Pharmacy Pulse Report Q1 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 Economy

After falling by an estimated 0.8% in 2022, the Central Bank of Ireland expects average real household disposable income to increase by 2.1% and 2.3% in 2023 and 2024, respectively.

Medicine supply issues

In efforts to tackle the on-going medicines shortages, the EU is preparing to stockpile drugs and oblige manufacturers to guarantee supplies. In Ireland, 212 products are out of stock, including cough syrups and vital antibiotics.

Medicine shortages

The suppliers of the majority of medicine in Ireland has urged the Government to heed warnings from GPs and pharmacists nationwide on the growing risk of medicines shortages.

Inflation

Inflation in the eurozone was 6.9% in March 2023, a decrease from 9.2% at the end of the previous quarter. Energy prices have continued to plummet with inflation at -0.9% vs 25.7% in December 2022.

Rising Prices

The Irish Central Bank expects inflation to average 5% in 2023, with the rate of increase in energy prices forecast to decline rapidly as the year progresses. HICP inflation is forecast to moderate to 3.2% and 2.2% in 2024 and 2025, respectively.