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Top 10 Trends Shaping the Retail Pharmacy Business for 2020

12 September, 2020 Prashasti
A retail pharmacy is a drug store in which medications and health products are sold to patients, contradictory to a hospital drug store. The pharmacy industry has highly developed in the country.

1) Trend Towards Generic medicines

Drugs made with the exact same formula used for prescribed medications but not associated with any brand are called generic medicines.
Most pharmaceutical companies manufacture their own medication and sell them under their brand name. This has increased competition among various companies. This has made it important for brands to follow some unique promotion techniques to attract consumers. The price of products is also increased in this process gradually which makes it necessary for the consumers to pay a higher price for any medicine.
These stereotypes are broken by the development of generic medicines. Consumers can buy medicines from an affordable medicine store franchise.
Consumers are now shifting towards these drugs instead of branded medicines. Generic medicines have become trendy in shaping the retail pharmacy business. 

2) Prevention Medication is the Key

Healthcare organizations are focusing on the development of prevention medications. These prevention medicines are supplied in the form of vaccines and wellness capsules.
During the time of the Covid-19 pandemic, consumers have become more cautious about their health and preventing the risk of developing diseases.
In the past few years, there has been a huge increase in the number of patients suffering from chronic diseases like diabetes, high blood pressure, or kidney issues. Prevention medicines have gained a lot of importance in this generation.
Getting supplement drugs has also become a trend in people. They can buy these supplements and prevention medications from the top online pharmacy in India.
Institutions focusing on this segment have become extremely popular.

3) â€‹Infusion of technological advancements

Technology is now a part of our life. Technology plays a major role in retail businesses to reduce their production cost and enhance their consumer experience.
IT is used by all the retail pharmacies for inventory management and customer support.
New technologies are playing an important role in the advancement of the retail pharmacy business.

4) â€‹Contribution of the E-commerce Segment

The E-commerce segment has gained a lot of popularity and has reached every corner of the Earth within a few years. In India, there are over 451 million internet users as per a study.
People have shifted towards online shopping due to a variety of choices, collections, and affordable prices but consumers took some time to adjust to the e-commerce retail pharmacies.
The young generation is, however, adapting to the e-commerce retail pharmacies. This segment is widening its range and increasing sale every day.

5) Introduction of AI

This is one of the most significant trends change in technology, especially in 2020. It would be beneficial in keeping the records of a patient and medicines. It can also help the pharmacist in suggesting the proper medication for the patient according to his medical history.
IBM Watson is a computer that can interpret millions of pages of scientific literature and data that can help pharmaceutical companies and researchers to speed up the development of new medications.

6) Streamlining the Supply Chain

The supply chain and its proper functioning ensure the on-time delivery of goods to the consumers.
In the early years, the retail pharmacy industries lacked in the supply chain structure due to lack of planning and organization.
With the advancement of technology, streamlining the supply chain and organizing it. It has also resulted in reduced man-power and becoming cost-effective.

7) Launch of specialty drugs

The growth of medical industries has resulted in the development of diagnostic tools that help to diagnose the cause or source of an illness.
Retail pharmacy industries have also expanded their reach in this field and have been working on the manufacturing of specialty drugs to rectify these issues. 

8) Focus on customized support

Each client is extraordinary as are their prerequisites. Customers don't need a standard approach any longer.
Pharmacists must be well educated about how to handle each individual client and provide customized supports to them. In India, it is a difficult task to perform as people tend to cure small illnesses themselves without getting any medical support. Therefore, the role of pharmacist become more crucial as they have to provide the ideal medication after analyzing the condition.
With the progression of technology, it has become easier and provides customized support.

9) Restructuring of the unorganized sector

More than 12 lacks clinical shops and units have a place with the chaotic part of the Indian retail drug store industry. Likewise, there are over 10 thousand wholesalers and stockists in the Indian situation.
Lately, a ton of combination has begun occurring. Numerous mergers, buyouts, acquisitions have occurred, and the retail business is uniting.

10) Impact of China

With the national tension going on with China and the pandemic, the availability of raw materials from China and the prices of medicines is highly affected. Medicines are not available and the prices have also increased, which is affecting the consumers the most.
The retail pharmacy industries have evidently achieved some success in sales and revenue generation. However, the distinctions in guidelines over the globe keep the retail pharmacy business from accomplishing normalization. Other factors are also responsible to mess with the general development of the fragment.
The Drug Price Control Order (DPCO) observed by FDA guarantees the normality in the cost of the medications and drugs in the Indian Market. The organizations have additionally distinguished extraordinary strategies to build their brand image.

The utilization of technological advancements and other factors has resulted in a boom in the retail pharmacy business. The advancements and the popular trends have been uplifting the sales as well as the overall retail pharmacy business.
Pharmaceutical industries have also been providing special services like online medicine delivery within 24 hours, buying medicines online with a discount, or providing medicines at an affordable range.