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1、 2023 Information Resources Inc.(IRI).Confidential and proprietary.Q4 2022March 2023Drug Channel LandscapeRetail Thought Leadership2Flu season sees consumers looking to the drug channel for remedies even as inflation concerns dampen overall consumer spending.Executive SummaryDrug dollar sales declin
2、ed in Q4 2022 by 2.3%as the channel lapped strong YA performance(15%in Q4 2021).Drug lost share of Total U.S.MULOC as the market grew(8.6%)in Q4 2022.The COVID-19 pandemic has led to an increased focus on health and wellness among consumers and changed the way health care is accessed,e.g.,remote hea
3、lth care,importance of pharmacists,retailer clinical trial services,online Rx subscription services and greater personalization by drug retailers.Seniors(65+years)are a primary cohort for the drug channel,contributing 50%of drug sales growth in 2022.Drug softness in Q4 is led by a sales decline in t
4、he health department(-4.7%).COVID-19 test kit sales contributed significantly to Q4 2021 growth,however,they began to be offered free in early 2022,which was a leading driver of the decline in health dept.sales in the drug channel.It offset the tailwinds from increasing sales in upper respiratory tr
5、eatment(cough/cold/flu)recently.Average pricing(price per unit)continues to rise but at a slower rate in the drug channel at 6.6%in Q4 2022,whereas it continues to accelerate in MULOC(12.8%in Q4 2022),which is primarily driven by rising food inflation.Key TrendsOpportunitiesAs traditional frontline
6、primary care facilities struggle with tight budgets,consumers have found more convenience and better value in retail health care.The amount of health care business conducted through retail outlets is expected to double in 2023,benefitting drug as well as other retail players.Continue to prioritize a
7、vailability of upper respiratory treatment products as the cases of flu,RSV and COVID-19 are expected to continue into Q1 2023.As consumers continue to engage in higher levels of activity,the drug channel should promote seasonal allergy remedies.Build assortment of OTC hearing aids as the FDA approv
8、al to enable access without hearing tests is a tailwind that can benefit the drug channel.Prioritize loyalty promotions,targeted activations and personalized health engagements with seniors,as they are a primary contributor to drug growth.Given that price sensitivity remains a concern with overall m
9、arket inflation,drug retailers should ensure private label products are available in key categories,particularly in health,including options that are available via e-commerce.3COVID-19 Impact4-0.8%0.1%6.5%-2.5%1.4%-3.4%-10.6%5.7%8.7%15.0%7.4%3.8%-2.1%-2.1%Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1
10、 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Lapping Strong YA Quarter Sales,Q4 2022 Drug Channel Sales DipThe Drug Channel Has Been Significantly Influenced by the Pandemic Source:IRI OmniMarket Core Outlets;(Brick and Mortar Retail Sales).MULOC indicates Multioutlet and Convenience.It inc
11、ludes the following channels:Grocery,Mass,Club,Dollar,Drug,Convenience and Military.2.3%2.3%12.1%12.7%9.2%8.7%0.2%-0.5%5.0%5.9%5.2%7.6%7.8%8.6%Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Dollar Sales:%Chg.vs.YADRUGCY 2022$51.4BMULOCCY 2022$1,034.
12、7BStay-at-home OrdersAt-home COVID-19 Tests/Vaccines availableDelta Variant DominantOmicron Variant Dominant5Traffic Growth in the Drug Channel in 2021 Was Driven Primarily by COVID-19 Test Kits and Vaccinations,While the Need Ebbed in 2022Source:IRI OmniConsumer Scan Panel;Data Ending 01/01/2310.31
13、.91.25.04.96.94.23.72.50.6-4.1-2.4-8.9-11.96.514.1-3.1-4.1Q4 2020Q4 20197.02.2Q2 20220.3Q3 2020Q1 2020-13.5Q2 2020-4.8-16.7Q1 2021Q2 20215.6Q3 2021Q4 2021Q1 2022-0.3Q3 2022Q4 2022Total US All OutletsDrugShopping Trips by Quarter:%Chg.vs.YAAt-home COVID-19 Tests and Vaccines availableDelta Variant Do
14、minantOmicron Variant DominantStay-at-home Orders6 6The Pandemic Changed the Way Americans Access Health CareSources:Forbes“The Top 5 Healthcare Trends In 2023”;CVS Health Care Insights Study 2022;Drug Store News“Creating efficiencies for pharmacies,pharmacists in a post-COVID environment,”“How reta
15、il pharmacy is entering clinical trial services”Retailer Clinical Trial Serviceso Retailers are investing more in clinical trial services business to aid pharma companies in expanding awareness and diversity of participantso 41%of Americans report knowing nothing about clinical trialso Roughly 80%of
16、 those who participate in clinical trials are whiteIncreasing Role of the Pharmacisto The pandemic brought much more responsibility to pharmacists(filling more prescriptions,vaccines and boosters,prescribing COVID-19 antiviral medication,and point-of-care testing)o The current pharmacist shortage is
17、 adding to the problemo AI companies are expanding offerings to relieve some responsibilitiesConnecting with Health on a Personal Levelo As consumers engage with their health on a more personal level,they expect their providers to do the sameo Consumers want providers to be aware of their lifestyle
18、changes and advise them on further actionso People report an even higher level of trust in their PCP,nurses,pharmacists and more post-pandemicRemote Health Careo Telehealth significantly increased during the pandemico Patients and providers recognize the benefits of in-home care o In-home and telehe
19、alth will likely continue in 2023 as the cost of delivering in-person care continues to rise and there is an ongoing shortage of medical practitioners7Drug Retailers Are Offering More Personalized Health Care Experiences to Meet Consumers Changing NeedsSources:“Walgreens and VillageMD Expand Full-Se
20、rvice Primary Care Practices to Las Vegas”;Fierce Healthcare“CVS Health rolls out virtual primary care service”;“Rite Aid Corporation Launches Small Format Store Program to Improve Pharmacy Access in Underserved Communities”Walgreens opened more than 160 VillageMD locations throughout 2022.VillageMD
21、primary care practices are located directly next to Walgreens stores so physicians and pharmacists can collaborate closely to ensure not only high-quality care,but also a seamless customer experience.Rite Aid launched a small format store program in November 2022.The company has opened two locations
22、 with plans to open another in Virginia early this year.Bringing pharmacies closer to underserved communities(seniors,uninsured,unemployed,etc.)will improve medication adherence and health of patients overall.CVS is rolling out a virtual care service that gives consumers access to primary care,menta
23、l health services and more.This solution connects the companys services,clinical expertise and data on a single platform to provide a consumer-centric experience.Is there opportunity to offer other products/services to ease the transition to at-home care that traditional health care providers are no
24、t offering today?8Competition Is Increasing in Health Care with Large Retailers Expanding Their Offerings to Consumers Sources:Amazon“Introducing RxPass from Amazon Pharmacy,a$5 prescription subscription that helps Prime members who take multiple medications save time and money”;Progressive Grocer“N
25、ew Kroger Medicare Plans Offer Whole-Health Benefits”;Forbes“Walmart Continues Its Rapid Expansion In Healthcare,Announcing 16 New Facilities”RxPass is a new Prime membership benefit from Amazon Pharmacy,providing access to generic medications that treat more than 80 common conditions.For$5 a month,
26、customers have a more reliable,affordable and convenient way for getting their prescriptions.As of January 2023,Kroger Health is rolling out two Medicare plans with Priority Health to provide benefits and services that address individuals whole-health needs.These plans provide health care benefits a
27、s well as allowances to Kroger stores to buy nutritious food and health&wellness products.The two co-branded plans will be available in eight counties throughout Southeast Michigan.Walmart opened 16 new health care centers in Florida,in addition to the 32 centers that already exist throughout Arkans
28、as,Florida,Georgia,Illinois and Texas.Walmart Health has made it easier for patients to get a variety of health care servicesincluding primary care,behavioral health,dental health and even imaging services.9Within E-commerce,Drug Sales Are in Line with the Total E-commerce Segment in Q4 2022 as It L
29、aps Strong YA GrowthE-Commerce Performance%Chg.vs.YASource:IRI OmniMarket E-Commerce;Data Ending 12/25/2274.9%19.0%0%20%40%60%80%100%120%140%160%180%Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022Drug E-commTotal E-CommW$135.7MM+13.1%vs.YAR$3.1MM-14.6%
30、vs.YACVS.com$120.3MM+27.7%vs.YA0.44%Drug Dollar Share of Total E-Commerce MarketDrug R Performance10Macroeconomic Context1111Overall U.S.Inflation Slowed for the Sixth Straight Month in December 2022,Following a Mid-2022 Peak Sources:U.S.Bureau of Labor Statistics;U.S.Index of Consumer Sentiment,Uni
31、versity of Michigans Consumer Sentiment Survey;BOF“U.S.Holiday Sales Miss Estimates as Inflation Weighs On Demand”;The Daily Star“RMG orders picking up as US retail sales spike”0%1%2%3%4%5%6%7%8%9%10%Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-
32、21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22+6.5%59.7 December Consumer Sentiment Index The U.S.Index of Consumer Sentiment is 59.7,up from 56.8 in November.Despite Decembers gain,sentiment among consumers remains very subdued a
33、s high inflation throughout the year has weighed on moods.Inflation IndexCPG Retail Channels The National Retail Federation President and CEO Matthew Shay stated,“While consumers feel the pressure of inflation and higher prices and there is continued stratification with consumer spending and behavio
34、r among households at different income levels,consumers remain resilient and continue to engage in commerce.”NRF Chief Economist Jack Kleinhenz stated,“I do see slower momentum into 2023.given what we have just seen in the last three months;I still think that the consumer is engaged.but there is a l
35、ot of uncertainty.”All Items CPI%Change vs.YA12While Price-per-Unit in the Rest of Market Continues to Accelerate,It Softened in the Drug Channel in the Last Three Quarters to 6.6%in Q4 2022Source:IRI OmniMarket Core Outlets;Data Ending 01/01/23Note:MULOCxD indicates Total U.S.MULOC excluding the Dr
36、ug channel.2.5%2.7%6.9%5.8%5.1%5.7%2.9%5.4%7.2%9.1%10.8%12.8%13.3%4.4%5.9%8.8%8.8%7.4%5.2%5.7%6.4%9.7%11.2%8.5%8.2%6.6%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022MULOCxDDrug2022 Avg.MULOCxD:+11.5%Drug:+8.5%Price-Per-U
37、nit%Change vs.YA13Rising Food Inflation Is Driving the Acceleration in Overall Price in MULOCxD,While Drug Has Lower Presence in Food SegmentsSource:IRI OmniMarket Core Outlets;Data for 13WE 01/01/23Drug MULOCxDDepartment$Sales%Price per Unit$Sales%Price per UnitOf Total%chg.vs.YAOf Total%chg.vs.YAH
38、ealth46%6%Beauty18%4%General Food13%27%General Merchandise6%10%Beverages6%12%Liquor4%7%Tobacco3%8%Home Care2%3%Frozen1%8%Refrigerated1%15%Total Store100%100%Department Performance:Q4 2022Food-Related Departments1.2%9.7%14.5%10.1%14.0%2.0%-1.6%5.9%17.2%16.5%6.5%8.3%14.1%16.4%14.1%16.0%4.6%3.6%13.9%16
39、.1%17.3%10.9%14Both Frequency and Depth of Promotions in the Drug Channel Remain Lower Than Pre-Pandemic Levels Depth:Weighted Average%Price Reduction Any MerchFrequency:%Dollar Sales by Merch Any MerchNote:Total Store viewSource:IRI OmniMarket Core Outlets-8.00-6.00-4.00-2.000.002.004.006.00Q1 2019
40、Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Depth Chg.vs.YAFrequency Chg.vs.YAFrequency(%$Sales Any Merch)46.043.643.645.644.337.938.941.644.142.843.144.242.541.441.144.2Depth(%Price Red.Any Merch)15.214.914.214.914.815.314.215.013.612.612
41、.412.311.811.111.912.4Promotional Behaviors at Total Drug Pt.Change vs.YA15Drug Sales Lagged Behind Rest of Market Across All Departments in Q4,Led by Health Department Sales,Which Account for Almost Half of Channel SalesSource:IRI OmniMarket Core Outlets;Data for 13WE 01/01/23Drug MULOCxDDepartment
42、Q4 2022$Sales%Chg.vs.YAQ4 2022$Sales%Chg.vs.YA$MillionOf Totalvs.Q4 2021$MillionOf Totalvs.Q4 2021Health$6,249 46%$15,174 6%Beauty$2,450 18%$9,088 4%General Food$1,763 13%$62,106 26%General Merchandise$829 6%$25,107 11%Beverages$785 6%$28,715 12%Liquor$524 4%$16,783 7%Tobacco$346 3%$20,691 9%Home Ca
43、re$284 2%$7,570 3%Frozen$134 1%$17,878 8%Refrigerated$128 1%$33,932 14%Total Store$13,479 100%$237,043 100%Department Performance:Q4 2022-4.7%0.3%3.4%-2.1%7.0%-6.5%-9.6%-1.1%1.0%-2.3%-2.1%6.2%8.6%13.2%6.9%12.1%3.4%-2.9%3.9%10.6%13.8%9.3%1616Q4 Health Department Performance Was Influenced by a Declin
44、e in COVID-19 Test Kits,Which Offset Tailwinds from Increasing Sales in Upper Respiratory TreatmentsSource:IRI OmniMarket Core Outlets;Data for 13WE 01/01/23;whitehouse.govTop 5 Growing/Declining Categories within Health Q4 2022DrugMULOCxDHealth Department Sales($MM)%Chg.vs.YA%Chg.vs.YAUpper Respira
45、tory$1,544 25.0%23.1%Lip Treatment$117 17.1%15.9%Other Health Remedy Tablets$17 11.9%15.1%Internal Analgesics$407 9.6%9.1%Other Health Care Products$38 6.8%17.3%Toothpaste$150-7.6%4.6%Baby Care&Safety/Travel Accessories$12-7.7%-7.2%Sleeping Remedies$109-8.3%-4.1%Personal Thermometers$44-24.6%-7.3%Ho
46、me Health Care Kits$445-56.0%-38.8%Total Health$6,249-4.7%6.2%The upper respiratory category growth was driven by cough/cold/flu remedies.Home health care kits sales decline was driven by the impact of COVID-19 test kits that were paid for by consumers in 2021 but were covered by insurance and offer
47、ed free by the government starting in January 2022.17Top and Bottom Performing Categories within Health DepartmentUpper Respiratory Remedies Are Lapping Strong YA Growth at Drug and the Decline of Home Health Care Kits Is Driven by Free Access in 2022Source:IRI OmniMarket Core Outlets;Data for 13WE
48、01/01/2355.3%25.0%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022Upper Respiratory%Chg.vs.YAMULOCxDDrug237.4%-56.5%-100.0%-50.0%0.0%50.0%100.0%150.0%200.0%250.0%300.0%Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Home Health Care Ki
49、ts%Chg.vs.YAMULOCxDDrug1818The Highest Level of Flu Cases Since 1997 Was Reported in Late 2022,Fueling Growth in UR Sales YOY,Which Is Likely to Continue into Early 2023Source:Centers for Disease Controle and PreventionSource:Vox“The US has never recorded this many positive flu tests in one week”;IR
50、I OmniMarket Core Outlets;Data for 13WE 01/01/23Upper Respiratory(UR)SalesQ4 2022%Chg.vs.YA(Q4 2021)%Chg.vs.2YA(Q4 2020)%Chg.vs.3YA(Q4 2019)Dollar Sales+24.0%+79.3%+34.5%Unit Sales+14.0%+59.8%+9.8%The drug channel will continue to benefit from the tailwinds of a strong cold/cough/flu season in Q1 20
51、23.The Flu Spread Early and Quickly This YearPositive Influenza Tests Reported to CDC,2016202219Senior Shopper Perspective20Drug Channel All Outlets(Scan Panel)CohortDollar SalesDollar Sales%share of Total%chg.vs.YAContr.to chg.vs.YA%share of Total%chg.vs.YAContr.to chg.vs.YAHH Age 18-241%9%1%3%HH A
52、ge 25-3412%16%15%17%HH Age 35-4414%10%17%14%HH Age 45-5418%9%19%17%HH Age 55-6421%6%21%20%HH Age 65+34%51%27%30%Total All HHs100%($51B)100%100%($1066 B)100%Seniors Contributed Half of the Dollar Spend Growth in the Drug Channel in 2022,a Majority of Which Was in Health-Related CategoriesSource:IRI O
53、mniConsumer Scan Panel;Data for 52WE 01/01/23Age-Based Cohort Performance:CY 2022 vs YA8.96.16.77.48.57.741.72.11.10.80.42.41.621.670%of seniors dollar sales growth at drug was spent in the health department8%of seniors dollar sales growth in All-Outlets was spent in the health department21Seniors S
54、hare of Wallet and Trips for Health Care Skew Toward the Drug Channel,With Increased Spend and Trips in 2022 at Walmart,Club and Online ChannelsSource:IRI OmniConsumer Scan Panel;Data for 52WE 01/01/23Share of WalletShare of TripsChannelDollar SalesProduct TripsCY 2022%chg.vs.YACY 2022%chg.vs.YADrug
55、26.6%21.1%Walmart19.9%24.9%Club16.2%9.2%Food15.6%23.2%Internet12.3%7.7%MassX and Supercenter X2.3%3.1%Dollar1.7%6.8%Health Vitamin1.2%0.5%Convenience0.1%0.1%Total US All Outlets100%100%0.0-0.2-0.3-0.10.6-0.20.40.5-0.60.00.0-1.4-0.10.6-0.60.40.60.5Health Department:Seniors(65+yrs)Share of Wallet and
56、Trips by Channel22CMS:Top 10 Health conditions with decline in hospitalizations since COVID-19“Health overall was already important to seniors,but COVID-19 has only brought further attention to personal wellness as this segment attempts to navigate maintaining good health during this erratic time.”M
57、intelAs inflation persists,seniors focus more on preventive care to mitigate additional health care costs.The Decline in Hospitalizations of Seniors for Select Health Conditions Since the PandemicSeniors Will Remain a Core Segment of the Drug Channel as They Continue to Focus on Preventive CareSourc
58、e:Mintel“Marketing to Seniors:Incl Impact of COVID-19 US July 2020”and“Senior Lifestyles US 2022”;Center for Medicare and Medicaid Services latest available data.CY 2020,Chg.vs.YA; SystemHeart Health RelatedKidney&Urinary TractRespiratory SystemHip Knee/Joint ReplacementSkin,Subcutaneous Tissue&Brea
59、stNervous SystemInfectious&Parasitic DiseasesEndocrine,Weight Mgmt&MetabolicHepatobiliary System&PancreasTheres a Rising Focus on Preventive Care Since COVID-1923The Top Growing Health Categories that Over-Index Among Seniors Highlight the Preventive Care Approach Being Undertaken by this Core Segme
60、ntSource.1:IRI OmniConsumer Scan Panel;Data for 52WE 01/01/23 Among Seniors(65+yrs)Source 2:Source:IRI OmniMarket Core Outlets;(Brick and Mortar Retail Sales)Drug Dollar Sales Among Seniors 1Drug Channel Sales Penetration 2Category Index vs.All HH%Chg.vs.YA$MMCategory Share at Drug vs.MULOCCough/Sor
61、e Throat Drops145$358 Mobility Device Walker Cane Wheelchair182$76 Ear Drops/Treatments143$76 Anti-fungal178$67 Athletes Foot Medication136$73 Stomach Remedies145$136 Dental Accessories/Tools134$258 Weight Control/Nutritionals Liq/Pwd153$351 Glucose187$153 Cold Sore Medication115$113 Heat/Ice Packs1
62、22$119 Anti-Diarrheal194$127 Portable Oral Care228$23 Eye/Lens Care Tablets/Accessories185$58 Liquid Vitamins/Minerals110$194 Drug Channel:Top Health Categories That Over-Index Among Seniors37%8%15%21%7%16%8%14%6%5%4%4%4%3%2%6%65%35%57%43%24%35%30%45%54%43%34%44%29%16%The top growing health categori
63、es among seniors over-index in the drug channel vs.rest of market.Overall drug channel share of Total U.S.MULOC CPG sales is 4.9%.24Government Initiatives such as Increased Social Security Benefits and FDA Approval of OTC Hearing Aids Will Benefit Seniors and,in Turn,Drug RetailersSource:SSA.Gov,Lat
64、est Cost of Living Adjustment news release.US Food and Drug Administration news release.Source:Sales data for a custom aggregate of all Hearing Aid UPCs from IRI OmniMarket Core Outlets;Data Ending 01/01/23Q4 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022-2.0%18.0%5.7%-15.7%3.0%-25.8%-15.9%5.1%-14.0%3.4%-3
65、0.4%93.7%Total US:MULOCDrug As part of the Biden-Harris administrations goal to expand access to high-quality health care and lower medical care costs for the American public particularly Seniors a landmark proposal was approved by the FDA in October 2022,to allow hearing aids to be sold in over-the
66、-counter in stores,without a medical exam or a fitting by an audiologist.This ruling enables hearing aids to be more accessible and affordable for the millions of people who experience mild to moderate hearing loss.It has already led to a significant uptick in the sales for hearing aid products at d
67、rug in Q4 2022.Social Security Benefits for Seniors is Rising at Record Levels In 2022,the Biden-Harris administration increased Social Security benefits and Supplemental Security Income with the largest cost-of-living adjustment since 1982 at a 5.9%increase(vs.the 1.3%increase in 2021).Furthermore,
68、to account for cost-of-living increases,seniors social security payments will increase by 8.7%beginning January 2023.Historic Rule Enabling Access to Over-the-Counter Hearing Aids Is an Opportunity for DrugHearing Aids:Dollar Sales%chg.vs.YA25As Retail Health Care and Product Offerings Continue to E
69、xpand,the Drug Channel Can Capitalize on More OpportunitiesSources:Forbes“Top 5 Healthcare Trends in 2023”;Mintel“Consumer Trends Q3 2022”;fda.gov2023 OutlookRise in retailers participating in health care As traditional frontline primary care facilities struggle with tight budgets,consumers have fou
70、nd more convenience and better value in retail health care.The amount of health care business conducted through retail outlets is expected to double in 2023,benefitting the drug channel as well as other players.Seniors are increasingly dependent on retail health careWith growing health care costs,se
71、niors are focused on preventive care to avoid additional medical expenses.They will be the primary users of retail-based health care services.The drug channel is well positioned to win with seniors.Strong cold/allergy season is expected to continue in 2023Upper respiratory sales growth is indicative
72、 of a strong cold and flu season that will persist in Q1 2023.As consumers return to their pre-pandemic lifestyles and spend more time outdoors,they likely will seek allergy relief as well.Drug retailers must ensure these products are available.The drug channel can benefit from government-led initia
73、tives for OTC medical devices The FDAs OTC hearing aids rulingand the focus of the Biden-Harris administration to improve access to health care services for seniors are likely to lead to approvals of more OTC medical devices,which will be a huge opportunity for drug retailers to capture.2023 Information Resources Inc.(IRI).Confidential and proprietary.26THANK YOU!IRI