Pharmacy Pulse Report Q4 2023

Analysis of the key trends in the Irish Community Pharmacy sector, prepared by Fitzgerald Power on a quarterly basis. Check it out here.

Irish Economic Trends.

The latest Central Bank quarterly report for 2023 says that modified domestic demand is predicted to increase by 1.5% in 2023, 2.5% in 2024 and 1.9% in 2025.

Inflation.

Inflation in the eurozone was 2.9% in December 2023, a decrease from 4.3% at the end of the previous quarter. Food, alcohol and tobacco has seen the largest increase at 6.1% when compared to the same month last year.

Chemist Warehouse Opens New Store.

Global pharmacy retail chain Chemist Warehouse, which launched its first store in Ireland in October 2020, has opened its ninth Irish store. The new store is located in Westend Shopping Park, Blanchardstown, Dublin.

Government Plans To Expand Prescribing.

Following calls for pharmacists to be allowed to substitute medicines without GP oversight, a proposed new bill will allow pharmacists to extend prescriptions up to a maximum of 12 months if they consider it safe and appropriate to do so.

Global Economic Trends.

Pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest rates have forced the IMF to cut its global growth forecast for 2023 to 2.7%, compared to a 2.9% forecast in July.

Discover the Power of Benchmarking!

We have introduced additional data to our quarterly report related to our new Benchmarking Service. Now, you can assess your pharmacy’s performance and labour rates in comparison to pharmacies with similar turnovers within your sector and geographical location. Unlock your pharmacy’s full potential and maintain a competitive edge in your industry.

Get in touch to enquire and learn more here.