Institutional Pharmacies Market: Overview
Pharmacies, or pharmaceutical shop is a kind of shop which is engaged
in the selling and distribution of pharmaceutical and healthcare
related products (drugs, devices and others) and services (dosing
training, medical advice, information about side effects and
precautions) to the patients and customers. Pharmacy shop is an
inseparable aspect of pharmaceutical sciences field and is one of the
most growing field in the healthcare industry.
Pharmacies are broadly classified on the basis of sales nature and
end customers, namely, retail pharmacy and institutional (consultant)
pharmacy. Retail pharmacies comprises traditional, independent
pharmaceutical shops, which are engaged in satisfying the customer
needs and interaction with routine customers, whereas, institutional
pharmacies offer more emphasis on provision of long-term care
facilities, products and services, and on maintenance of patient data
and medication history and records.
Although, the institutional pharmacies were not directly involved in
patient interaction, due to rising geriatric population and changes
in the pharmacy practices, institutional pharmacies have started
consulting and guiding the patients directly. Sometimes,
institutional pharmacies are considered similar to hospital
pharmacies, but former is different on the basis of principles of
operating the business and end users.
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Institutional Pharmacies Market: Drivers and Trends
The market of institutional pharmacies is expected to grow steadily
in upcoming period, owing to various market drivers, such as,
benefits of bulk purchase, increased need of institutional
pharmacies, rise in geriatric population where patient data
monitoring has became essential. In addition, rising prevalence of
chronic disease propelling the needs of long-term care, large
employment opportunities and rising awareness amongst the
pharmaceutical graduates and hospitals regarding the benefits of
institutional pharmacies against the traditional pharmacies. Rising
geriatric population and chronic disease prevalence are some of the
most important drivers of this market.
According to Center for Disease Control and Prevention (CDC), by the
2050, the aged population in the U.S. would exceed 89 million, twice
of the 2013. Institutional pharmacies play an important role in
maintaining the clinical database and guiding the geriatric patients
regarding medications and its associated issues.
Further, increased prevalence of chronic disease is another growth
propeller of the institutional pharmacies. According to International
Diabetes Federation, 382 million people across the globe are
suffering from diabetes, by 2013, and this number is expected to grow
to 592 million by the end of 2035.
Institutional Pharmacies Market: Restraints
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The institutional pharmacies play a vital role in the maintenance of
patient medication database related to such chronic diseases and
helps in the estimation of further treatments. On the other hand,
lack of awareness, high initial costs and stringent government
regulations are the major hurdles, expected to impose a threat to the
market growth. In addition to this, shrinking medical reimbursement
and increasing consolidation of the industry are additional threats
to the market growth. The major opportunities include government
programmes and campaigns for the promotion of this concept in the
world, regulation of laws and rules related to institutional
pharmacies would enhance the institutional pharmacies across the
globe.
Institutional Pharmacies Market: Key Players
Major players operating in this market include OmniCare, PharMerica,
BGS Pharmacy Partners, Golden Horizons, NuScriptRx, Uvanta, Chem Rx
Corporation and others. Due to extensive trend of consolidation of
the industry, many major players are employing the strategies of
acquisitions and partnerships to expand their product portfolio and
geographic presence. For instance, Chem Rx Corporation formed
partnership with PharMerica to expand the business in New Jersey and
New York, U.S. Similarly, BGS Pharmacy Partners acquired Spectrum
Pharmacy Services, LLC, to expand the business in Las Vegas, U.S.
The report offers a comprehensive evaluation of the market. It does
so via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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