5 Key Trends Shaping the Future of Pharmacies in 2024

The landscape of pharmacy is evolving rapidly, with technological advancements and changing patient needs reshaping the role of pharmacists in healthcare. As we look towards 2024 and beyond, it’s clear that pharmacies are no longer just places to pick up prescriptions. They’re becoming integral hubs in the healthcare ecosystem, offering a wide range of services and leveraging cutting-edge technology to improve patient care.

According to a report by Grand View Research, the global pharmacy market size was valued at $1.07 trillion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030. This growth is driven by factors such as an aging population, increasing prevalence of chronic diseases, and advancements in pharmaceutical technology.

Let’s explore five key trends that are transforming the pharmacy industry.

 

Expansion of Healthcare Services in Pharmacies

Pharmacies are increasingly becoming health consultancy centers, offering services that go far beyond traditional medication dispensing. As Dr. Bertalan Mesko, PhD noted in a recent article, “Pharmacists have much more to offer. They undergo a rigorous educational path comparable to that of physicians but are in a better situation to devote more time to patients.”

This expansion of services includes:

• Vaccinations and immunizations
• Health screenings and basic diagnostic tests
• Medication therapy management
• Chronic disease management support

According to a study published in the Journal of the American Medical Association, patients visit community pharmacies more frequently than their primary care physicians, highlighting the potential impact of these expanded services. In fact, the National Community Pharmacists Association reports that 80% of community pharmacies now offer medication therapy management services, and 87% provide immunizations.

The COVID-19 pandemic has further accelerated this trend. The Centers for Disease Control and Prevention (CDC) reports that as of April 2023, pharmacies have administered over 250 million COVID-19 vaccine doses in the United States, demonstrating their crucial role in public health initiatives.

 

Technological Advancements Revolutionizing Pharmacy Operations

Automation and artificial intelligence are revolutionizing pharmacy operations. These technologies are not just improving efficiency; they’re also enhancing patient safety and allowing pharmacists to focus more on patient care.

Key technological advancements include:

• Automated dispensing systems
• AI-powered inventory management
• Electronic health records integration
• Prescription fulfillment robots

As reported by the American Society of Health-System Pharmacists, nearly 50% of hospitals now use automated dispensing cabinets, significantly reducing medication errors and improving efficiency. A study published in the BMJ Journals found that automated dispensing systems can reduce medication errors by up to 37%.

Moreover, the global pharmacy automation market is expected to reach $8.2 billion by 2025, growing at a CAGR of 8.2% from 2020 to 2025, according to a report by MarketsandMarkets. This growth indicates the increasing adoption of automation technologies in pharmacies worldwide.

The Rise of Telemedicine and Remote Care in Pharmacies

The COVID-19 pandemic accelerated the adoption of telemedicine, and pharmacies are at the forefront of this trend. Pharmacists are increasingly offering virtual consultations and playing a crucial role in remote patient monitoring.

Larry King, Director of Product Safety & Performance at Surescripts, predicts, “In 2024, we will see more technology that brings automation to the pharmacy that supports administrative tasks and allows pharmacists and pharmacy technicians to provide care at the top of their education and training, complementing physician care plans as a team.”
A survey by the American Pharmacists Association found that 45% of pharmacists reported providing telehealth services during the pandemic, with many planning to continue offering these services post-pandemic. The global telemedicine market, which includes pharmacy telehealth services, is projected to reach $397 billion by 2027, growing at a CAGR of 25.8% from 2020 to 2027, according to a report by Fortune Business Insights.

 

Personalized Medicine and Point-of-Care Testing in Pharmacies

Advancements in genetic testing and personalized drug therapies are opening new avenues for pharmacies. Point-of-care testing is becoming more common, allowing pharmacies to offer quick diagnostic services.

Lisa Kipper, PharmD, director of experiential education at Marshall B. Ketchum University, notes, “Programs such as Nanome have revolutionized molecular modeling, replacing traditional methods with virtual 3D models for molecule and protein construction. This opens a whole new world for the creation of drugs and customization of therapies for precision medicine.”

The global pharmacogenomics market, which is closely tied to personalized medicine, is expected to reach $11.1 billion by 2027, growing at a CAGR of 8.7% from 2020 to 2027, according to a report by Allied Market Research. This growth reflects the increasing importance of genetic information in tailoring drug therapies.

Additionally, the point-of-care testing market in pharmacies is expanding rapidly. A study published in the Journal of Clinical Chemistry found that pharmacist-led point-of-care testing can significantly improve patient outcomes, particularly in managing chronic conditions like diabetes and cardiovascular disease.

 

Addressing Healthcare Deserts and Accessibility in Pharmacies

Pharmacies are playing an increasingly important role in addressing healthcare disparities, particularly in rural and underserved areas. Mobile pharmacy services and innovative delivery methods are improving access to medications and healthcare services.

A report from the Rural Policy Research Institute (RUPRI) indicates that since 2003, more than 1,800 independent rural pharmacies have closed. This trend underscores the critical need for pharmacies to adapt and find innovative ways to serve these communities.

To address this issue, many pharmacies are adopting novel approaches:

• Mobile pharmacy units: According to the National Association of Boards of Pharmacy, several states have implemented regulations to allow mobile pharmacy units, bringing essential services to underserved areas.
• Telepharmacy: A study in the Journal of Rural Health found that telepharmacy services can effectively maintain access to pharmacy services in rural communities, with over 90% of patients reporting satisfaction with these services.
• Drone deliveries: While still in early stages, companies like Zipline have successfully completed over 275,000 commercial drone deliveries of medical supplies, including pharmaceuticals, as of 2023.

 

The Role of Independent Pharmacies

Independent pharmacies, which make up about 35% of all retail pharmacies in the U.S., according to the National Community Pharmacists Association, face unique challenges and opportunities in this changing landscape. A 2022 NCPA survey found that 78% of independent pharmacies are diversifying their revenue streams by offering enhanced services such as point-of-care testing, immunizations, and medication synchronization programs.

 

Conclusion

As we look to the future, it’s clear that pharmacies will continue to evolve, becoming even more integral to the healthcare system. These trends offer exciting opportunities for pharmacies to expand their services, improve patient care, and play a more significant role in overall health management.

However, embracing these trends requires more than just vision—it demands concrete action and investment. Pharmacies, especially independent ones, may find themselves at a crossroads: adapt and grow, or risk being left behind in an increasingly competitive and technologically-driven market.

 

The Financial Realities of Pharmacy Evolution

Adapting to these trends often requires significant financial investment:

• Technology Implementation: Automated dispensing systems, telemedicine platforms, and advanced point-of-care testing equipment can cost anywhere from tens of thousands to hundreds of thousands of dollars.
• Staff Training: Upskilling pharmacists and technicians to handle new technologies and offer expanded services involves both time and monetary investment.
• Infrastructure Updates: Physical store renovations to accommodate new services or equipment can be a substantial expense.
• Marketing and Patient Education: Promoting new services and educating patients about expanded offerings requires dedicated marketing budgets.

According to a 2022 article in Digital Pharmacist, declining cash flow and smaller profit margins are one of the 5 biggest challenges facing independent pharmacies.

 

The Role of Funding in Pharmacy Innovation

Given these financial demands, access to capital becomes crucial for pharmacies looking to innovate and stay competitive. Traditional bank loans can be slow and may not always be accessible, especially for smaller independent pharmacies. This is where alternative funding options come into play.

Quick funding solutions can provide the flexibility and speed needed to seize new opportunities in this rapidly evolving industry. Whether it’s investing in a new automated dispensing system, launching a telehealth service, or renovating to create space for point-of-care testing, having access to timely funding can make the difference between leading the pack and falling behind.

For example, revenue-based financing or merchant cash advances can offer faster access to capital without the rigid structure of traditional loans. These options can be particularly beneficial for pharmacies with seasonal fluctuations in revenue or those looking to fund specific projects or equipment purchases.

 

Looking Ahead

The future of pharmacy is bright, filled with opportunities to make a real difference in patient care. By embracing these trends and continually adapting to the changing needs of patients and the healthcare system, pharmacies can ensure they remain at the forefront of healthcare innovation for years to come.

However, this future is not guaranteed. It requires proactive planning, strategic investment, and the financial means to turn plans into reality. Pharmacies that can successfully navigate these financial challenges—whether through traditional loans, alternative funding options, or a combination of both—will be best positioned to thrive in the evolving healthcare landscape.

As we move into 2024 and beyond, the most successful pharmacies will likely be those that not only understand these trends but also have the financial agility to act on them quickly and effectively. In this way, access to flexible funding becomes not just a convenience, but a critical tool for innovation and growth in the pharmacy of the future.