Consolidation of Pharmacies in the Country: Medium Sized Chains are either expanding organically in terms of Number of Stores or becoming a part of bigger Banner Groups like Sigma Healthcare, API and EBOS Group. Financial performance of Banner/Franchise pharmacies is stronger than Independents regardless of stores owned. Major famous banner groups in Australia generate gross profit of 33% or above, higher than that of Independent Pharmacies. Pharmacy Chains under banner groups are enjoying stability in terms of medicine supplies and other software advantages.
Growing in E-Prescription Scenario: As a result of COVID-19 Pandemic, Government fast-tracked the rollout of e-prescriptions as part of the country’s response to the situation. Australia’s first e-prescription was dispensed at in Victoria in May 2020 as a result of COVID-19 Pandemic. Prescribers and dispensers across Australia have already generated more than 3.5 million electronic prescriptions and repeats as of May 2021. Expansion of e-prescription is staged to roll-out across rest of the country.
Rising E-Health Services: Federal Government of Australia announced expansion of Medicare i.e. subsidized telehealth services for all people in the country. Pharmacies are partnering with Tele consultation companies to enhance their service portfolio and hence increasing number of prescriptions and Medication demand at their stores. These services witnessed a huge surge in demand due to COVID-19 pandemic. More than 4.0 Million health and medical services have been delivered to a total of more than 3 Million patients through the telehealth items introduced by the Australian Government for the COVID-19 pandemic.
Analysts at Ken Research in their latest publication “Australia Pharmacy Retail Market Outlook to 2025- Led by Growth in Increasing Number of Customer Footfall and Organic Expansion of Pharmacies“ observed that the Pharmacy Retail Market in Australia has been growing over the years as a result of rising Number of Services Offered, Per capita Health Expenditure, Health Budget of the country, Growth in Online Pharmacies & Tele consultations, More number of Stores and option of Home Delivery of medications. Australia Pharmacy Retail Market is anticipated to grow with a CAGR of 5.1% on the Basis of Total Revenue over the forecast period 2020-2025.
Australia Pharmacy Retail Market in terms of Number of Stores is expected to grow with a CAGR of 1.5% in the forecast period 2020-2025. Online Pharmacy Retail Market in terms of Revenue is anticipated to growth with a CAGR of 3.9% in the forecast period 2020-2025.