Pharmacy in need of boost

 In Australia, NewZealand, Pharmacy

The pharmacy industry has undergone several changes over the past few years, due to considerable changes taking place in the general pharmaceuticals sector.

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Growing regulatory and competitive pressures from new internal and external forces, such as big box pharmacies and supermarkets, are changing the industry’s operating landscape, a report by IbisWorld has found.

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According to IbisWorld, no significant growth has been recorded over the past five years. Industry revenue is estimated to grow at an annualised 0.1 per cent over the five years through 2014-15, to total $11.9 billion.

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Revenue is down two per cent from the previous year as the changing operating environment continues to take its toll.

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Over the next five years, a rising number of converging variables will combine to create a perfect storm for the pharmacy sector.

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These include intensifying competitive pressures, the continued loss of market share to external forces, falling prices due to price disclosure and discounting, the passing patent cliff, tighter trading terms implemented by upstream wholesalers and rising rents and occupancy costs. Insideretail – Read more…

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