The U.S. pharmaceutical retail sector is facing some of the biggest challenges in decades. Concerns regarding burnout, understaffing and medication errors are important within the workforce and were present even before pharmacy became a frontline effort during the Covid-19 pandemic.
Additionally, retail pharmacies have expanded their healthcare services beyond dispensing medications, such as vaccinations and minor injuries or infections. According to Wolters Kluwer Pharmacy Upcoming Consumer Survey58% of Americans are likely to seek non-urgent care at pharmacies, with Millennials and Gen Z are leading the way – an indication that these trends are here to stay. Leaders must find solutions to current acute challenges and long-term strategies to ensure industry success and better customer service.
1. Rising Prescription Drug Costs
Rising prescription costs, drug dispensing costs and declining reimbursement rates are putting financial pressure on retail pharmacies. Between July 2021 and July 2022, the list prices of more than 1,200 prescription drugs increased faster than inflation, according to the Ministry of Health and Social Services. Without surprise, 37% of Americans chose not to fill a prescription due to cost, according to the Pharmacy Next survey. It will be necessary for retail pharmacies to find ways to reduce these cost pressures, for example by streamlining workflows through tools.
2. Shortage of health personnel
Pharmacies across the industry are facing staffing shortages as they try to cope with increased prescriptions and non-urgent care services. The Bureau of Labor Statistics reported a 6% drop in community pharmacists between 2019 and 2021, and although these numbers have rebounded slightly, staffing issues remain.
Additionally, pharmacy schools report low number of applications, plummeting nearly 70% between fall 2009 and fall 2021, creating a long-term challenge to supply the industry with enough pharmacists to fill these staffing shortages. Leaders should identify opportunities to alleviate current staff workloads to ensure retention and job satisfaction.
3. Pharmacist burnout and industry fatigue
Staffing shortages in retail pharmacies exacerbate the more serious problem of clinician burnout and fatigue, which is observed in the health sector. As Covid-19 transformed retail pharmacies into vaccination and non-urgent care centers, pharmacists report working conditions are more stressful now than before the pandemic.
Some pharmacists and retail technicians have even taken it a step further by go out in protestand with burnout comes additional risk to patient safety and drug delivery. The Pharmacy Next survey showed 97% of Americans believe that a pharmacist should have the responsibility to inform them about the safety or effectiveness of their medications – overworked clinical staff may struggle to meet customer needs, impacting safety. Pharmaceutical leaders need to find ways to alleviate daily stress and administrative burdens so pharmacists can safely dispense medications and help keep patients safe.
4. Requirements for an improved patient experience
Customers demand better, more personalized experience throughout their care journey and the pharmacy is no exception. But with retail pharmacies close their doors, the industry is facing an increasingly smaller footprint that will impact the care experience as well as access to medicines, thereby affecting the most vulnerable patients. With fewer sites and exhausted pharmacists, the care experience will suffer, leading to long-term customer retention challenges. Understanding the balance between meeting customer needs and helping clinical staff successfully meet those needs will be crucial for tomorrow’s leaders.
Preparing for the future of pharmacy
As these challenges persist and the industry evolves, healthcare leaders have an opportunity to provide relief in the present and plan for the pharmacy of the future. Evidence-based clinical solutions can help pharmaceutical executives and their staff across aligned content And advanced medication decision making. By seizing new opportunities like educational materials for patientsaccess to preventative care and social determinants to better address local communities, leaders with a forward-looking mindset can prepare and support their teams for the next stage of retail pharmacy.
Learn about six strategies retail pharmacies should consider in our white paper “Creating a Future-Ready Pharmacy: Challenges and Opportunities.”
