Refill your prescription: Increased drug, beauty, and personal care spending will boost industry revenue

The Pharmacies and Drug Stores industry in New York has exhibited growth despite some negative side effects from the regulatory environment. For example, the industry has grappled with changing generic drug prices to reflect reimbursement rates. As a result of this trend, the industry has contended with PBMs not updating their payment benchmarks; thus, the industry has not received an adjusted reimbursement rate for their previous prescription sales, which has cut into industry revenue. Nevertheless, the patent cliff, which caused many blockbuster drugs to lose their patent exclusivity, has bolstered industry revenue and will continue contributing to industry growth over the five years to 2022...read more.

Industry Statistics & Market Size
Revenue
$28bn
Annual Growth 12-17
4.5%
Forecast Growth 17-22
Profit
Employment
61,090
Businesses
4,587
What Our Customers Say

Industry Threats & Opportunities

  • While the number of customers at industry locations has increased, operators have contended with rapid consolidation
  • Operators have offered discount products and rewards programs to retain customers
  • Pharmacies and drug stores will prove to be indispensable over the next five years
  • Industry Report - Industry Products Chapter

    Pharmacies and drug stores provide a range of products and services, the most important of which are the sale of prescription and nonprescription medicines, including over-the-counter (OTC) medications. These two product segments account for the majority of total revenue. Other products include toiletries, cosmetics, tobacco, consumables, stationery and house wares.Prescription drugsA prescription drug is a licensed medicine that requires a prescription from a physician or other medical practitioner before a consumer can purchase it. Sales of prescription drugs as a percentage of total industry revenue have increased over the five years to 2017, as drug stores have responded to competition from mass merchants by strengthening their core product areas. Ove...purchase to read more.

    Additional Insights for the Pharmacies & Drug Stores in New York Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Pharmacies & Drug Stores in New York 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 Federal funding for Medicare and Medicaid and F405 Number of people with private health insurance in New York in the Pharmacies & Drug Stores in New York industry impact industry performance..

    shopping_cartPURCHASE OPTIONS

    What is the Pharmacies & Drug Stores in New York Industry?

    Pharmacies and drug stores retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods directly to consumers on a walk-in basis. Industry companies 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
  • Branded prescription drugs
  • Generic drugs
  • Personal health supplies
  • Nonprescription dedications
  • Groceries and food items
  • Cosmetics
  • Vitamins, minerals and dietary supplements
  • 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
  • Federal funding for Medicare and Medicaid
  • F405 Number of people with private health insurance in New York
  • Number of adults aged 50 and older in New York
  • Per Capita Disposable Income in New York

  • Current Performance
  • Maintaining consumers
  • Pharmacy benefit managers expand their role in the sector
  • Chart: Revenue Growth

  • Industry Outlook
  • Patent cliff
  • Competition and consolidation
  • Table: Pharmacies & Drug Stores in New York Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Pharmacies & Drug Stores in New York 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 prescription drugs
  • Generic drugs
  • Other
  • Personal health supplies
  • Nonprescription dedications
  • Groceries and food items
  • Cosmetics
  • Vitamins, minerals and dietary supplements
  • Chart: Pharmacies & Drug Stores in New York Industry Products and Services Segmentation

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

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesOther
  • Chart: Cost Structure Benchmarking – Sector vs Pharmacies & Drug Stores in New York

  • Basis of Competition
  • Internal competition
  • External competition

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

  • CVS Health CorporationThe Walgreen CompanyRite Aid CorporationTOPS Markets, LLC
  • Table: CVS Health Corporation - financial performance
  • Table: The Walgreen Company - financial performance
  • Table: Rite Aid Corporation - financial performance
  • Table: TOPS Markets, LLC - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Pharmacies & Drug Stores in New York 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 New York Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (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.
  • 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?

    The Pharmacies & Drug Stores in New York industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

    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 New York:
    • 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 New York 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 New York, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

    Contact Us

    Want to speak to a representative? Call us.

    clear