New report from CVS Health® highlights opportunities for the future of community pharmacy
- Nearly seven in 10 Americans prefer pharmacies for their health care needs due to convenient locations and evening and weekend hours of operation.
- Up to 90% of Americans believe that a connected, digital pharmacy experience enhances the overall patient experience.
- Pharmacy college enrollment rates are steadily declining, posing a challenge to the future workforce of community pharmacy.
- Growing pressures on the industry may require key changes to the current pharmacy model.
Insights
The findings of the CVS Health/Harris Poll survey indicate a significant shift in consumer behavior and expectations towards pharmacy services. The preference for pharmacies as health care providers due to their convenience and accessibility underscores a potential increase in foot traffic and customer engagement for community pharmacies. This could lead to an expansion of services offered by pharmacies, thereby increasing their revenue streams. Moreover, the survey's indication of a high demand for a connected, digital pharmacy experience suggests that investments in digital innovations could enhance customer satisfaction and loyalty, which are critical factors for business growth in the retail sector.
Furthermore, the new pharmacy reimbursement model aligning reimbursement with the quality of services and prescriptions dispensed could potentially improve profit margins for CVS Pharmacy®. This model may incentivize pharmacies to prioritize quality over quantity, possibly leading to better health outcomes for patients and a more positive public perception of the pharmacy's role in health care. However, it is important to monitor how this model affects the industry's competitive dynamics and whether it sets a precedent for other players in the market.
The survey's emphasis on the critical role pharmacists play in providing health care services is reflective of a broader trend in health care towards more integrated and accessible care. This integration, which positions pharmacists as vital health care providers, could have policy implications, potentially influencing legislation related to health care delivery and pharmacy practice. For instance, expanded roles for pharmacists might necessitate changes in regulations governing pharmacy operations, scope of practice and reimbursement policies.
Additionally, the report's highlight on the need for support to enable pharmacists to contribute more to their communities may prompt discussions among policymakers about workforce development, education and training in the pharmacy sector. Addressing the decline in pharmacy college enrollment rates is a long-term challenge that could affect the availability of pharmacists and the quality of care. Policymakers may need to consider incentives to attract new talent to the profession and ensure a robust pipeline of trained pharmacists to meet future health care demands.
The survey results suggesting that consumers have growing trust in their pharmacy teams post-COVID-19 pandemic highlight the evolving role of pharmacists in the health care ecosystem. This evolution could lead to increased responsibilities for pharmacists, including administering vaccines, providing health screenings and managing chronic diseases. As pharmacists take on these expanded roles, there could be a corresponding need for additional training and support, as well as research into the effectiveness of these services when delivered in a pharmacy setting.
Moreover, the survey's findings on the preference of People of Color to visit local pharmacies in-person for health care services point to an opportunity for pharmacies to address health disparities. Research into how pharmacies can effectively serve diverse communities and improve health outcomes for these populations is crucial. This could involve studying the impact of culturally competent care and language services in pharmacies on patient adherence to medications and overall health.
CVS Health/Harris Poll survey reveals
Many pharmacists want to do more for their communities, but need more support to do so
Expanded omnichannel services, digital innovations and a strong workforce pipeline are vital to the future of pharmacy care
The report also highlights the critical need for sustainable and scalable industry-wide change, such as operational improvements and digital innovations to better support pharmacy teams behind the counter as well as the need to inspire more to choose a career in community pharmacy, as pharmacy college enrollment rates steadily decline.
"Following the COVID-19 pandemic, patients continue to turn to local pharmacies more frequently for health care services, because of their convenience and the growing trust they have in their pharmacy teams," said Prem Shah, Executive Vice President, Chief Pharmacy Officer, and President of Pharmacy and Consumer Wellness, CVS Health. "To continue to meet growing patient needs, we must evolve how community pharmacy works and, most importantly, how we support our pharmacy teams to create a sustainable future for community pharmacy."
In addition, The Rx Report explores how other key changes to the current pharmacy model may also be needed to address growing pressures on the industry. This includes a recently announced pharmacy reimbursement model that will shift how CVS Pharmacy® is compensated by aligning reimbursement to the quality services provided and prescriptions dispensed. Together, these important changes will help create a more durable business model.
Key findings from The Rx Report CVS Health survey* show that:
- Nearly seven in 10 Americans prefer pharmacies for their health care needs because of their convenient locations and evening and weekend hours of operation.
- The overwhelming majority of Americans — up to
90% — believe that a connected, digital pharmacy experience enhances the overall patient experience. - More than four in 10 People of Color visit their local pharmacies in-person at least a few times per month to speak with a pharmacist about their health care needs.
The future of pharmacy is both digital and in-person
Digital tools, such as online prescription tracking, prescription delivery, scheduling appointments or pick-up, and paying online or via mobile app provide patients with options that allow them to receive care at the touch of a button, enhancing, but not replacing the important relationship between pharmacists and their patients. Meanwhile, integrating technology into the pharmacy experience helps to improve efficiency behind the counter.
Community pharmacy can aid in the pursuit of health equity
Pharmacy teams are well-positioned to provide continued access to important services, such as vaccinations, particularly in medically underserved areas or populations. People of color increasingly trust their local pharmacists and seek out more affordable and accessible services, providing community pharmacies an opportunity to fill gaps left by more traditional health care channels.
The next generation of pharmacy teams
Despite increasing demand for services and opportunities for growth in community pharmacy, fewer people are drawn to the profession. Although 15,000 PharmDs graduate from pharmacy schools each year, enrollment has declined significantly over the years, and the industry is grappling with high levels of burnout. The Rx Report emphasizes the importance and urgency of making community pharmacy a better place to work and providing the next generation of pharmacy students with tools for success.
The Rx Report finds that community pharmacies are already an essential part of the larger health care system, and the industry is poised to make an even greater impact, making health care more accessible, convenient, and comprehensive than ever before. CVS Health is committed to optimizing its offerings to better serve patients while creating streamlined professional capacity and expanding opportunities for pharmacists nationwide.
Download and read the full report here.
*Harris Poll Survey Methodology
The research was conducted online in
About CVS Health
CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that's managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.
Media contacts
Amy Thibault
401-318-2865
Amy.Thibault@CVSHealth.com
Matthew Blanchette
401-524-6185
Matthew.Blanchette@CVSHealth.com
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SOURCE CVS Health
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