4 Tailwinds that will drive AUD 14 Bn Pharmacy Retail Market of Australia. Will the market be able to keep up with New Trends?: Ken Research

Australia Pharmacy Retail Market, which surged ahead with over 6.9% year-on-year growth in 2020, spent an estimated >AUD22.3 bn on medicines in 2020 and including spending by Governments, Non-government sources, and Individuals., as per findings released by Ken Research.

The private health sector has led developments in the digital health industry over the last decade. However, federal, state, and territory government investments have increased significantly in recent years. The covid-19 pandemic, the 2019-2020 bushfires, the Royal Commission into Aged Care Quality and Safety, and the Productivity Commission's Mental Health report have all accelerated investment in digital health and increased coordination among government and private sector participants.

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1. Problem of Overweight & Obese, Chronic Conditions & Hypertension recorded maximum number of patients in Australia.

2/3rd of the of adults in Australia i.e. ~68% which is ~17 Mn were overweight or obese in 2020, an increase from 63% in year 2014-15. Additionally, ~25% of children were overweight or obese in Australia. However, the rates were similar for boys & girls & this has remained stable over the last ten years. Moreover, ~47% of Australians had one or more chronic conditions in 2020. Furthermore, prevalence of chronic conditions increased from around 42% in 2008. All this affects the pharmacy retail chains in the country and increases there revenue share in the market as more and more people rely on medicine to cure their diseases.

2. 90% of the Pharmaceutical Products/ Medicines are Imported in Australia.

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Australia imports 90 per cent of its medicines, with around one-third of Australians reliant on daily prescriptions. Additionally, Australians spent an estimated >AUD22.3 bn on medicines in 2020 (including both prescribed & over-the-counter) and includes spending by Governments, Non-government sources and Individuals.  Every year a number of new medicines are listed on the PBS. These medicines affect both the average price paid by the government and the volume of medicines dispensed/consumed impacting overall PBS expenditure.  

3. ~87% of the Pharmacies in Australia have adopted Latest Updated Pharmacy Information Software Solutions at their Stores.

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Pharmacy management systems streamline the workflows for drug dispensing, medical claims management, and patient medication adherence. Pharmacy employees use these tools to optimize operational efficiency, leverage actionable data points, and reduce costs, compliance risks, and errors. ~10%-15% Pharmacies in Australia require Pharmacy Information Software Solutions. Moreover, ~5,000 Pharmacies Registered with My Health Record Platform & Pharmacies are actually Using Platform/ Pharmacy Software in the country.

4. Prescribed Medicines dominate the Market with 60.0% share in terms of Revenue due to Higher Prices associated with the Prescribed Medicines.

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Medicines are primarily prescribed by medical practitioners (GPs and referred medical specialists), however certain other types of health practitioners (dentists, optometrists, nurse practitioners and midwives) can also prescribe medicines.  Medicines used to treat cardiovascular conditions account for the highest volume of PBS and RPBS prescriptions compared with other ATC groups between 2015-16 and 2020-21. The pandemic impact on consumer access to prescription medicines was most noticeable in March and April 2020. In March, there was an increase in the number of prescriptions dispensed in 2020 (31.0 million), compared with 2019 (25.2 million).

Innovations in Healthcare Service Packages and the adoption of telemedicine services through their apps will drive the Retail Pharmacy Market in Australia. Pharmacies will not only offer medicines, but will also expand their offerings to include cosmetics and online consultations, as well as 24/7 service, in order to compete in the long run. In addition, they will focus on collaborations with Teleconsultation Companies to expand their service portfolio. In the future, larger pharmacies will acquire smaller pharmacies in order to expand across the country.

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.