Retail pharmacy business metamorphosis
Published: 2011/12/05
Published: 2011/12/05
KUALA LUMPUR: A trip to your neighbourhood pharmacy may not be the same in the future.
Should all Cosway stores in Malaysia, believed to be in the hundreds, adopt the pharmacy business, this brand could very well turn into an overnight industry leader. Obtaining prescription drugs and walking out with Cosway items may be a norm in the future.
The emergence of this new breed of pharmacies may very well have been prompted by dispensing separation. But is there another reason for the sudden mushrooming of community stores?
Some say that this may be part of the planned 1Care system. The system, introduced to reduce the congestion in government hospitals, will require patients to visit a primary care physician for small ailments and referrals.
While no concrete information is available, talk is that dispensing separation will take place when this takes off. The primary care physician as well as the pharmacy which dispenses the medication will be paid by the government.
If indeed this is the scenario for the medication that will be prescribed to the poor, it then comes as no surprise that retail pharmacies are going out and targeting this piece of "government-guaranteed income".
Today, there are a total of 8,900 registered pharmacies and some 2,000 community pharmacies. The major players include Guardian Pharmacy, Vitacare, CARiNG, Aeon Wellness and Tigas.
Interestingly, the industry feels that it is unlikely for Malaysia's healthcare interest to be in the hands of foreign players like Guardian Pharmacy and Watsons. Remember what happened when Singapore's Parkway wanted to buy Pantai Hospitals which had two government concessions?
In such a scenario, preparing for a wider network of locally-owned community pharmacy becomes essential.
Other changes recommended by the Malaysian Pharmaceutical Society is for the pharmacies to be intermediaries for patients who choose to receive their medication via post.
MPS would also like to see pharmacists own a majority stake in an independent pharmacy and in the case of a chain pharmacies, the pharmacists to sit on the board and have an executive role.
Will retail pharmacies, as we know them, come to an end? If so, let's hope the metamorphosis is indeed something more appealing.
We as consumers, place our trust on these pharmacists who are the professionals. In return, what we need is responsible dispensing.
Read more: Retail pharmacy business metamorphosis http://www.btimes.com.my/Current_News/BTIMES/articles/imv6/Article/index_html#ixzz1fhWIsoEw
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The industry is undergoing a rapid change prompted by government policies and innovative business models.
Mandatory public service with the government has been cut to just a year from three previously. Dispensing separation is on the cards where doctors only prescribe medication and pharmacists dispense medicine.
The retail pharmacy business, meanwhile, is seeing the introduction of licensing and franchising concepts to assist pharmacists who do not have much business knowledge. Constant Pharmacy, a chain of pharmacies, has planned to expand its network to 500 stores within eight years via this method.
More recently, a new two-in-one model called eCosway Pharmacy is expected to take off. This incorporates a pharmacy and direct selling Cosway business.
Mandatory public service with the government has been cut to just a year from three previously. Dispensing separation is on the cards where doctors only prescribe medication and pharmacists dispense medicine.
The retail pharmacy business, meanwhile, is seeing the introduction of licensing and franchising concepts to assist pharmacists who do not have much business knowledge. Constant Pharmacy, a chain of pharmacies, has planned to expand its network to 500 stores within eight years via this method.
More recently, a new two-in-one model called eCosway Pharmacy is expected to take off. This incorporates a pharmacy and direct selling Cosway business.
The emergence of this new breed of pharmacies may very well have been prompted by dispensing separation. But is there another reason for the sudden mushrooming of community stores?
Some say that this may be part of the planned 1Care system. The system, introduced to reduce the congestion in government hospitals, will require patients to visit a primary care physician for small ailments and referrals.
While no concrete information is available, talk is that dispensing separation will take place when this takes off. The primary care physician as well as the pharmacy which dispenses the medication will be paid by the government.
If indeed this is the scenario for the medication that will be prescribed to the poor, it then comes as no surprise that retail pharmacies are going out and targeting this piece of "government-guaranteed income".
Today, there are a total of 8,900 registered pharmacies and some 2,000 community pharmacies. The major players include Guardian Pharmacy, Vitacare, CARiNG, Aeon Wellness and Tigas.
Interestingly, the industry feels that it is unlikely for Malaysia's healthcare interest to be in the hands of foreign players like Guardian Pharmacy and Watsons. Remember what happened when Singapore's Parkway wanted to buy Pantai Hospitals which had two government concessions?
In such a scenario, preparing for a wider network of locally-owned community pharmacy becomes essential.
Other changes recommended by the Malaysian Pharmaceutical Society is for the pharmacies to be intermediaries for patients who choose to receive their medication via post.
MPS would also like to see pharmacists own a majority stake in an independent pharmacy and in the case of a chain pharmacies, the pharmacists to sit on the board and have an executive role.
Will retail pharmacies, as we know them, come to an end? If so, let's hope the metamorphosis is indeed something more appealing.
We as consumers, place our trust on these pharmacists who are the professionals. In return, what we need is responsible dispensing.
Read more: Retail pharmacy business metamorphosis http://www.btimes.com.my/Current_News/BTIMES/articles/imv6/Article/index_html#ixzz1fhWIsoEw
