The Future of the AUD 14 Bn Pharmacy Retail Industry of Australia: Will the growth sustain? : Ken Research
Australia Pharmacy Retail Market, which surged ahead with over 6.9% year-on-year growth in 2020, is poised to be a staggering AUD 25.0 Bn industry by 2025, as per findings released by Ken Research.
COVID-19 Pandemic on the other hand impacted the customer footfall and average basket size of customers for the initial few months of the pandemic. However, as the restrictions were reduced the situation also got back to normal. Additionally, the pharmacy Retail Market in Australia has witnessed a moderate rise over the review period 2015-20. Growth in the Number of Pharmacists, Proportion of the Ageing Population Proportion, Increasing Number of Healthcare Problems, per capita healthcare expenditure, number of insured patients, the PBS Scheme, etc. have augmented the growth in the Australian Pharmacy Retail Market.
1. 1 in every 15 Australians works as a Registered Health Practitioner in over 1,300 hospitals, 5,800 pharmacies, and other healthcare settings.
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The health workforce in Australia is large and diverse, covering many occupations. These include health practitioners registered with the Australian Health Practitioner Regulation Agency (Ahpra) as well as other health professionals and health support workers. There were more than ~600,000 health practitioners working in their registered professions in Australia in 2020, which includes ~100,000 medical practitioners, ~350,000 nurses and midwives, ~20,500 dental practitioners, and ~170,000 allied health professionals.
2. Telehealth witnessed acceptance from Government as well as citizens, as Medicare Card Services were also extended for E-Health to help citizens amidst the Pandemic in March 2021
Early in the pandemic, Australia created incentives for healthcare providers to conduct telehealth visits. Medicare, Australia’s universal national health insurance system, added telehealth services to its list of reimbursable covered services, making it easier for patients to use telehealth and for doctors to get paid for providing care remotely. Australian Government expanded claim eligibility under Medicare to include healthcare services delivered via telehealth on 30th March, 2020 (COVID-19 Measures). Medicare card gives access to the Pharmaceutical Benefits Scheme (PBS), i.e., one only pays part of the cost of prescription medicines listed on the PBS. The PBS covers the rest of the cost. In case of a concession card, even lower price.
3. More than 65% of all medicines dispensed are to those aged 65 or >65 years & most of whom are pensioners or concession card holders.
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In 2020–21, PBS prescriptions were dispensed to 16.6 million Australians (65% of the population). Population dispensing rates increased with age – young people aged 0–14 had the lowest rates of dispensed prescriptions (145 prescriptions per 100 people aged 0–14), and the highest rates were among those aged 85 and over (5,928 prescriptions per 100 people aged 85 and over). Similar patterns were seen for both males and females. Within specific age groups, people aged 65–74 had the highest number of dispensed prescriptions and accounted for the highest Australian Government expenditure.
4. My Health Record, a compulsion across all the Pharmacies in Australia.
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My Health Record was created for every Australian who wanted one, after 31 January 2019. After the specified date, a person also has the option of deleting their record permanently at any time. Pharmacist plans to install software/systems to connect to and be able to upload a document called the Pharmacist Shared Medicines List (PSML) to My Health Record. Furthermore, 2.6 Bn Documents uploaded to My Health Record i.e. From medical histories to the latest blood tests, from pathology reports to advanced care plans, more vital health information is now securely stored and available when needed.
Retail Pharmacy Market in Australia will be driven by Innovations in Healthcare Service Packages and adoption of telemedicine services through their apps among Australians. Pharmacies will not only offer medicines, but will also extend their offer to include various types of products and services such as cosmetics and online consultations along with 24/7 service to further compete over long term. Additionally, they will focus on partnerships with Tele consultation Companies to enhance service portfolio. In the future, bigger pharmacies will acquire small pharmacies in order to expand in different regions in the country.
