(MENAFN- EIN Presswire)
Trends and developments in pharma retail
Considering the region, the retail pharma market is steadily growing and expected to continue. Both local and international pharmacy brands are active.
Empowering Retail & e-commerce businesses worldwide.” - Nikhil AgarwalPUNE, MAHARASHTRA, INDIA, October 4, 2024 /EINPresswire / -- Keeping the overall region into account, the retail pharma market is growing at a steady pace and is projected to maintain this momentum in the coming years. In terms of players, there is a blend of local and international pharmacy brands in operation. As a growing and competitive industry, it is pertinent for startups and existing brands and businesses in the region to stay ahead of the curve by keeping themselves updated on the drifts and changes in the industry.
In this communiqué, retail and eCommerce consultants - Your Retail Coach (YRC) highlights some of the trends and developments in the pharma retail sector with a broad emphasis on the Middle East region.
Get advise for Retail Business Consulting : contact/
Trends & Developments
An undeniable advance in pharmacy retailing is the embracement of digital transformation.
Pharmacies are seeking to magnify the range of their service coverage via the eCommerce channel. It has enabled retailers to cater to new localities. Since customers are already well-acquainted with eCommerce, it was not difficult for them to switch to online purchasing. Digital plus eCommerce capabilities have also allowed pharmacy retail stores to expand the scope of their services with the potential inclusion of services like telemedicine, remote consultations, and other online facilities.
Another important development is the growing emphasis on precautionary wellness. This marks a stark deviation from the traditional role of pharmacies. At the simplest level, it starts with the offering of products like health supplements and diagnosis equipment like sphygmomanometers, glucometers, and advanced weighing scales, etc.
It has also become common to see pharmacy retail stores coupling with hospitals, clinics, laboratories, and advanced diagnosis centres marking a wider presence in the healthcare ecosystem as a pharmacy expansion strategy . It would not be wrong to say that bigger brands and businesses also adopt inorganic options like mergers and acquisitions, JVs, etc. as pharmacy market entry strategy.
While digital transformation indicates broader business intent, the emphasis on technologies is associated with more specific results. For example, the use of blockchain technology helps strengthen the efforts of ensuring product authenticity and allowing reliable logistical trackability. Technology has and will continue to play a crucial role in optimizing pharmacy operations and increasing pharmacy profitability. Finding best-fit IT solutions is alien to many and there should not be any reluctance in availing pharmacy IT consulting services from the outside as the investments into IT systems and infrastructure are long term and it is important to get them right the first time round.
Another game-changing technology in pharma retailing is automation. The complete handover of in-store order fulfilment and checkout operations to robotic automation in the near future is a real possibility.
Pharma retail businesses are no strangers to analytics now. Professionally managed pharmacies very well realise the significance of data analytics in making future projections, increasing the efficiency of the inventory management function, coming up with better marketing insights, improvising customer experience, etc.
Another important element is the regulatory framework governing healthcare ecosystems. The rules and regulations are stricter with authorities taking safety and quality standards a few notches higher from time to time. Price regulation is another implication of regulatory measures affecting the margins in pharmacy retailing and in turn, affecting the prospects of increasing pharmacy profitability. This reiterates why financial and commercial planning is so important in the pharmacy business. If the expertise in financial and commercial planning is not available internally, there is no harm in availing pharmacy financial consulting services from a reliable and adept partner from the outside.
About Your Retail Coach:
YRC is a retail & eCommerce consulting brand with a scaling worldwide presence, including in the MENA region. With more than a decade in the business and a success ratio of over 94%, YRC has worked with over 500 clients spanning over 25 sectors. In pharmacy retail consulting , YRC specialises in enterprise solutions for business setup, management improvisation, achieving process excellence, and executing growth and expansion projects.
To speak to one of YRC's pharmacy business consultants for the Middle East, and Get advise for Retail Business Consulting :
Rupal Nikhil Agarwal
YourRetailCoach
+91 98604 26700
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.