Changing customer channels create new opportunities
The situation
The community pharmacy market remains the biggest area of opportunity for growth in the OTC space; however, independent community pharmacies aren’t necessarily laser focused on their front-end business. As a result, even top-selling OTC product is only in 30-40% of stores in this channel.
The solution
Look at your distributors’ strategic partnerships outside of retail pharmacies to explore new avenues for reaching consumers. These include large health systems’ outpatient pharmacies, pharmacy buying groups, and even direct to consumer opportunities.
The stats
Six years ago, the independent community pharmacy segment made up 35-40% of the Cencora’s consumer product business; today, that number is closer to 25%.
The community pharmacy market remains the biggest area of opportunity for growth in the OTC space; however, independent community pharmacies aren’t necessarily laser focused on their front-end business. As a result, even top-selling OTC product is only in 30-40% of stores in this channel.
The solution
Look at your distributors’ strategic partnerships outside of retail pharmacies to explore new avenues for reaching consumers. These include large health systems’ outpatient pharmacies, pharmacy buying groups, and even direct to consumer opportunities.
The stats
Six years ago, the independent community pharmacy segment made up 35-40% of the Cencora’s consumer product business; today, that number is closer to 25%.
Analytics deliver unprecedented insight
The situation
Putting resources around extracting insights from analytics is essential. How is product flowing through the distributor down to the customer? Where is product sitting on shelves for too long? What does it all mean, and what should you do about it? The ability to make data-driven business decisions will be how we all stay one step ahead of the competition.
The solution
The most advanced analytics solutions should layer on point-of-sale data with external data sources to provide holistic insights for promotional planning that helps grow product sales in new ways—closing distribution gaps, growing recurring sales, and connecting with customers by reaching them where they are.
The stats
Our TruVuPOS delivers transaction level scan data at 2,400+ independent pharmacy locations.
Putting resources around extracting insights from analytics is essential. How is product flowing through the distributor down to the customer? Where is product sitting on shelves for too long? What does it all mean, and what should you do about it? The ability to make data-driven business decisions will be how we all stay one step ahead of the competition.
The solution
The most advanced analytics solutions should layer on point-of-sale data with external data sources to provide holistic insights for promotional planning that helps grow product sales in new ways—closing distribution gaps, growing recurring sales, and connecting with customers by reaching them where they are.
The stats
Our TruVuPOS delivers transaction level scan data at 2,400+ independent pharmacy locations.
Targeted marketing is a must
The situation
As sales forces get leaner and leaner, it’s critical to do more with less and to concentrate resources where they’ll be most effective.
The solution
Many OTC manufacturers have seen success by temporarily discounting the pharmacy’s acquisition cost in independent pharmacies. Combined with a deep understanding of customers that comes from knowing how solutions work in the field and evolving ordering platforms and catalogs, the right partner can unlock access to new channels and consumers and put OTC products on par with prescription products in terms of promotion and visibility. Advances in reaching consumers include patient engagement programs through digital channels, online or live education sessions, and turnkey messaging at the point of purchase.
The stats
• One manufacturer saw a 37% increase in units sold from targeted advertising in Good Neighbor Pharmacy’s Flipp mobile circular • We’ve helped manufacturers move more product with temporary price reduction (TPR) programs that increase units sold by as much as 35%
As sales forces get leaner and leaner, it’s critical to do more with less and to concentrate resources where they’ll be most effective.
The solution
Many OTC manufacturers have seen success by temporarily discounting the pharmacy’s acquisition cost in independent pharmacies. Combined with a deep understanding of customers that comes from knowing how solutions work in the field and evolving ordering platforms and catalogs, the right partner can unlock access to new channels and consumers and put OTC products on par with prescription products in terms of promotion and visibility. Advances in reaching consumers include patient engagement programs through digital channels, online or live education sessions, and turnkey messaging at the point of purchase.
The stats
• One manufacturer saw a 37% increase in units sold from targeted advertising in Good Neighbor Pharmacy’s Flipp mobile circular • We’ve helped manufacturers move more product with temporary price reduction (TPR) programs that increase units sold by as much as 35%
Nimble is the new normal
The situation
The COVID-19 pandemic has forever changed the global supply chain. Sudden spikes in demand over indefinite periods of time made seemingly simple activities, like forecasting, not so simple. Manufacturers and pharmacies alike may not be confident in where to put inventory dollars, and may find themselves making reactionary decisions about how to buy and sell.
The solution
A partner that has the scale and resources to minimize supply chain disruptions when products are in high demand is critical in times of uncertainty. Also essential is the expertise to anticipate ebbs and flows model different supply chain scenarios and adapt when things change. The right distribution partner can use analytics dashboards to anticipate “hot zones” where product is needed most, then move product seamlessly through its network of distribution centers to meet those needs.
The stats
We’ve expedited the item setup process through our state-of-the-art platform, setting up 2,600 items since April 2020 – 52% of which were set up without any rejections. It takes an average of three weeks for a manufacturer to receive an active item number, and manufacturers are able to track progress and connect with our team of experts throughout the setup process.
The COVID-19 pandemic has forever changed the global supply chain. Sudden spikes in demand over indefinite periods of time made seemingly simple activities, like forecasting, not so simple. Manufacturers and pharmacies alike may not be confident in where to put inventory dollars, and may find themselves making reactionary decisions about how to buy and sell.
The solution
A partner that has the scale and resources to minimize supply chain disruptions when products are in high demand is critical in times of uncertainty. Also essential is the expertise to anticipate ebbs and flows model different supply chain scenarios and adapt when things change. The right distribution partner can use analytics dashboards to anticipate “hot zones” where product is needed most, then move product seamlessly through its network of distribution centers to meet those needs.
The stats
We’ve expedited the item setup process through our state-of-the-art platform, setting up 2,600 items since April 2020 – 52% of which were set up without any rejections. It takes an average of three weeks for a manufacturer to receive an active item number, and manufacturers are able to track progress and connect with our team of experts throughout the setup process.
Our solutions
Targeted promotions through CustomConnect
Leverage our expertise and unique access to customers to promote your OTC and consumer healthcare products through CustomConnect, a highly targeted marketing program that leverages our proximity to the customer, connecting your brand message with relevant healthcare decision makers. Reach our customers through a full suite of print, digital, and in-person options.
Stay informed about US Health Policy News
Health Policy Weekly
Health Policy weekly recaps legislative and regulatory developments and healthcare reform news that impacts the healthcare industry, particularly pharmaceutical, biotech, and device manufacturers, providers, and managed care.
Developed by a multi-disciplinary editorial board that includes health policy and reimbursement strategy experts, Health Policy Weekly delivers key insights to your inbox every week.
Developed by a multi-disciplinary editorial board that includes health policy and reimbursement strategy experts, Health Policy Weekly delivers key insights to your inbox every week.
Keep up on key global health technology assessment news
HTA Quarterly
Each edition of HTA Quarterly provides insights and analysis from global experts with local market expertise on key priorities and perspectives affecting HTA.
From therapeutic area spotlights to geographic reviews to critical industry topics, keep current on HTA activity around the globe with HTA Quarterly.
