Panama Pharmacies prepare for tougher competition

PANAMANIAN pharmacies are taking their lead from the United States and becoming more like convenience stores with a pharmacy add-on as they face the prospect of competition from US chains.

Capital.com.pa reports that: "This is a business model used by large chain pharmacies in the United States, for whom the Trade Promotion Agreement (TPA) has opened the doors of the country and apparently local pharmacy chains are preparing for possible competition. "

Metro Plus is an example of this, after working for two decades with the brandname Farmacias Metro, changed its name and went on to develop a new business proposal.

Grupo Rey has been the owner, since 2011, of the pharmacy chains Metro and Econo Farmacias. According to its managers, the change responds to the growth of the city and traffic congestion, requiring that customers be able to find everything in one place, including even sections that do not fit within the supermarket format.

" … People today have less time, so major brands have sought new niches and opportunities for competitive differentiation," said Maria Carmen Giraldez, Operations Manager at Farmacias Revilla.