Pharmacy Market BUZZ

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Three Pharmacy Trends to Watch Out For In 2024

Navigate next year's upcoming industry changes with ease by delving in to projected 2024 pharmacy trends.

Unveiling the Impact of Drug Shortages and Price Increases in the Pharmacy Industry

The pharmaceutical industry is facing a number of obstacles as we approach 2024, all of which need a deliberate and sophisticated strategy: The Direct and Indirect Remuneration (DIR) “Hangover”, Drug Shortages, Drug Prices, Staffing Shortages and the DSCSA delay. Please mark your calendars for our forthcoming webinar on December 7th, 2023 at 12 PM ET and join us as we explore these trends in-depth. To help kickstart the webinar, we’ll carefully examine the intricacies of medication shortages and price hikes in this blog, revealing a comprehensive plan to not only lessen their effects, but also set pharmacies up for success in a constantly changing market. 

The Escalating Crisis of Drug Shortages

To comprehend the gravity of the situation, let’s delve into the statistics. The American Society of Health-System Pharmacists (ASHP) sounded the alarm with a staggering report of 301 active drug shortages in the first quarter of 2023, a figure unseen since 2014. This crisis extends beyond mere numbers, it disrupts the continuity of patient care, placing a substantial operational burden on pharmacies of all sizes and scopes. The ripple effect of a shortage in one critical medication can cascade into challenges in patient outcomes, financial strain and operational stress. 

The root causes of these shortages are multifaceted, ranging from manufacturing issues and regulatory challenges to supply chain disruptions. As we navigate 2024, pharmacies must not only grapple with the immediate impact of these shortages, but also develop proactive strategies to fortify their supply chains against future uncertainties. Read more >

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