Pharmacy

Pharmacy is the health profession that associates the health sciences with the chemical sciences and it also ensures the safe and effective use of pharmaceutical drugs.

An establishment in which pharmacy is practiced is called a pharmacy, chemists or drugstore. Pharmacists are the experts on drug therapy and are the primary health professionals.

Pharmacy practice includes traditional roles such as compounding and dispensing medications, modern services related to health care such as clinical services, reviewing medications for safety and usefulness, and providing drug information.

The various types of pharmacy practice areas include community pharmacy, hospital pharmacy, clinical pharmacy, hospital pharmacy, ambulatory care pharmacy, compounding pharmacy, consultant pharmacy, Internet pharmacy or online pharmacy, Veterinary pharmacy, nuclear pharmacy and Pharmacy informatics.

Industry Overview

The pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals licensed for use as medications.

According to the reports given by ICD research, the buyers in the pharmaceutical industry are in agreement that to win and keep their business, suppliers need to develop partnerships that optimize working capital and minimize costs, making acquisitions and mergers an important aspect of the industry’s future.

 Asia-Pacific is a global leader in terms of drugstore market growth. India also represents an area of rapid market growth. The top selling drug in India is Corex, a cough syrup made by Pfizer.

The US market is comprised of around 42,000 drugstores. In total, the US market represents yearly profit of around $220 billion.

The future of pharmacy

In the future, pharmacists might be more involved within the health care system. Instead of simply dispensing medication, pharmacists will also be into patient care skills. In particular, Medication Therapy Management i.e. MTM includes the clinical services that pharmacists can provide for their patients. The result is a combination of medication and patient education resulting in increased patient health outcomes and decreased costs to the health care system.

Pharmacy Industry Current Trends

According to the reports, the European market is seeing growth in independent and online drugstores. As per the reports given by Global industry analytics, the global drugstore market will be worth around $595 billion by 2015.

Major Pharmacy Industry Players

Some of the major Pharmacy industry players in India are Ranbaxy, Dabur, Sun Pharmaceutical, Abbott India ltd, GlaxoSmithKline Pharmaceuticals Ltd and Dr. Reddy's Laboratories etc.