Hospital puts spin on retail therapy with Valley Health Marketplace
NEW YORK Valley Hospital’s foray into online retailing marks the second healthcare provider to make its way into the wired retail space after Medco Health went live with its online site powered by Drugstore.com earlier this summer.
Successful online retailing of over-the-counter and nutritional products is driven in part by an increasing comfort level among baby boomers shopping online. Consider this, according to a ThirdAge/JWTBOOM survey on boomer online shopping habits released last summer, boomers who shop online are Reaganesque in their desire to “trust but verify.” As many as 83% reported online content needed to be attributed to experts, authors or authorities with subject matter credibility; and 66% said they trust sites whose content is sponsored by a company they “know and trust.” What better source for credibility than your local hospital or employer’s healthcare provider (or local neighborhood pharmacy, for that matter)?
Online retailing is becoming the latest frontier for healthcare purchases, as evidenced by the growing success of such pureplay Internet retailers as Drugstore.com and Amazon.com, as well as such brick-and-click retailers as RiteAid.com, Walgreens.com and CVS.com.
The danger for brick-and-click retailers, however, is the potential of a lost shopping trip, which would place even their own online retail destinations as competitors to their corner stores. And that means one less opportunity to grow the size of the marketbasket through impulse buys.
However, Rite Aid may have figured out how to translate that engaged online shopper into a physical store visit. Earlier this month the chain announced its Rite Aid Video Values program, which takes its online visitors and entices them to view product promotions by providing coupon offers good on their next visit to Rite Aid.
Diplomat, Commcare named top companies by Inc. magazine
NEW YORK Specialty pharmacies Commcare Pharmacy and Diplomat Specialty Pharmacy have earned the respective 235th and 374th places on Inc. magazine’s list of the 500 fastest-growing private companies in the United States.
This goes to show how rapidly the specialty pharmacy industry has grown thanks to its focus on complex illnesses and medication regimens that traditional pharmacies are mostly unable to support, growing 8.8% last year, compared to 4.4% for traditional pharmacies, while specialty drugs had nearly $60 billion in U.S. sales.
But specialty pharmacy can also give independent pharmacies without a large front end a good way to make money, with its emphasis on profitable biotech drugs and closer interaction between the patient and pharmacist, allowing the mom-and-pop street corner pharmacy to carve a niche for itself while the chain pharmacy down the road continues to serve traditional drug store functions.
CVS Caremark study finds need for improvements in healthcare access, costs
NEW YORK CVS Caremark’s 2009 “Health IQ” study is yet another indicator coming from the private sector that health reform cannot wait.
The findings come on the heels of another sign: PhRMA’s resurrection of the Harry and Louise characters, the middle class couple who helped to defeat the Clinton healthcare reform proposal, in a new multi-million dollar ad campaign developed in collaboration with Families USA, the national organization for healthcare consumers. This time, however, Harry and Louise are in support of healthcare reform.
The reality is that the more the private sector leads the way on this, the more likely that reform will work for them, as well as the rest of America.
For instance, CVS’ MinuteClinic could play a major role in closing the gap on patient access. In addition, CVS’ Proactive Pharmacy Care program, as well as its new ReadyFill program, could help improve medication adherence ‹ another major problem in the U.S. healthcare system. Proactive Pharmacy Care is focused on helping consumers understand the benefits of taking their medication consistently and helps them understand ways to reduce costs. It is estimated that non-adherence costs the United States $177 billion a year.
The bottom line is that there is a sense that if it and other key stakeholders step up now and communicate how they can be a part of the solution — and the value in that — they just might be in the end. It’s the difference between driving health reform and getting run over by health reform. Either way, you get a sense that the key stakeholders know the train is rolling and they would rather drive the engine then lay on the tracks.