Pharmaceutical companies need to apply location intelligence techniques and foot traffic analytics to identify consumer mobility patterns, in order to maximize sales and generate more efficient expansion models.
The correlation between foot traffic, sales, and the success of pharmacy franchises have been studied and proven, so the development of this type of analysis has become a priority in the site selection process and expansion modeling.
Mobility analytics and location intelligence play an important role in business by helping to understand the behavioral patterns of consumers in any given zone of interest or point of sale.
Pedestrian flow analysis, location intelligence and point-of-interest categorization have revolutionized the way retail and wholesale industries implement expansion, commercial and operational strategies in the pharmaceutical sector.
In the last few weeks in Central American countries the volume of searches and conversations on the Internet associated with pharmacies began to decrease, a downward trend that continued until the first days of November.
Through a system that monitors in real time the changes in the interests and preferences of consumers in Central American countries, developed by CentralAmericaData, it is possible to project short and long term demand trends, for the different products, sectors and markets that operate in the region.
The Fischel Nunciatura drugstore, located near La Sabana Park in San Jose, Costa Rica, is a sales point that is a 15-minute walk away and has a potential market of over 23,000 consumers, 11% of whom are interested in health care issues.
Using the Geomarketing solutions we have developed for our clients, CentralAmericaData's Trade Intelligence team analyzed the environment of some of the main locations of the drugstores in Central America. Below is an extract of the study's findings.
In Nicaragua, the Ortega administration ordered the closure of five of the 38 branches operated by the Medco pharmacy chain for having joined the national strike on May 23.
The order to cease operations of the five branches was notified through the Ministry of Health, however, the company will appeal the decision of the authorities.
Laprensa.com.ni review that representatives of the company reported that "...
Organization that operates in Panama, Panama, Costa Rica, Honduras, El Salvador, Nicaragua and Guatemala.
Phone: (507) 65456121
Girasol Pharma is a school of clinical pharmacist contracted for Santos de Rey Medical Group, where it participates in the activities of direct attention to the patient in the management of pharmacological therapy, geriatrics and anticoagulation clinics.
Through its subsidiary Pharmacies Kielsa, the honduran group has acquired Farinter Farmex a drugstore chain in a transaction whose amount was not disclosed.
Felipe Gurdián, president of the Association of Nicaragua United Pharmacies (Afun) confirmed the transaction, noting that the amount is unknown. Elnuevodiario.com.ni reports that "...Official statistics indicate that the pharmaceutical market in Nicaragua has a turnover of over US $80 million a year, of which US $40 million belongs to big pharmacy chains such as Kielsa and Farmex. "
The Cuestamoras group has announced the purchase of a majority in the Cefa-Fischel corporation, which operates a chain of pharmacies present in Costa Rica and Nicaragua, in addition to laboratories and other drug distributors.
The purchase request was filed with the Commission to Promote Competition by Cuestamoras on May 8, and is subject to approval.
15 pharmaceutical companies have been shortlisted to participate in price negotiations and purchase of medicines in the region.
The Central American Integration System (SICA) has presented a certificate of prequalification to 15 pharmaceutical firms, accrediting them with engaging in joint price negotiations and purchase of medicines in the region during 2014.
The government claims that the delay in the adoption of the eight outlets claimed by the company is due to red tape and not obstacles to investment.
"There is no obstruction. What there is is a process that must be met, and well, we have no problem with the eight more pharmacies added," said Orlando Solorzano, the Minister of Development, Industry and Trade (Mific) to Elnuevodiario.com.
The arrival of Honduran chain Kielsa has raised fears over a market takeover and monopolistic practices.
"This is a Honduran chain entering the market using the hook of discounts and low prices, supposedly favoring large wholesalers, bankrupting small and medium business, and without any counterbalancing competition, they are the owners of the market," said the president of the United Pharmacy Association of Nicaragua (AFUN), Alberto Lacayo.
Sales of pharmaceutical products in the Incan country increased from $500 million in 2000 to $1.4 billion in 2011.
The Costa Rica Trade Promotion Office (Procomer) has released a report detailing the opportunities presented for placement of pharmaceuticals and personal care products in Peru.
The study focuses on the field of pharmaceuticals and personal care products, and as part of the research fieldwork was conducted which allowed:
Chilean investments in the pharmaceutical industry in Costa Rica, have been successful, and make a jumping off point for expansion in the region.
Beginning with the arrival of the Chilean company Corporación Farmacéutica Recalcine (CFR) in Costa Rica, the pharmaceutical market has been boosted by acquisitions and mergers among various market participants.
Businesses described profits as "robust" and declared total sales of $110 million in 2011.
The pharmacy business experienced significant growth in 2011, earning $110 million, an increase of 22% compared to the $90 million earned last year, said the president of the Nicaraguan United Pharmacy Association, (AFUN in Spanish), Alberto Lacayo.
"Of the $110 million generated by the sector, 77% came from private pharmacies and 23% from state run ones", said the union leader, according to El Nuevo Diario. The data were confirmed by the executive director of the Nicaraguan Chamber of Commerce (CACONIC in Spanish), Eduardo Fonseca.