Market Trends of United States Pharmacy Management System Industry
This section covers the major market trends shaping the US Pharmacy Management System Market according to our research experts:
Solution Segment to Hold a Major Share
- Effective inventory management ensures an uninterrupted supply of safe, effective, and affordable pharmaceuticals, achieved through proper inventory synchronization by reducing inconsistency in the calculation of sales criteria, resulting in excess or under-stocking.
- Synchronization ensures that stock syncs with the number of people or customers buying from the pharmacy. If the supply is disproportionate or does not cover the clients or customers, the pharmacy has a problem that affects the expenditure.
- Pharmacy management software prevents such situations and alerts pharmacists whenever their stock is falling short and when a new lot should be ordered. Besides delivering what the consumers need and cutting excessive spending can be a valuable strategy, the processes may be more comfortable and efficient by automating certain necessary operations.
- Challenges in medication inventory management and drug shortages were familiar. The COVID-19 pandemic, in some cases, offered an unusual opportunity for pharmacists to proactively prepare their inventories as the initial case surge was not widespread. However, the supply chain's weaknesses raise concerns that the next drug or supply shortage could become a daily event.
- As a counterfeit measure, in August 2021, Tecsys Inc., an industry-leading supply chain management software company, partnered with Indiana-based Parkview Health to launch an elite pharmacy inventory management system (PIMS). It is expected to build on Parkview Health's unified supply chain execution platform and strategic visibility, further tapping into the operational benefits already supported by Tecsys in other supply areas of the health system.
Understand The Key Trends Shaping This Market
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Retail Pharmacy Type to Hold a Significant Share
- A retail pharmacy is a retail store selling drugs to patients. It is a store where the general public can get their prescriptions filled. It has a different license from a hospital or an institutional pharmacy.
- The regional companies are looking for strategic acquisitions to expand their business offerings to a broader customer base. For instance, in January 2021, AmerisourceBergen Corporation and Walgreens Boots Alliance Inc. announced strategic agreements under which AmerisourceBergen will acquire the majority stake of Walgreens Boots Alliance's Alliance Healthcare businesses for approximately USD 6.5 billion. The acquisition will also allow Walgreens Boots Alliance to increase its focus on growing its core retail pharmacy businesses.
- The retail pharmacy sectors increasingly demand a pharmacy experience that mirrors their retail experiences of convenience, omnichannel, and home delivery at the center, giving rise to investments in online pharmacies. For instance, in January 2022, Mark Cuban, owner of the Dallas Mavericks basketball team, announced an acquisition of a new online pharmacy store.
- In November 2021, Walgreens, one of the retail and wholesale pharmacy leaders, announced a USD 30 million high-technology fulfillment center in the Kansas City metro area. The facility will be used to increase the rate of delivering packages to stores, to lockers for pick-up, and directly to customer homes. In addition to the established logistics network serving stores, Walgreens will partner with UPS, FedEx, and companies such as Uber and Doordash for direct-to-consumer shipping.
