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The total economic impact of retail stores with pharmacies -- including chain and independent traditional drug stores, supermarkets, and mass merchandisers -- have a total annual economic impact of $2.42 trillion or approximately 17 percent of the gross domestic product, according to a new study released yesterday by the National Association of Chain Drug Stores (NACDS).
This impact reaches well beyond these retailers' $827 billion in annual sales, and according to the study, the "2008 Chain Pharmacy Industry Profile," result from every one dollar spent in these stores creating a ripple effect of $2.93 throughout other segments of the economy, including manufacturing, information technology, construction, real estate, and transportation.
"The average distance to the nearest pharmacy is 1.86 miles, making pharmacies one of the most convenient resources for healthcare, as well as everyday household needs," said NACDS president and c.e.o. Steven C. Anderson, IOM, CAE. "The Industry Profile is a reference for quantifying and demonstrating the impact of pharmacies in America. It is a critical resource in communicating to lawmakers and decision makers that pharmacies are engaged and at the table in ensuring that patients have access to affordable, quality healthcare, and that pharmacists are on the frontlines of providing many healthcare services."
The report found that the 39,000 chain pharmacies in the U.S. dispensed more than 2.5 billion prescriptions in 2007, about 72 percent of the total filled in the U.S. Overall, the retail prescription market reached nearly $260 billion in 2007.
The report, published annually by NACDS, was created to assist the association in its public policy efforts to communicate the impact of legislative or regulatory policies on the industry It also contains data on current trends, financial performance, and operational characteristics of the chain drug industry,.
NACDS represents traditional drug stores, supermarkets, and mass merchants with pharmacies and suppliers of pharmacy and front-end products.