Results from the 2015 Pet Pharmaceutical Market Study, a collaboration of Brakke Consulting, Inc., and Trone Brand Energy are summarized in three main areas:
- Tracking the portable pet prescription movement
- Diminishing veterinary pharmacy revenues
- Veterinary pharmacy revenue loss coping strategies
The study collected responses from U.S. companion animal veterinarians, U.S. pharmacists and U.S. dog and cat owners. Its report forecasts that pet pharmaceuticals will be one of the higher growth areas of pet retailing over the next 10 years due to increased over-the-counter drugs and interest by chain retailers.
Source: Trone Brand Energy, August 2016.
The battle for pet pharmaceutical sales has grown to a point where brick-and-mortar retailers and Internet/mail order retailers accounted for a combined 42% of the nearly $8 billion in national pet medication sales in 2014 according to a report by the market research firm, Packaged Facts. The same report forecasts that pet pharmaceuticals will be one of the highest growth areas of pet retailing over the next 10 years due to increased over-the-counter drugs and interest by chain retailers.
INSIGHTS: This is a must-read for key personnel in veterinary clinics and representatives who call on them. Consider organizing a working session to address the information and to discuss strategies to remain competitive with alternate channels. Additionally, examine the need for more comprehensive take-home instructions when issuing a prescription, whether you fill it in clinic or if it is filled at a pharmacy. Education remains a critical component of veterinarian value.