Pharmacies & Drug Stores in Florida
The Pharmacy and Drug Stores industry in Florida has exhibited growth, albeit at a moderately slower rate than the national industry. Many of the same external demand drivers that affect the national industry also affect the industry in Florida. At 20.2% of the state's population, Florida is commonly recognized as having a high proportion of elderly citizens (defined as 65 and older) compared with the nation as a whole, As people age, they are more likely have chronic health problems that must be treated with industry products, such as medications, which generate a vast majority of industry revenue. As a result, revenue derived from the elderly population is critical to the industry. The industry in Florida is characterized by high levels of price competition, which suppresses revenue growth as demand rises. Over the next five years, industry revenue is expected to grow at a faster annualized rate. Tourism will continue to be paramount to the Florida economy, and retirees will also continue to pack up and head south, further driving industry revenue by demanding more medications to treat health issues.
Pharmacies and drug stores in Florida retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods on a walk-in basis. Industry companies in the Sunshine State may also provide basic health and photo processing services. The industry includes retail stores with a pharmacy, but excludes mail-order retailers, hospitals and clinics.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.