- Prof. Pravin Jawale Senior Lecturer
- Dec 13 , 2021
Chain Pharmacy: The Future of Retail Pharmacy
Chain Sales Pharmacy is a growing industry worldwide. Today, the chain sales industry is worth 1004 $ billion worldwide. In this industry, North America is the most retail industrialized part of the world. It is followed by Asia. Chain pharmacy is also gaining ground in India. The organized retail pharmacy space in India has been steadily growing in the past decade. According to business data platform, Statista, the organized pharmacy and wellness space across India is estimated to penetrate 13 percent of the retail market this year, indicating a growth from 11 percent in 2018.
Retail pharmacies are essentially stores that provide branded and generic drugs along with a host of other pharmaceutical products all under one roof. These entities can be a single shop or be a part of a retail pharmacy chain. And although it was only individual entrepreneurs and pharmacists who had initially established these units, major corporations are now showing interest in this segment.
Innovative services are offered in this pharmacy today. Many pharmacies are huge with an area of more than 500 square feet. Overall their appearance is as wide as a small mall. This is attracting more people. Patient counseling, all their doubts seem to be resolved here. The pharmacist working here is seen working in a professional manner.
Modern technology like artificial intelligence is also being used here. All types of medicines are available with some discounts. They also provide home delivery services. Also the health history of the patient is preserved here. Many such innovations are seen happening in the management of this pharmacy today.
Today in India just Relief, Practo Book Meds, Pharm Easy, Apollo Pharmacy, MChemist, Easy Medico Med Plus Mart etc chain pharmacies are seen growing. This will lead to many changes in the pharmacy sector in the future. This is also opening up many opportunities for pharmacy students. This pharmacy has definitely posed a challenge to the single pharmacist. But he will also have to update some things according to Chain Pharmacy. Because you have to accept the fact that the future of sales pharmacy in India is chain pharmacy. (Note: Views expressed represent the views of the author and not necessarily those of www.pharmalifeacademy.com).