Pharmacy Pulse Report Q3 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

Gross domestic product (GDP) shrank 1.8% in the third quarter of the year compared to the previous three-month period. The contraction in the Irish economy between July and the end of September was driven by lower activity in industries dominated by multinationals.

Increase in Dispensing Fee

A new report by Fitzgerald Power and the Irish Pharmacy Union has called for an increase in the dispensing fee to €6.50. The report has identified a sector under increasing strain due to rising costs, particularly wages, and stagnant reimbursement fees.

Inflation

Inflation in the eurozone was 4.3% in September 2023, a decrease from 5.5% at the end of the previous quarter. Energy prices have continued to fall, dropping 4.7% when compared to the same month last year.

Expansion of Pharmacy Services

The Minister for Health has said he is considering a number of proposals that would expand the role of community pharmacies. The Minister is considering a Minor Ailment Scheme which will enable pharmacies to treat some ailments that are currently treated by GPs.

Global Economic Trends

The OECD has projected global GDP growth to be 2.7% in 2024, which is the lowest annual rate since the global financial crisis and the pandemic in 2020. The increase in inflation has led to a decline in real wages for Q3.

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.