to survive
and thrive in today’s fiercely competitive market conditions, especially for
independent pharmacies in a world of Big Boxes and Mail-order .
MARKET RESEARCH OF PHARMACY BUISNESS
What is Market Research? The first thing that most likely comes to mind are
the demographics of your target market. While it is important to know the
average income, age, sex, ethnic background, etc. of your ideal customer, it is
vital to the success and growth of your pharmacy to know where you fall in
regards to your competition’s prices, customer service, products and services.

3. Pharmacies & Drug Stores Market Research
Report | NAICS 44611 | Apr 2016
Doctor's orders: Despite profit setbacks, healthcare
reform and an aging population will encourage growth
IBISWorld’s Pharmacies & Drug Stores market
research report provides the latest industry statistics
and industry trends, allowing you to identify the
products and customers driving revenue growth and
profitability. The industry report identifies the leading
companies and offers strategic industry analysis of
the key factors influencing the market.

4. What is the best way to perform market research?
Through surveys, advertising research, internet research, and
other pharmacy marketing and information gathering techniques, you can
examine and learn the trends of the retail pharmacy industry, as well as
individual preferences of your existing and potential customers. The best way
to obtain this key information is by talking to your customers and asking them,
either face-to-face or through a well-written survey, why they choose your
pharmacy over the store down the street. Here are a few key questions to
ask:
On a scale of 1-10, how likely is it that you would recommend our pharmacy
to friends and colleagues?
What specifically would you tell someone to get them to try our pharmacy?
If below a 10, what would it take for you to rank our pharmacy a 10?
If below an 8, what is the reason or reasons for your score?
How is your experience with our pharmacy different than other similar
pharmacies
Through these types of questions, you’ll be able to determine the exact
reasons why your pharmacy is different from your competition. Survey all of
your customers, analyze the results and strategically use them to your
advantage. For example, if you notice a trend in the survey results that says
people go to your pharmacy because it is locally-owned and small, then use it
to your advantage.

5. It’s action time!
Over the past two weeks you’ve received a lot of information
from this blog. What are you going to do now? If you learn
and understand all these concepts, but don’t take action,
nothing’s going to change and your pharmacy is going to
remain in it’s current state indefinitely.
Based on the concepts we recently taught you, here are
three ways that will help change your current state and help
you build a better business…for FREE!
Calculate the lifetime value of your customers
Survey existing and potential customers
Have your employees secret shop your competition (link to
blog post)
Try out one or all of these defining ideas and bring feedback
to us. We’d love to hear about your experiences and things
you want to accomplish. We’d love to help out any way we
can. In fact, we’ll give FREE 30 minute pharmacy business
development consultations to the first 5 people who respond
because we really want to make a difference in this industry.

6. Industry Analysis & Industry Trends
The Pharmacies and Drug Stores industry has exhibited growth despite some
negative side effects from the regulatory environment. For example, the industry
has grappled with changing generic drug prices to reflect reimbursement rates.
As a result of this trend, the industry has contended with PBMs not updating
their payment benchmarks, thus the industry has not received an adjusted
reimbursement rate for their previous prescription sales, which has cut into
industry revenue. Nevertheless, the patent cliff, which caused many blockbuster
drugs to lose their patent exclusivity, has bolstered industry revenue. In the five
years to 2021, healthcare reform will increase the number of individuals with
health insurance, which increases the volume of pharmaceutical
sales... purchase to read more
Industry Report - Industry Locations Chapter
The Pharmacies and Drug Stores industry requires chain stores and
independently operated stores to have a widespread geographic presence of
conveniently located stores to be competitive. Chain drug stores with a broad
geographic presence typically have an advantage over independent stores. As
many Americans use pharmacies as a primary healthcare source, these stores
are more capable of negotiating low prescription prices with large insurance and
pharmaceutical companies.
As with most other retail establishments, convenience has become a key to
success. A company's location and the ability to provide one-stop shopping are
significant marketing factors...

7. What is the Pharmacies & Drug Stores Industry?
Pharmacies and drug stores retail a range of prescription and over-the-counter
medications, health and beauty items, toiletries and consumable goods directly
to consumers on a walk-in basis. Industry companies may also provide basic
health and photo processing services. The industry includes retail stores with a
pharmacy but excludes mail-order retailers, hospitals and clinics.
Industry Products
Branded prescription drugsGeneric drugsNonprescription medicinesPersonal
health suppliesGroceries and food itemsVitamins, minerals and dietary
supplementsCosmetics
Industry Activities
Preparing and selling prescription and nonprescription drugs and
medicinesRetailing basic consumable goodsSelling other miscellaneous items,
such as candy, cosmetics, magazines and light refreshmentsAdvising
customers on the use of both prescription and over-the-counter drugs

8. Pharmacy & Distribution Market Research Reports & Industry
Analysis
The drug distribution system in the U.S. is unlike most other nations in
the world that follow centuries-old pharmacy class system, where
medicines are available only through pharmacies creating a monopoly
on drug distribution.The U.S. two-class system is divided into
prescription and nonprescription, or over-the-counter (OTC),
medicines. The advantage is that OTC medicines are conveniently
sold in a number of retail outlets so that medicines are available when
consumers need them. This emphasis on consumer empowerment
directly serves two of the most fundamental demands of any workable
health care system -- access and affordability.
In recent years, a few of the world’s pharmacy-only national systems
have recognized the growing need for greater access to safe and
effective medications. Japan, the Netherlands, Denmark, the United
Kingdom, Italy, and Argentina all have been part of this trend toward
granting consumers increased access to medicines in more outlets.

9. The drug distribution system in the U.S. is highly
regulated by the U.S. Food and Drug Administration
(FDA) to ensure only those medications that have a
wide enough safety margin and that can be safely and
effectively used without the help of a health care
professional are available without a prescription.
The somewhat controversial notion of adding a third
class of drugs to the U.S. system has been panned by
experts and regulators including the AMA and FDA.
They say creating a third transition class of drugs
would create another health care-disadvantaged
population -- those without easy access to a
pharmacist at convenient times.

10. Respurses
http://www.ibisworld.com/industry/default.aspx?indid
=1054
http://www.pharmacyowners.com/blog/bid/38687/Ph
armacy-Market-Research-2-of-2-What-makes-your-
pharmacy-special

11. THANKS FOR ATTENTION
ALBUISSA MUHAMMED
HAMED