Doctor's orders: Despite high levels of price competition, the industry has exhibited growth

The Pharmacy and Drug Stores industry in Florida has exhibited growth, albeit at a moderately slower rate than the national industry. Many of the same external demand drivers that affect the national industry also affect the industry in Florida. At 20.2% of the state's population, Florida is commonly recognized as having a high proportion of elderly citizens (defined as 65 and older) compared with the nation as a whole, As people age, they are more likely have chronic health problems that must be treated with industry products, such as medications, which generate a vast majority of industry revenue. As a result, revenue derived from the elderly population is critical to the industry...read more.

Industry Statistics & Market Size
Revenue
$19bn
Annual Growth 12-17
1.9%
Forecast Growth 17-22
Profit
Employment
55,078
Businesses
4,157
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Industry Threats & Opportunities

  • The industry's top players dominate areas where vacationers most frequent, like coastal towns or major cities
  • Florida has experienced significant population growth and high migration into the state
  • Per capita prescriptions in Florida are expected to continue to exceed the national average
  • Industry Report - Industry Key Buyers Chapter

    In 2017, the top four industry players generate an estimated 60.0% of industry revenue, which indicates a medium level of market share concentration. However, out of the largest operators in Florida, CVS, Walgreens and Publix dominate the industry. Collectively, these three operators control over half of industry revenue, with no other company holding more than 5.0% of industry revenue. Similar to the current five-year period, the industry will continue to consolidate over the next five years. Larger industry operators seek to grow their market share by acquiring independently owned pharmacies and drug stores, as well as small chains with few total establishments. Acq...purchase to read more.

    Additional Insights for the Pharmacies & Drug Stores in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Pharmacies & Drug Stores in Florida Industry are

  • Ability to control stock on hand
  • Participation in pharmacy benefit management (PBM) networks
  • Superior financial management and debt management
  • IBISWorld analysts also discuss how external factors such as Total health expenditure in Florida and Number of adults aged 50 and older in the Pharmacies & Drug Stores in Florida industry impact industry performance..

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    What is the Pharmacies & Drug Stores in Florida Industry?

    Pharmacies and drug stores in Florida retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods on a walk-in basis. Industry companies in the Sunshine State may also provide basic health and photo processing services. The industry includes retail stores with a pharmacy, but excludes mail-order retailers, hospitals and clinics.

    Industry Products
  • Generic prescriptions
  • Branded prescriptions
  • OTC medications
  • Vitamins, minerals and other dietary supplements
  • Cosmetics
  • Personal hygiene supplies
  • Groceries
  • Industry Activities
  • Preparing and selling prescription and nonprescription drugs and medicines
  • Retailing basic consumable goods
  • Selling other miscellaneous items, such as candy, cosmetics, magazines and light refreshments
  • Advising customers on the use of both prescription and over-the-counter drugs
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Total health expenditure in Florida
  • Number of adults aged 50 and older
  • Per capita disposable income in Florida
  • Federal funding for Medicare and Medicaid

  • Current Performance
  • A growing elderly population
  • Adding value to every trip
  • Chart: Revenue Growth

  • Industry Outlook
  • Cost assistance continues to increase
  • A competitive, yet consolidated market
  • Table: Pharmacies & Drug Stores in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Pharmacies & Drug Stores in Florida Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Brand Name Pharmaceutical Manufacturing
  • Camera & Film Wholesaling
  • Chocolate Production
  • Cosmetic & Beauty Products Manufacturing
  • Drug, Cosmetic & Toiletry Wholesaling
  • Generic Pharmaceutical Manufacturing

  • Products & Services
  • Branded prescriptions
  • Generic prescriptions
  • Other
  • Personal hygiene supplies
  • Groceries
  • OTC medications
  • Cosmetics
  • Vitamins, minerals and other dietary supplements
  • Chart: Pharmacies & Drug Stores in Florida Industry Products and Services Segmentation

  • Major Markets
  • Individuals aged 45 to 64
  • Individuals aged 65 and older
  • Individuals aged 18 to 44
  • Individuals aged 17 and younger
  • Chart: Major Market Segmentation for the Pharmacies & Drug Stores in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Pharmacies & Drug Stores in Florida

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Pharmacies & Drug Stores in Florida Industry

  • CVS Health CorporationThe Walgreen CompanyPublix Super Markets Inc.Fred's Inc.
  • Table: CVS Health Corporation - financial performance
  • Table: The Walgreen Company - financial performance
  • Table: Publix Super Markets Inc. - financial performance
  • Table: Fred's Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Pharmacies & Drug Stores in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Pharmacies & Drug Stores in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Total health expenditure (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Blockbuster Drug
  • A drug product that generates annual sales in excess of $1 billion.
  • Formulary
  • A list of medicines that are covered by a health insurance plan and always meet Medicare's requirements.
  • Front-End Sales
  • Sales of products from the front of the store or products sold separately from the pharmacy.
  • Over-The-Counter (Otc) Medications
  • Medicine that can be purchased without a prescription.
  • Pharmacy Benefit Manager (Pbm)
  • A third-party administrator of prescription drug programs.
  • Prescription Drug
  • A licensed medicine that can only be obtained with a doctor's approval.
  • Why buy this report?

    IBISWorld’s industry research report on Pharmacies & Drug Stores in Florida provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Pharmacies & Drug Stores in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Pharmacies & Drug Stores in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Pharmacies & Drug Stores in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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