Independent Pharmacy Insights

Generational Healthcare: Independent Pharmacies & Generational Approaches to Prescription Medications

  November 20, 2017  

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A recent study has shown that customer perceptions about a pharmacy via pharmacy engagement was the top driving factor in indirect effect to a customer’s loyalty (1). This shows that through positive customer engagement, pharmacies can boost customer perceptions and strengthen their ability to increase and maintain their current customer base far more effectively than through the use of medication price strategies alone.

With the torch being passed from the baby boomer generation to the millennial generation in the bulk of the healthcare market, these two market segments are of particular value to the growth and sustainability of the Independent Pharmacy.

There is great value in knowledge. And in our continued effort to provide value to our members, we’ve put together some important key points and statistics that are driving the Independent Pharmacy market today.

This infographic is your go-to breakdown of the shifting market segments in the pharmaceutical industry from 2017 and beyond. View the infographic below or download it here.

baby boomers vs. millenials infographic-01.png

Closing Thoughts

Baby Boomers spend money on healthcare in order to feel and look younger.  Millennials spend in order to maintain their already active lifestyles and as a preventative measure.  Both generations approach healthcare and prescription medications for different reasons, however they both are looking for similar experiences:

  • Personal service
  • More value for their dollar
  • Convenience

Pharmacies are looking to remain profitable and relevant in a volatile and ever changing healthcare landscape. By placing focus on customer wants and needs, independent pharmacies will carve out a substantial piece of the available pharmaceutical market.

Sources:

  1. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5597812/
  2. http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/
  3. https://www.fool.com/investing/2017/10/10/50000-per-year-in-prescription-drugs-you-likely-kn.aspx
  4. https://www.usatoday.com/story/money/personalfinance/retirement/2017/03/03/10-statistics-that-prove-baby-boomers-are-in-big-trouble/98526764/
  5. http://cdn.qs1.com/download/insight/2017/July/files/assets/common/downloads/publication.pdf
  6. https://www.qs1.com/index.php/about/news/the-millennial-patient
  7. http://www.cardinalhealth.com/en/essential-insights/specialty-pharmacy-and-baby-boomers.html
  8. http://depts.washington.edu/prehlth/wp-content/uploads/2013/06/ManhattanResearch-Taking-the-Pulse-Pharmacists.pdf
  9. http://www.mckesson.com/blog/top-five-independent-pharmacy-trends-for-2017/
  10. http://blog.shelvingdesignsystems.com/shelfobsessed/the-most-profitable-current-trends-in-the-retail-pharmacy-industry
  11. http://drugtopics.modernmedicine.com/drug-topics/news/five-facts-about-us-drug-spending

 

 

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