艾昆纬-SEA药房零售行动手册：管理层需要解决的市场塑造因素

WhitePaper

SEAPharmacyRetail

Playbook:Market-Shaping

FactorsforManagement

toAddress

AKRIMJANTARAPRAPA,AssociatePrincipalStrategy&ManagementConsulting,IQVIASEAandAPACRHQRIJULBHARDWAJ,AssociatePrincipalStrategy&ManagementConsulting,IQVIASEAandAPACRHQ

Tableofcontents

Introduction2

Retail(pharmacy)outpacinghospitalchannelsinmostSEAmarkets3

Keyfactorsshapingpharmacymarketthatoperatorsandbrandownersmustaddress6

Factor1:Understandtherisingprevalenceofe-pharmacy6

Factor2:Recognisetheimportantrolespharmacistsstillhaveinthemarket8

Factor3:Knowwhatconsumerslookforwhendecidingwhichpharmaciestovisit9

Factor4:Identifywheredemandisconcentratedandfocusontherightplace9

Factor5:OptimisepotentialthroughtechnologiessuchasadvancedanalyticsandAI/ML11

Conclusion12

AboutIQVIA12

Abouttheauthors13

Acknowledgment13

HistoricalCAGR(Retail)

1.1

Singapore

Indonesia

Retail(pharmacy)outpacinghospitalchannelsinmostSEAmarkets

ThepharmacyretailmarketinmostSEAcountriesisgrowinginimportance,accountingfor~55%ofthepharmamarketinourfocusSEAcountriesofIndonesia,Malaysia,thePhilippines,Singapore,Thailand,andVietnam.In2022,theretailchannelcontributedtoover90%oftotalpharmasalesinSingaporeandthePhilippines,~70%inMalaysia,closeto~50%inThailandandIndonesia,and~35%inVietnam.

Inmostcountries,salesacrosspharmacieshavegrownatafasterpacethansalesthroughtherespectivehospitalchannels(Figure1).PharmacysalesgrowthinMalaysia,Thailand,andVietnamhasbeenrangingbetweenlowandmid-singledigitsinthepastdecadeandhasresultedinan8%—11%compoundannualgrowthrate(CAGR)from2020to2022sincethepandemic.InthePhilippines,salesacrosspharmaciesgrewinthelowsingledigits,whilenegativegrowthoccurredacrosshospitalchannels.NotethatthehighgrowthofSingapore’shospitalchannelwaslargelydrivenbyoncology;nevertheless,aminorchannelliketheretailchannelcontributed~90%ofthecountry’soverallpharmasales.

Figure1:Historicalgrowthofretailandhospitalpharmasalesandvalueofretailsales

(MATQ32020-22%CAGR,billionUSD)

14

12

10

8

6

4

2

0

-2

-4

-6

Malaysia

1.4

2.1Thailand

2.1Vietnam

Phillipines

4.1

1.6

-3-2-101234567891011121314151617181920

HistoricalCAGR(Hospital)

Sizeofbubblereflects2022retailsales

MATQ3:MovingAverageTotalendingSeptember

Source:IQVIAMIDAS

Attheheightofthepandemic,retailpharmacieswerewidelyleveragedfordispensingdrugstopatientsfollowingteleconsultations/hospitalvisits.ThistrendhasbeenobservedacrossSEAmarketsandissettocontinueduetothreekeydrivers—

dispensingatphysicalpharmaciescontinuestobeencouragedbygovernments,theexpandingservicesofpharmacies,andthegrowingconsumerpreferencetoapproachpharmaciesforthetreatmentofminorailments(Figure2).

3|SEAPharmacyRetailPlaybook:Market-ShapingFactorsforManagementtoAddress

|4

Retailindustryexpert(Singapore)

Pharmacychainexecutive

(Vietnam)

Figure2:Driversofshiftindispensingtoretailpharmacies

Growingconsumerpreferenceforpharmacies

•Increasingawarenessofservicesbypharmaciesamongconsumers

•Growingpatientfootfallatpharmaciesduetothereluctanceonthepartofmanypatientstovisithospitalsandclinicsforminorailments

chronicpatients

Governmentinitiatives

encouragingpharmacy

dispending

•Increasedcollaborationbetweenpublichospitalsandlocalpharmaciesformedicinepickupsatthenearestpharmacies

•Dispensingoflong-termprescriptionsfor

•Pharmacynetwork’sgrowingcapabilityandprovidingvalue-addedservices(patienteducation,chronicdiseasemanagementservices)

•Accommodatingdoctorconsultationcounterwithinpharmacypremisesforminorailments

Expandingvalue-addedservicesatpharmacy

Flagsindicatesrelevantdriversforthemarkets

Source:IQVIAWellTrackReport(2020to2022)

We’veseenatransferofvaluefrom

hospitalandclinicsintopharmacy.

Ithinkconsumers,arenowmore

comfortablethantheywere

pre-pandemicpurchasingfrom

apharmacy

Peopleweren’tbeingseen

athospitalsfornormalillnesses—

itwasCOVIDonly.Andso,

asaresultwesawabigchange

inthebehaviourofchronicpatients.

Wesawaswitchoutofhospitalsto

retailpharmacy

Preventivecaresales

(MATQ32022,USDM)

442

301243213180

63

Thailandgovernmentisencouragingmoredispensingfromcommunitypharmaciestoreduceovercrowdinginhospitalsandusepharmaciststoprovideadditionalservices.Drivenbythepandemic,retailpharmaciesinSingaporeareincreasinglydispensinglong-termprescriptionsforchronicpatients.

InMalaysia,communitypharmaciesaretakingonresponsibilitiesbeyonddrugdispensingtoprovidevalue-addedservicessuchasmedicationcounselling,homemedicationreviews,andmedicationtherapyadherenceclinics.Similarly,theroleofpharmaciesandpharmacistsinthePhilippinesandVietnamisexpandingbeyonddrugdispensing,withtheprofessionincreasinglyinvolvedininitiativesdesignedtoimprovethesafeandrationaluseofmedications.

Peoplehavealsobecomemoreawareoftheirhealthandwell-being.Therehasbeenashifttowardsprioritisingpreventivehealthcareovercurativemeasures.Thisincludesanemphasisonwellnessandhealthyliving,aswellasgreateraccesstovaccinesandotherpreventivetreatments,andagrowingtrendtowardsself-medication.Assuch,thepurchaseofover-the-counter(OTC)medications,health

supplements,vitamins,andimmunityboosters,allofwhichcanbereadilypurchasedatpharmacies,isoutpacingotherpharmaceuticalproductcategories(Figure3).

Figure3:Historicalgrowthandsalesofpreventivecareproducts(vitamins,mineralsupplements,tonics,andvaccines)

Growthofpreventivecarevs.pharma(MATQ32018-22,CAGR)

PreventivecarePharma

8%

4%

Preventivecaregrowthhaveoutpacedoverallpharmagrowth,evenbeforepandemic

10%

7%

4%

8%

6%

6%

3%

3%

1%

1%

PreventivecaremedicationincludesVitamins,Supplements,TonicsandVaccines

Source:IQVIAMIDAS

5|SEAPharmacyRetailPlaybook:Market-ShapingFactorsforManagementtoAddress

|6

3%

Keyfactorsshapingpharmacymarketthatoperatorsandbrandownersmustaddress

Factor1:Understandtherising

prevalenceofe-pharmacy

Telemedicineande-pharmacystartedtoemergeandgainmomentumasthepandemicdisruptedthetraditionalpatientjourney.WithadvancementsintechnologyinnovationandInternetpenetration,e-pharmaciesarebecomingincreasinglypopularinSEA,asmorepeopleareturningtoe-pharmaciesandonlineplatformsfortheirhealthcareneedscomparedtothepre-pandemicperiod(Figure4).Thistrendistransformingtheretailpharmacysector,withtraditionalpharmaciesexpandingto

onlinesalesplatformsanddeliveryservicestooffergreaterconvenienceandaccessibilitytotheircustomersandcompetingwithnewe-pharmacyentries(Figure4,5).

Retailpharmaciesmuststayadaptableandcontinuetoinnovatetomeettheevolvingneedsoftheircustomers.Thecompetitionbetweentraditionalpharmaciesande-pharmaciesiscreatingamorediverseandcompetitivemarketplace,ultimatelybenefitingpatientsbyofferingthemmoreoptionsforaccessinghealthcareservices.

Figure4:Consumers’mostpreferredmethodsforpurchasingmedicationsandhealthcareproducts

(N=1000)

(N=500)

(N=500)

Pre-Covid

4%

16%

10%

Pre-Covid

Post-Covid

Post-Covid

Pre-Covid

4%

22%

Post-Covid

5%

7%

7%

19%

22%

27%

34%

9%

Increasingconsumerpreferencefore-pharmaciesandonlinechannels

9%

10%

16%

16%

69%

65%

69%

60%

49%

45%

Physicalstoreswithon-sitepharmacistsremainasdominantchannel

Wave1=BeforeMar2020(BeforeCovid-19),Wave3=Sep2022

PhysicalstorevisitOrderviaphone

Orderviae-pharmacyapps/3rdpartyplatforms

Orderonline/website

Source:IQVIAWellTrackReport(2020to2022)

Figure5:Internetpenetrationandprevalenceofe-pharmaciesinSEA

Internetpenetration

(2023)

Telemedicine+e-pharmacy

(selected)

Pharmacychainonline

store(selected)

96.9%

DoctorAnywhere,WhiteCoat

Guardian,Watsons

96.8%

Doctoroncall,MyDoc

Caring,Alpro

85.3%

Raksa,Mordee

Watsons,Boots

77.0%

Halodoc,Alodokter,Goapotik

KimiafarmaMobile,Guardian

73.1%

HealthNow,NowServing,MedGrocer

MercuryDrug,SouthstarDrug

Source:Wearesocial,IQVIA

7|SEAPharmacyRetailPlaybook:Market-ShapingFactorsforManagementtoAddress

|8

DeliveryProducts/medical

relatedadvicesrelated

Others

43%26%

35%21%

29%

26%

13%

10%

11%

6%

5%

34%23%24%26%25%

31%

18%

12%

14%

9%

6%

Productmaynotbegenuine

Notentirelysureiftheproductssuitmyneed

Lackofrecommendation fromdoctors/pharmacistsConfusedwithmanysellerswith

49%

44%

31%

25%

21%

25%

31%

23%

15%

12%

10%

10%

9%

31%

33%

differentpricesforthesameproduct

NeedtopaydeliveryfeeLongwaitingtimeforthedeliveryProblemswithdelivery

Can’tbuyinalargestock

Usemanyplasticbagsduringshipping

Neverboughtanyhealthcareproductsand/ormedicineonline

Nochallenge

13%

6%

11%

4%

Factor2:Recognisetheimportantrolespharmacistsstillhaveinthemarket

Despitethegrowingpreferenceforonlinepurchases,onsitepharmacistsremainmajorinfluencersforpatientsinSEAandarewidelyviewedastrustedsourcesofhealthcareadvice.Fearofnotreceivingtherightdrugsfortheircondition(s)andnotgettinggenuineproductsarestillamongthebiggestfactors

thatpreventmostconsumersfromembracingonlinepurchases.

Bycontinuingtoemphasisethevalueofpharmacists’guidanceandadvicetopatientsonmedicationsanddeliveringcustomer-centriccareandvalue-addedservices,retailpharmaciescancontinuetomeettheevolvingneedsoftheircustomersandsucceedinthecompetitivelandscape.

Figure6:Challengesfacedbyconsumerswhenmakingonlinepurchasesofmedicationsorhealthcare

products(Sep2022)

(N=500)

(N=500)

(N=1000)

(N=1000)

23%

23%

17%

Products/medical

advicesrelated

challengesamong

topconcerns

On-site

pharmacistsplay

influentialroleby

providingguidance

andadviceto

patientsonhowto

usemedication

safelyand

effectively

Source:IQVIAWellTrackReport(2020to2022)

s

2

1

4

3

Factor3:Knowwhatconsumerslookforwhendecidingwhichpharmaciestovisit

Strikingtherightvaluepropositionthataddressesconsumers’decision-makingiskeytowinningtheraceforcustomers’foottraffic.Withmanychannelsandstoreoptionsavailable,consumersaredrivenbymultiplekeyfactorswhendecidingwhichpharmaciestovisit.Basedonconsumersurveysconductedacross

majorcitiesinThailandandMalaysia(Figure7),priceandassortmentrangesareratedasrelativelyimportantforbothmarkets.Additionally,Thailandconsumersvaluereputablepharmacybrandsmore.Thestoreambienceandassortmentrangearealsosignificant,indicatingthatconsumerspreferwell-organisedandwell-stockedpharmacieswithawiderangeofproducts.

Figure7:Consumerretailpurchasebehaviour—Keydecisionfactors(MalaysiaandThailand,2022)

Keydecisionfactoraveragescoringofimportance(5=mostimportant)

Location

Additional serviceoffering

5

Price

Assortmentrange

Retailer’sbrand

Storeambience

Source:IQVIAPharmacyretailurbanareaconsumersurvey(2022)

Factor4:Identifywheredemandisconcentratedandfocusontherightplace

AlthoughthelevelofdemandconcentrationvariesfordifferentOTCs,consumerhealthproductorpersonalcarecategories,thegeneralpatternisthatapproximately~80%ofthetotalmarketdemandforeachcategoryisgenerallyconcentratedamongonly

thetop~15%to25%ofpharmacies(Figure8).Byunderstandingtheimportanceofdifferentpharmaciesinthemarket,retaileroperatorsandbrandownersalikecanprioritisetheireffortsandresourcestomaximisetheirsalespotentialandbetterservetheircustomers.Viceversa,focusingeffortsonthewrongstoresmayleadtoundesirableresults.

9|SEAPharmacyRetailPlaybook:Market-ShapingFactorsforManagementtoAddress

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Figure8:Exampleofdemandconcentrationofpharmacystoresbyselectedproductcategories

(Thailand,FY2022)

Marketpotentialconcentrationcurve–Anti-allergy

%ofmarketpotential(bycountingunits)

100

90

80

70

60

50

40

30

20

10

0

556065707580859095100

05101520253035404550

Cumulativenumberofpharmacystores(%)

Marketpotentialconcentrationcurve–Anti-acne

%ofmarketpotential(bycountingunits)

100

90

80

70

60

50

40

30

20

10

0

05101520253035404550556065707580859095100

Cumulativenumberofpharmacystores(%)

Marketpotentialconcentrationcurve–Antiulcerant

%ofmarketpotential(bycountingunits)

100

90

80

70

60

50

40

30

20

10

0

05101520253035404550556065707580859095100

Cumulativenumberofpharmacystores(%)

Source:IQVIADrugDistributionData,IQVIAanalysis

Factor5:OptimisepotentialthroughtechnologiessuchasadvancedanalyticsandAI/ML

Planninginventoryandmarketingeffortsacrosshundredsandthousandsofpharmacystoresisadauntingtask,andweareseeingmoreoperatorsandbrandownersturntoartificialintelligence(AI)/machinelearning(ML)forsolutions.AI/MLhavenumerousapplications,includingdemandforecastingandinventorymanagementatboththeregionalandoutletlevels.Withmoreaccurateforecasting,theincidenceofstockoutsisminimised.Thisisespeciallyimportant,asstockoutscanleadtorevenuelossandlowercustomersatisfaction.

AI/MLUSECASESBYPHARMACIESINSEA

Thailand

Casestudy:AI/MLdrivendemand

forecastingmodelbyPharmaPlus

Objective

PharmacyPlus,aleadingpharmacychaininThailand,plannedtooptimizeitsinventorymanagementthroughanAIandMLdrivendemandforecastingmodelin2019

Implementation

•PharmacyPlusutilizesAIandMLalgorithmsinIntelligentDemandForecastingandInventoryManagement(iDFIM)systemtopredictmedicationdemandbasedonhistoricalsalesdata,demographics,seasonality,anddiseaseoutbreaks

•ThesystemanalyzesdatafromPharmacyPlusstoresacrossThailandtogeneratereal-timedemandforecastsforeachmedication,optimizinginventorylevelsforoptimal

stockavailability

Outcome

•Loweredinventorycarryingcostsbyupto30%

•Improvedmedicationavailabilityand

reducedstockouts

Source:PharmacyPlus,BangkokPost

Casestudy:AI-poweredinventory

managementbyPharmacity

Objective

Pharmacity,aleadingpharmacychaininVietnam,aimedtooptimizeitsinventorymanagementprocessestoimproveitssupplychainefficiency,reducecosts,andenhancecustomersatisfaction,in2022

Implementation

•Pharmacityleveragedadvancedanalytics,ML,andAItoanalyzesalesdata,demandpatterns,andotherfactorsforaccuratedemandforecastingandinventoryreplenishment

•Thesolutionautomatedandoptimizedkeyinventorymanagementprocesses,integratedwithexistingsystems,providingreal-timevisibilityinto

inventorylevels,demand,andsupplierperformance

Outcome

•Significantreductionininventoryvalue

•Increasedlike-forlike-salesbydoubledigitsin

pilotstoresthroughimprovedproductavailability

Source:Pharmacity,RelexSolutions

11|SEAPharmacyRetailPlaybook:Market-ShapingFactorsforManagementtoAddress

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Conclusion

SEA’spharmaceuticalandconsumerhealthmarketswillcontinuetoevolve,and,undeniably,pharmacyretailchannelswillcontinuetogrowinimportance.Towininthispharmacyspace,operatorsandbrandownersalikewillneedtodeliveravaluepropositionthatdemonstratesaclearunderstandingofmarketdynamicsandconsidersbothglobaltechnologyevolution,consumerpreferencesandbehaviourdynamicsuniquetotheSEAregion.Strikingtherightbalancewillplaceoperatorsandbrandownersinagoodpositiontowininthismarket.

AboutIQVIA

IQVIA(NYSE:IQV)isaleadingglobalproviderofadvancedanalytics,technologysolutionsandclinicalresearchservicestothelifesciencesindustrydedicatedtodeliveringactionableinsights.

WithregionalheadquartersinSingaporeandofficesin15countries,IQVIAAsiaPacificprovidestechnology-enabledservicesandsolutionstomeetthegrowingandrapidlychangingneedsofclients,bothlocalandmultinational,operatinginAsiaPacific.IQVIAiscommittedtoadvancinghealthcarebyofferingevidence-basedinsightsanddeepdomainexpertiseinthoughtleadership,withtheaimofimprovingunderstandingandacceleratinginnovationwithinthehealthcareecosystem.Tolearnmore,

visit/locations/asia-pacific

Abouttheauthors

AKRIMJ