New Academic Analysis Sets the Record Straight: Number of Independent Pharmacies in U.S. Increasing
WASHINGTON, March 5, 2020 /PRNewswire/ -- A new academic analysis, "Independent Pharmacies in the U.S. are More on the Rise than on the Decline," sets the record straight on the health of independent pharmacies in the U.S. by showing the overall number of stores has increased by 2,600 over the last decade, approximately a 13 percent increase.
"The number one objective for independent pharmacies, PBMs, and everyone in the drug supply and payment chain should be helping patients access affordable prescription drugs and lead healthier lives," said PCMA President & CEO JC Scott. "Accusations that PBMs are forcing store closures are unproductive and not based in fact. There are more independent pharmacies now than there were five and ten years ago."
The analysis was conducted by Professors Pete Hatemi and Christopher Zorn with Pennsylvania State University.
Read the Analysis
Key Findings:
- In terms of absolute change in the number of stores, independent pharmacies are faring better than chain pharmacies. Between 2010 and 2019, the number of independent pharmacies increased by more than 2,600 stores, or 12.9%, whereas chains lost around 80 stores, or 0.2%.
- There has been a slight decrease in all pharmacies over the last three years. For independent pharmacies the net loss in the number of stores from 2016 to 2019 was -83, or -0.3%. In comparison, retail chain pharmacies experienced a net loss of 1,583 stores, or -4.0%. Focusing on only one or two years, however, and not the entire previous decade, gives the impression of decline in the number of independent pharmacies instead of fluctuations over a longer period.
- Longitudinal analyses find that on average, there is an increase of six independent stores per year from 2010-2019 in states.
- The relative growth in the number of independent pharmacy stores at the state level is positively correlated to chain pharmacies. When chain pharmacies grow within a state, independent pharmacies also increase.
PBMs are the advocates for 266 million consumers in the fight to keep prescription drugs accessible and affordable. Using advanced tools to manage pharmacy benefits, such as negotiating price concessions from drug manufacturers, offering patient care management programs and services to improve patient adherence to prescribed medications, encouraging the use of generic drugs, managing high-cost specialty medications, and offering more affordable pharmacy channels, PBMs are achieving an overall stable drug trend for prescription drug costs and helping patients live higher quality and healthier lives.
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.
SOURCE Pharmaceutical Care Management Association
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