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Institutional Pharmacies in the US - Industry Market Research Report

Institutional Pharmacies in the US - Industry Market Research Report

  • May 2020
  • 34 pages
  • ID: 5103618
  • Format: PDF
  • Ibisworld

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Doctor’s orders: The aging population is anticipated to strengthen industry revenue growth

Abstract

Institutional Pharmacies

The Institutional Pharmacies industry exhibits a medium level of market share concentration, with the two largest players, Omnicare Inc. (Omnicare) and PharMerica Corporation (PharMerica) dominating the industry. The industry as a whole competes on many different levels, including price, cost effectiveness, clinical expertise, breadth of services and more. As such, larger firms remain more competitive as they have the resources to better address these key success factors.

Multifaceted major players dominate industry

• Omincare is a wholly owned subsidiary of CVS Health Corporation (CVS) and is the largest institutional pharmacy business in the United States. The core of Omnicare’s business is Long-Term Care Group, offering pharmaceuticals and ancillary health services. In addition to these offerings, Omnicare acts as a pharmacy consultation provider, most notably for compliance with state and federal regulations for healthcare providers.

Acquisitions drive expansion

• As industry demand slows, operators constantly seek alternate methods of generating revenue. Both Omnicare and PharMerica have engaged in a series of acquisitions to expand their operations and generate revenue from different customer bases. Most notable was CVS’ acquisition of Target Corporation’s pharmacy and clinic business in 2015, which is now wholly integrated into Omnicare’s operations. Similarly, PharMerica has completed several acquisitions in recent years to scale operations in competition with Omnicare and other industry players.

Companies engage in price-based competition
• The Institutional Pharmacies industry exhibits a high level of competition due to the similarity of product and service offerings. Industry players primarily compete on price, as insurance reimbursement rates will cover more on lower-price offerings. As such, larger operators are typically able to negotiate more favorable reimbursements rates, thus enabling them to offer more competitive price points.

This industry comprises pharmacies that provide a range of services to residents of nursing homes, hospitals or hospice environments that do not have an onsite pharmacy. In addition to providing pharmaceuticals, institutional pharmacies also provide consulting services, which include monitoring the control, distribution and administration of drugs and assisting with regulation compliance.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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