The retail pharmacy market includes the selling of over-the-counter and prescription drugs, wellness and health goods, and services including physicals and immunizations. One noteworthy development has been the emergence of internet pharmacy platforms, or e-pharmacies. A large number of traditional pharmacy businesses have established an online presence in order to meet the increasing demand for easily accessible and convenient healthcare services. Pharmacy stores now provide a wider selection of health and wellness goods in addition to more conventional pharmaceuticals.
Malaysia Pharmacy Retail Market Driving Factors and Challenges
Malaysia's population is expanding, and a larger percentage of people are old. The need for pharmaceutical items and healthcare services is generally increased in the aging population, which fuels demand in the retail pharmacy sector. The market for healthcare goods and services is growing due in part to growing health consciousness and knowledge of diseases linked to lifestyle choices. This covers over-the-counter drugs, dietary supplements, and wellness items. Because chronic diseases are becoming more common, they frequently need to be managed with continued medication, which increases the need for pharmaceutical items. The retail pharmacy business may grow as a result of government initiatives to improve healthcare accessibility and infrastructure. A favourable environment for the sector may be created by policies that support the distribution of pharmaceuticals and healthcare services. Apart from this, medical tourists frequently travel to Malaysia.
Pharmacy retailers may find it difficult to adjust to new compliance standards due to the frequent changes in rules pertaining to the pharmaceutical and healthcare industries. Pharmacy merchants' profitability may be impacted by government laws on medicine price and margins. Pharmacy businesses may find it more difficult to set competitive prices or keep healthy profit margins if there are price limits in place. Price wars and decreased profitability are potential outcomes of intense competition in the retail pharmaceutical market. The competition is heightened by the existence of national and international drugstore chains. The problem of fake medications has the potential to erode public confidence in the pharmaceutical industry. To guarantee the legitimacy and security of the goods they offer, pharmacies must put strong mechanisms in place.
Impact of COVID-19 on Malaysia Pharmacy Retail Market
The demand for over-the-counter medications, vitamins, supplements, and hygiene products surged due to the Covid-19 pandemic. Because people are paying more attention to their health and wellness, pharmacies have seen an increase in revenue. The adoption of movement restrictions and social distancing measures may have resulted in a discernible increase in the number of online purchases of pharmaceutical and healthcare products. Pharmacy stores might have been successful during this time if they had quickly adapted to e-commerce trends. The accessibility of various medical supplies may have been impacted by the pandemic's influence on global supply networks. Delays or shortages in the supply chain may have affected the inventory management of pharmacy merchants. The Malaysian government created a number of regulations and legislation to stop its spread.
Malaysia Pharmacy Retail Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are Watsons Malaysia, Guardian Pharmacy, Caring Pharmacy, Alpro Pharmacy, Healthlane Pharmacy, Multicare Pharmacy, AM PM Pharmacy, Cosway Farmasi, Aeon Wellness, AA Pharmacy and various others.
Malaysia Pharmacy Retail Market Segmentation:
By Product Sales: Based on the Product Sales, Malaysia Pharmacy Retail Market is segmented as; Medical Equipment’s, Non Pharmaceutical Products, Over-The-Counter, Prescribed Drugs.
By Sales: Based on the Sales, Malaysia Pharmacy Retail Market is segmented as; Patented Drugs, Generics.
By Market Structure: Based on the Market Structure, Malaysia Pharmacy Retail Market is segmented as; Organized High Street Stores, Organized Mall Based, Unorganized High Street, Unorganized Mall Based.
By Therapeutic Areas: Based on the Therapeutic Areas, Malaysia Pharmacy Retail Market is segmented as; Antibiotic, Anti-Infective, Cardiovascular, Gastro Intestinal, Gynaecology, Neuro, Pain/Analgesics, Respiratory, Vitamins/Minerals/Nutrients, Others
By Location: Based on the Location , Malaysia Pharmacy Retail Market is segmented as; High Street, Mall Based, Medical Equipments , Non Pharmaceutical Products, Over-The-Counter, Prescribed Drugs
By Region: This research also includes data for Johor, Kuala Lumpur, Sarawak, Selango, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.