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Pharmacy Retailing Market Growth,Trends,Size,Status and Forecast 2025
Retail pharmaceutical stores offer numerous services to the buyers, such as home delivery, online transactions, and 24*7 operations. To gain a leading edge, a few operators also provide free health insurance and reward points for their loyal customers. The growing prevalence of a number of diseases, development of newer and more effective drugs, and the growth of the geriatric population, all over the world, drive the growth of the pharmacy retailing market.
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The leading players in the global and regional pharmacy retailing market include CVS, Walgreen, Rite Aid, Ahold, Diplomat, Loblaw, Yixintang, AinPharmaciez, Albertsons, and Guoda Drugstore among others. Mergers, acquisitions, and joint ventures by these leading market players drive the growth of the global and regional pharmacy retailing market. The industry displays a competitive landscape and offers several opportunities for the market players and new entrants to grow and set a strong foothold in this sector.
Amazon reportedly obtains approval for pharmacy licenses in multiple states
After disrupting the books, apparel, music, food, and movies markets, Amazon is all set to enter one of the most lucrative business segments- the pharmacy retailing market. According to reports, Amazon has acquired pharmacy licenses in several states including Arizona, Idaho, Alabama, Michigan, Nevada, New Jersey, Louisiana, Connecticut, North Dakota, New Hampshire, Tennessee, and Oregon. However, Amazon has not confirmed its decision of entering the pharmaceutical industry. The sector represents a large value of around $25–$50 million. With the news of Amazon acquiring pharmacy licenses in 12 states in the U.S., the major players in the drugs and pharmaceutical industry, such as Rite Aid, CVS, and other leading organizations, witnessed a drop in their market stock prices.
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CVS to offer next-day delivery for prescription drugs To keep up with the fiercely competitive scenario of the pharmacy retailing market, CVS Health has announced a new service that will deliver prescription drugs free of cost at the doorstep of the buyer. This move by the leading healthcare and American retail pharmacy innovation company is aimed at maintaining its dominance over the market, after experiencing a steady decline in the in-store sale of drugs. The next-day prescription delivery option will be available from all 9,700 stores by the start of 2018. The feature will be first available in the city of Manhattan from December 04, 2017. To ensure high levels of safety, reliability, and privacy, the prescriptions, as well as a selected range of over-the-counter items, will be shipped in tamper-proof packaging. The products will be delivered straight from the CVS pharmacy to the customer, thus ensuring complete privacy and confidentiality of data.
Earlier this month, CVS announced plans of buying health insurer, Aetna, for $66 billion by the end of November 2017. The move is viewed as a defense against the potential threat of Amazon entering the pharmacy sector.
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