Report: Animal lovers are gravitating toward retail to fill their pet's scripts
HIGH POINT, N.C. - More pet parents than ever are claiming their animals as members of the family, which may represent an opportunity for retail pharmacy as those consumers begin looking for pet pharmaceuticals from the same trusted professional who supplies medicines for the rest of the family - the neighborhood pharmacist.
"This [trend] is going to create a disruption in the industry," noted Doug Barton, president Trone Brand Energy, in an interview with Drug Store News. "We need to understand this," he said. "How much of the business is going to be in different channels of trade? What's happening? Where is it going?"
One of the other driving forces behind the trend toward pet medicines being dispensed at retail, Barton said, is legislation. Many states are exploring regulations that would require veterinarians to produce a paper prescription if asked, he said.
Approximately 25% of today's pharmacists currently stock pet prescription medication, though 64% of the remaining pharmacists stated they believe their pharmacy should stock these medications, Barton noted. This means a strong majority of all pharmacists are likely to stock pet prescription products as distribution models evolve, representing a tremendous increase in the availability of pet medications at retail pharmacies.
For manufacturers, this is creating a demand for clinical education as more pharmacists look to incorporate pet medicines into their respective practices. "A very significant number of pharmacists do not feel qualified to be able to distribute these drugs because they are different," Barton said. "There's also a dynamic around the use of generic drugs."
Trone Brand Energy and Brakke Consulting are releasing a comprehensive marketing report on pet medicines in October, including polls of 1,000 pet owners, 700 veterinarians and 750 pharmacists, though the report is being syndicated now.
“We have identified the pet owners who are early adopters of the new pharmaceutical distribution models as well as the factors that will have an impact on their usage of the new purchase channels,” Barton said. “These changes will likely create significant disruption in the industry and these insights can help retail pharmacies, manufacturers and veterinarians navigate the changing landscape.”
The market for pet care is certainly expanding. More than three in five Americans (62%) have at least one pet in their household, with ownership highest among the two youngest generations tested (65% among Millennials, 71% among Gen X), according to the latest Harris Poll released Thursday. Nearly all pet owners (95%) consider their pets to be members of the family.
Pet owners spend nearly a combined $1,200 per year on food/treats ($476.6), medical costs ($425.7), pet sitting/boarding ($128.5), toys ($63.7) and other equipment ($97.4). Women spend more on these items and services for their pets than men (nearly $1,400 vs. less than $1,000).
Over one in 10 pet owners (12%) have taken out health/medical insurance policies or any of the pets they own. These policies are most common among Millennials (19%, vs. 9% Gen X, 8% Baby Boomers and 9% Matures). Additionally, men (15%) are more likely than women (9%) to have such a policy.
Americans with kids in the household are more likely to have at least one pet than those without (73% vs. 57%) – and kids in those households may themselves be more likely to be the pet owners of the future, as Americans who had a pet when they were growing up are more likely than those who didn't to have one now (66% vs. 41%).
When it comes to what pets are in these households, dogs come out on top with 71% of pet owners saying they have at least one dog; half (49%) have cats, while one in ten have fish (11%) and less than one in ten pet owners have a bird (8%) or some other type of pet (9%).
The majority of dog owners have just one pooch in the house (61%), and the average number of dogs in these households is 1.6. Cat owners are somewhat less likely to limit their home to just one kitten(53%), and the average number of cats under those roofs is 2.