Pharmaceutical Industry Analysis in Ireland

Part (a) – Industry Profile

Industry Background

The retail pharmacy industry, one of the larger sectors of the retail industry, covers the sale of pharmaceutical goods such as prescription drugs, cosmetics, electrical goods, over the counter medicines and toiletries (Community Pharmacy Industry environmental can, 2010). The sector is characterised by the high number of small and medium sized businesses. Every pharmacy must have a qualified Pharmacist in the pharmacy at all times who is required by law to supervise any professional activity of pharmacy and is responsible for the dispensing and compounding of medicines (PSI Pharmacy Guidance manual, 2008). There are at least 1,500 community pharmacies now operating in Ireland and according to the Irish Pharmacy Union (IPU), on average a person will visit a pharmacy 19 times per year for prescription drugs and other over the counter medicines. Over the last few years there has been a shift within community pharmacies which has seen it offer more than just a dispensing service to its customers. Advice and medication management given by the pharmacist play an important role in maximising the usefulness of medications while minimising side effects. The industry is continuously evolving, most recently through offering additional services such as;

* Flu vaccinations.

* Blood pressure & glucose checks.

* Food intolerance tests.

* Health Screening services.

* Holistic heart & lung functionality checks.

* BMI (body mass index) checks & dietary advice/weight control programmes.

Community pharmacists are becoming a fully integrated part of Ireland’s healthcare system as they play a role in primary health care and health education. It is estimated that the value of these non-directly remunerated pharmacy services is €460 million (PWC, 2009).

Irish people have greater access to pharmacies than many other EU countries with one pharmacy for every 2,853 people compared with an EU...