Pharmacy Pulse Report Q2 2024

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.

The Irish economy expanded by 5% of GNI according to the Central Statistics Office (CSO). In contrast to the increase in GNI, there was a 5.5% fall in GDP due to reduced exports by multinational companies. GNI strips out the most distorting effects to give a more accurate picture of the real economy. Although the multinational sector contracted by 16.2%, the figures point to a recovering domestic economy with personal spending on goods and services rising by almost 5% in 2023.

Inflation.

The euro area annual inflation rate was 2.5% in June 2024, down from 2.6% in May. A year earlier, the rate was 5.5%. In June 2024, the highest contribution to the annual euro area inflation rate came from services, followed by food, alcohol & tobacco, non-energy industrial goods and energy.

Pharmacy Awards.

Fitzgerald Power would like to congratulate Michelle O’ Hagan of Pharmacy Hub Killinarden on winning the Reckitt Community Pharmacist of the Year 2024, and Village Pharmacy of Carlingford on winning McLernons Independent Community Pharmacy of the Year Award.

Global Economy.

Global economic recovery continues with easing inflation, improved supply, and strong labour markets boosting income and spending in Q1 2024. Despite a projected global GDP growth of 2.9% in 2024 and 3.1% in 2025, growth remains below pre pandemic levels amid renewed inflationary pressures and geopolitical tensions.

New IPU President Elected.

The Irish Pharmacy Union (IPU) has announced the appointment of Tom Murray, a community pharmacist based in Ramelton, as its new President. Mr. Murray noted “my absolute top priority will be to work to address the funding crisis within pharmacy. As President I will be supporting the ongoing efforts of the IPU to see the introduction of a €6.50 flat fee structure for all pharmacies.”

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.