This article was originally posted in its entirety on NimbleRx's blog: https://www.nimblerx.com/articles/navigating-changes-to-the-pharmacy-industry-in-2024-and-beyond?utm_source=partnership&utm_medium=rxinsider&utm_campaign=plat-page
After drastic changes to the way healthcare operates due to the COVID-19 pandemic, we’re finally getting to a new normal. Now in 2024, independent pharmacies can expect a few key changes to the industry at large that will likely affect their day-to-day and practice’s bottom line.
With the right amount of preparation and the right tools, community pharmacies can overcome these challenges and even grow their revenue in the years to come. But, it’s important pharmacies stay on the pulse of the changes and adapt their strategies accordingly. Let’s dive into the biggest shifts in the pharmacy industry in 2024 — and how your pharmacy can successfully navigate them.
The Morphing Face of Retail Pharmacies
Competition for independent pharmacies is evolving, with pharmacy giants like Walgreens and CVS closing more and more storefronts in 2023 and 2024. Economic woes have caused these major retailers to pull back on their expansion of physical retail and instead shift to a more health and wellness-based approach to doing business.
Instead of simply filling prescriptions and selling OTC products, many retailers are now focusing their efforts on becoming community health destinations. This means shuttering less-frequented locations and remodeling model storefronts into prototype locations with enhanced health and wellness offerings. Walgreens and CVS have recently acquired or partnered with healthcare companies to become a more integrated part of the wellness experience.
Many of these changes come as legislation like the Equitable Community Access to Pharmacist Services Act and the Medical Nutrition Therapy Act gain bipartisan support which we’ll discuss in a later section of this article. It’s encouraging to see the role of pharmacies expand in the overall healthcare experience — and it provides an excellent opportunity for community pharmacists to stand out against corporate chains by providing more expansive and personal care to their patients that simply isn’t possible on a national scale. Read more >
