Last month, GNC Holdings Inc., a leading vitamin, nutraceutical, and dietary supplement retailer, filed for bankruptcy. While many had feared that this was the beginning of the end for the company, it turns out the company was able to sell off its pharmaceutical division, Viagra, to CVS Health for $12.8 million in cash. Why is this significant? Let’s take a quick look.
The Rise In Online Pharmacies And The Decrease In Retail Pharmacies
Since the beginning of this year, pharmacies have experienced an unprecedented surge in business due to the pandemic and the lack of trust people have in institutions like Walmart. In fact, people are now seeking out online pharmacies due to safety concerns and a general distrust in retail pharmacies. In a recent survey from the American Pharmacists Association, 42% of respondents said they’d consider purchasing a medication from an online pharmacy, and 16% said they’d definitely do so. And that’s just one example of the many industries that have felt the effects of the pandemic. In 2018, retail pharmacy sales declined by 5.5%, according to the American Association of Drug Stores. And it’s not just sales that are down – the American Pharmacists Association also reports a 21% increase in pharmacist calls for service since before the pandemic, with an average of 25.2 calls/week and a 40% increase in prescription drug abuse since the start of the year as well.
What Does This Mean For You As A Patient?
While it’s always sad to see well-meaning businesses fail, especially during such a difficult time, the GNC sale of Viagra is a good example of how the pandemic has allowed for a greater variety of options when it comes to healthcare. If you’re searching for Viagra in Pittsburgh, you no longer have to go to GNC – CVS Health will have what you’re looking for. This can make the difference in whether you get your prescription filled or have to wait for the local GNC to reopen for business.
Increased Awareness About The Severity Of The Issue
Since before the pandemic, there has been an increase in the number of individuals seeking help for addiction and abuse issues. In 2018 alone, there were 2.9 million visits to substance use disorder (SUD) treatment centers across the country. That’s compared to 2.3 million in 2017 and 1.9 million in 2016. These are incredible numbers and likely due to increased awareness about SUDs and the severity of the issue.
Greater Competition From Online Pharmacies
Another positive effect of the pandemic is that it has made online pharmacies much more attractive and convenient for patients. Prior to the pandemic, most people wouldn’t have considered online pharmacies – which are much cheaper and often have much more competitive prices – because they thought they were unable to get the medications they needed for free from their doctor. Now, with the sale of Viagra, they have the opportunity to get a prescription filled and avoid any out-of-pocket expenses. And if they don’t like the price or quality of the medication, they can always switch to another pharmacy.
More Options When Filling Your Prescription
Prior to the pandemic, many individuals would have been hesitant to purchase a medication from an online pharmacy due to lack of information and safety concerns. However, with the information made readily available online during the pandemic and the development of secure, online transaction platforms, there has been a massive digital transformation in the healthcare industry.
If you’re looking for information about a specific medication or treatment, it’s much easier to find it online – including detailed information about possible side effects and warnings – rather than having to ask your pharmacist about it or search for it on a dusty old medicine card.
That being said, a downside to this greater awareness about SUDs and competition from online pharmacies is that it has made pharmacists less attentive to individual patient needs. In the same American Pharmacists Association survey, 38% of respondents said they’d feel pressured to write more prescriptions due to the surge in business. Additionally, 10% said they’d be inclined to write stronger prescriptions just to keep up with the demand.
Reduced Trust In The Professions
Another potential issue that could arise from all this is a reduction in trust people have in the healthcare professions. The American Pharmacists Association survey from earlier this year found that 41% of respondents said they’d be less likely to consult with their pharmacist about their medication needs due to safety concerns and a general lack of trust in pharmacists as a source of pharmaceutical information. For many, this distrust is a result of the coronavirus pandemic and the resulting fear of the unknown.
As more and more individuals become aware of SUDs and the damage that can be done by not seeking treatment, it could lead to a further increase in the demand for SUD treatment and an even greater reliance on online pharmacies.
While this may be concerning, it’s also an opportunity for patients to get the help they need. Through education and further research, patients and healthcare providers can and will rebuild this trust. With the right information, patients can make better decisions about their health and the healthcare professionals who are providing it – and that’s a good thing.
Is This Just A Single Event Or A Trend?
While the sale of Viagra to CVS Health marks an interesting event that will no doubt have major effects on the healthcare and pharmaceutical industries, it is by no means a trend that will continue indefinitely. In fact, there are already other companies working to purchase or create their own generic versions of Viagra.
However, during this time of instability and change, opportunistic businesses will see this as a chance to make a quick bucks and establish themselves in the pharmaceutical industry – either as a manufacturer, wholesaler, or both. For now, though, CVS Health will have to settle for being one of the largest purchasers of Viagra for the time being.