retail pharmacy: a key part of new product launch strategy
TRANSCRIPT
Retail Pharmacy:A Key Part of New Product
Launch Strategy
Rob Blazek, RPhPresented at the CBI Pharmaceutical Retail Strategy SummitSeptember 2012
Presentation Agenda
• Relevance of retail pharmacy as a consumer channel: facts and trends
• How to harness the power of the channel in new product launches: 8 key considerations
• Questions
Increases in household penetration, purchase frequency, and dollar share.
Media delivered in the drug channel can deliver traffic, exposure and impact as shoppers re-focus their retail
channel buying behavior.
Retail-based health clinics are a significant healthcare force.
As consumers head to the pharmacy for medical services, they also head to the OTC aisles, where
placement of information about prescription products can be especially relevant and timely.
There are 80,000 “pharmacist vaccinators” in the U.S.
With ever-expanding availability of immunization services, the retail pharmacy is the ideal place to
raise vaccination awareness and deliver information about vaccines.
Year after year, consumer polls related to trust in community professionals show that consumers consider pharmacists among the most honest and ethical.
Pharmacists are knowledgeable on the whole spectrum of medicine---programs delivered via the pharmacist carry added credibility.
71% of total prescriptions dispensed are filled by retail pharmacies of all types---independent, chain, mass and supermarket.
As a core part of chain drug store business, the pharmacy area offers accessibility, education,
convenience, and interaction.
Nearly all (93%) of Americans live within 5 miles of a community pharmacy outlet. The average distance to a retail pharmacy is 1.26 miles.
Such significant consumer and patient access means that pharmacies will continue to play an increasingly
important role in the daily lives of Americans.
81% of U.S. adults use OTC medicines---available in the retail pharmacy aisles- as a first response to minor ailments and 89% believe OTC medicines are an important part of their overall family healthcare.
Consumers who first self-treat are a prime audience for information related to prescription alternatives.
Strength in Targeted Reach
The economic influence of retail stores with pharmacies reaches well beyond their $900 billion in annual sales. Their total annual economic impact is $1.76 trillion, based on 2010 data---equivalent to approximately 12% of the gross domestic product.
Retail stores with pharmacies will continue to be a robust force in the economic landscape and in their
respective communities.
Today’s retailers are devoting more time and attention to retail-based programs such as screening tests, wellness programs, and on-site educational events that establish their value as a health services resource.
These efforts are generating more store traffic---which results in an even bigger audience for
brand messages delivered through retail pharmacy programs.
Drug stores are the outlet of choice for a variety of health and personal care solutions
• Pharmacies focused on delivering healthcare services- not just prescriptions
• Relationship with trusted professional
• Extensive targeted reach
• Quantifiable results
The Value of Pharmacy in Addressing Product Launch Plans
Educateconsumersabout thecondition
Stimulate awareness of the diseasestate in conjunction with productinformation
The Value of Pharmacy in Addressing Product Launch Plans
Createawareness
early in productlifecycle
Begin consumer outreach effortsin the early-launch stage
The Value of Pharmacy in Addressing Product Launch Plans
Reach theright
prospectivepatient
Zero in on the target audience whenhealthcare is top of mind, and conveyspecific product information
The Value of Pharmacy in Addressing Product Launch Plans
Provideincentives to
facilitate patientaction
Deliver patient savings offers tocreate trial
The Value of Pharmacy in Addressing Product Launch Plans
Createspringboard
for discussionwith physician
Incorporate self-diagnosis tools,“doctor discussion guides” andsimilar resources
The Value of Pharmacy in Addressing Product Launch Plans
Leveragepharmacy’s valueas point of care
destination
Include reminders to discuss anymedication questions with thepharmacist
The Value of Pharmacy in Addressing Product Launch Plans
Track andmeasureresults
Take advantage of the retail setting’sadvantages in reliable measurementthrough matched-panel test/controlresearch
The Value of Pharmacy in Addressing Product Launch Plans
Integrate withother elements
of the marketingmix
Reinforce messages seen and heardthrough other brand media forms
Significant scale can be achieved both locally and through nationwide efforts
Consumers are focused on healthcare and messages carry a higher degree of connection
Quantitative research methods lend themselves well to the retail environment
Programs Delivered in the Retail Pharmacy Can Reach New Patients and Add Value to Brands
Questions….?
Rob Blazek, RPhSenior Director, Business Development and Network StrategiesRx EDGE Pharmacy Networks