Pharmacy Pulse Report Q3 2022

The Irish Economy

The ESRI expects Irish growth to remain strong over 2022, with Modified Domestic Demand (MDD) expected to grow by 7.5% this year. However, growth is expected to decline in 2023, with inflation forecast to average 8.1% in 2022 and 6.8%
in 2023.

People’s Pharmacist Award

John Tallon, owner and pharmacist at Bergin’s Pharmacy in Newbridge, won the People’s Pharmacist Award. Over 10,000
voted in the competition, with voters noting Mr Tallon’s kindness and ability to treat complex conditions as reasons for their vote.

Pharma Industry Awards

United Drug won the award for COVID-19 Crisis Response at the Pharma Industry Awards. The award was an acknowledgment of United Drug’s work in storing, processing, and distributing the Covid-19 vaccine during the pandemic.

Global Economic Trends

Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023, as economic activity is experiencing
a sharper than expected slowdown. The IMF expects global inflation to rise from 4.7% in 2021 to 8.8% in 2022 but to decline to 6.5% in 2023 and to 4.1% by 2024.

Rising Prices

Inflation in the Eurozone rose by 9.9% year on year in September, with energy prices remaining the biggest contributor to accelerating prices, rising 40.8%. Core inflation, which excludes volatile factors such as energy, food, alcohol and tobacco, increased year on year by 6%.