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Retail Pharmacies Market Report 2011
Key Note Publications Ltd, May 2011, Pages: 103
This Key Note Market Report examines the retail pharmacy market in the UK. The Report covers retail pharmacies, including community pharmacies and in-store pharmacy (pharmacies in supermarkets or health and beauty stores), in addition to dispensing chemists, such as Boots and Lloydspharmacy.
The proportion of the market accounted for by small independent pharmacies has declined significantly in recent years, as multiple-chemist operators and, in particular, supermarket chains increased their share of the market. Many large supermarkets now have in-store pharmacies and these account for a significant proportion of the market.
The economic downturn of 2008 and the subsequent bank bailouts have placed severe strain on Government finances. The Comprehensive Spending Review of October 2010 outlined budget cuts across various areas of the public sector in an attempt to eliminate Britain’s structural deficit by 2015. Despite this, the National Health Service’s (NHS’) budget has remained largely shielded from significant cuts in spending. Nevertheless, there are pressures to increase productivity in all areas, and the NHS has been instructed to deliver efficiency savings worth up to £20bn by 2014. This decelerated growth in NHS spending is also expected to have a dampening effect on the retail pharmacy market.
The beginning of 2011 saw the decommissioning of several NHS services and the merger of a number of healthcare organisations. The National Prescribing Centre (NPC) merged with the National Institute for Health and Clinical Excellence (NICE) on 1st April 2011. The General Pharmaceutical Council (GPhC) became the regulator for pharmacists, pharmacy technicians and pharmacies in England, Scotland and Wales, while the NHS Commissioning Board will now look after most community pharmacy services. The proposed changes to the NHS in England are believed to have profound implications for community pharmacies.
The revenue of retail pharmacies is derived from a number of sectors, including income paid to chemists by the NHS for dispensing prescription-only medicines (POMs) and the retail sale of over-the-counter (OTC) pharmaceuticals, as well as sales of healthcare and personal care products. Key Note estimates that total retail sales of POMs and OTC pharmaceutical products was worth £15.88bn in 2010, an increase of 2.3% from £15.52bn in 2009.
Key Note forecasts that the UK retail pharmacy market will continue to grow between 2011 and 2015, with sales of both POMs and OTC products increasing in value by 12.6% to reach £18.28bn.
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