The first half of 2024 has seen significant changes in Pharmacity’s product strategy, pricing, and customer engagement approaches. On their website, the brand shared that they are “regaining their position as the leading pharmacy chain by reshaping their business operations around a strategy that focuses on providing sufficient and affordable healthcare products to the community.”
Maintaining High Standards for Drug Storage
According to Pharmacity, most of their pharmacies are designed as closed spaces to control and regulate air conditioning, meeting temperature and humidity requirements for proper drug storage according to GPP standards. All Pharmacity pharmacies maintain the required standards for drug preservation in a dry environment with approximately 75% humidity and temperatures between 15-30 degrees Celsius, ensuring optimal treatment outcomes for patients.
This approach aligns with Pharmacity’s continued leadership in adopting a modern pharmaceutical retail model in Vietnam.
Providing a Wide Range of Quality and Authentic Medications
Pharmacity aims to be a one-stop shop for all medication needs, offering a comprehensive range of prescription drugs to meet the diverse health conditions of its customers. The company recognizes that while Vietnamese consumers are taking a more proactive approach to their health, the majority of their medication needs are still prescription-based and require the consultation of a pharmacist.
Competitive Pricing
One of Pharmacity’s notable successes has been offering medications at competitive prices without compromising product quality. Their pricing strategy focuses on diversifying price points to cater to varying financial capabilities. They offer a range of affordable, authentic products, such as diabetes treatments starting at just 1,000 VND per day.
Pharmacity’s strategy focuses on diversifying price points without compromising quality.
Collaborating with Leading Pharmaceutical Suppliers
Pharmacity takes pride in sourcing medications and healthcare products from reputable manufacturers worldwide and within Vietnam. By partnering with leading pharmaceutical suppliers, they ensure that consumers have access to a diverse range of high-quality products. This commitment to excellence enables Pharmacity to offer a comprehensive pharmaceutical shopping experience, prioritizing both customer satisfaction and health.
Enhanced Activity on Owned Media Channels
Alongside expanding their sales channels, Pharmacity has also improved their presence on Owned Media platforms. Their Facebook page, in particular, has seen a surge in activity over the last month, featuring a variety of engaging content, including mini-games, collaborations with the Mr. World contest, and live streams with doctors. On average, the brand maintains a consistent presence with 5-6 posts per day.
These initial changes demonstrate Pharmacity’s commitment to addressing the shortcomings of their previous model and adapting to the pharmaceutical consumption behavior of Vietnamese consumers.
Omnichannel Strategy Transformation
One of the most notable changes in Pharmacity’s revamp is their adoption of an Omnichannel strategy.
In February, Pharmacity partnered with Grab, opening a Pharmacity store on GrabMart to facilitate quick and convenient medication orders with delivery times as fast as 30 minutes. This collaboration effectively addressed the need for swift medicine deliveries, catering to the modern consumer’s demand for speed and convenience.
The Pharmacity store on GrabMart offers convenient access to health and wellness products.
Currently, their Omnichannel system spans various platforms, including major e-commerce sites (Shopee, TikTok Shop, Lazada, Tiki), delivery services like Grab Mart, and health-focused platforms such as Hello Bacsi.
Pharmacity’s aggressive comeback is likely to significantly impact the competitive landscape of the pharmaceutical retail market. Other brands in the industry will need to strengthen their market share defense and development strategies to keep up with Pharmacity’s momentum.
Pharmacity is a trusted pharmacy chain known for its diverse offerings and commitment to product quality and service excellence. Their pharmacies are designed as closed spaces to maintain optimal drug storage conditions, regardless of external weather conditions. The brand meets the standards for drug preservation in a dry environment, as confirmed by CI Research’s 2024 consumer behavior study, which ranked Pharmacity as Vietnam’s number one pharmacy brand for drug storage.
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