HRG provides an updated view of independent pharmacies and their customers
Waukesha, Wisconsin — January 27, 2021 — Hamacher Resource Group, Inc. (HRG), has published findings from its Independent Pharmacy Research Study and made it available, free to the industry, on its website. The study, developed and conducted in 2020, is an update of research conducted in 2012.
HRG surveyed independent pharmacists, independent pharmacy shoppers, and reviewed twelve months of POS (point-of-sale) data from retail pharmacies in this channel. Many of the questions posed in 2012 were asked again in the 2020 research, and new questions addressing more current aspects of the retail environment were added. Information covered in the report includes top-selling categories, prevalent service offerings, competition, and competitive pressures. Insights about purchase behavior at the beginning of the pandemic, based on POS data, are also shared.
The results of the study will aid the entire supply chain in serving these unique retailers. Findings include:
- Sixty-seven percent of independent pharmacies indicated their non-prescription business was either growing or holding steady.
- POS data analysis revealed the cold & allergy, vitamins & dietary supplements, and pain relief categories represent nearly 43% of unit sales in health and wellness.
- Fifteen percent of independent pharmacies indicated developing an e-commerce offering of non-prescription products as a priority in the next 18 months. (Nineteen percent of respondents indicated they currently have this capability available.)
- Forty-nine percent of shoppers indicated that the pharmacist’s recommendation was the biggest factor in their non-prescription purchase decision.
Throughout the first and second quarters of 2021, HRG will release infographics featuring additional data and insights from the study that are not included in the report. Those that download the report from the HRG website will receive notification as the infographics are published.
Dawn Vogelsang, HRG president and majority owner, said, “Many of our clients have unwavering support for the independent pharmacy channel and desired a fresh look into opportunities and challenges these primarily small businesses face. We’re grateful that despite the difficulties resulting from the pandemic, these hardworking essential healthcare providers were able to share their thoughts and knowledge. This in-depth study is an opportunity for members of the supply chain to discover how they can further support these important community mainstays. We’re proud to have served and championed independent pharmacies for more than 40 years.”
The Independent Pharmacy Research Study was made possible through the support of Ananda Professional, Beiersdorf, Colgate, The Emerson Group, GSK, Johnson & Johnson Consumer Health, Procter & Gamble, RB, Salelytics, and Salvatori-Scott.