CHICAGO – December 6, 2005 – Retailers and manufacturers are continuing to struggle to effectively increase store sales by integrating the pharmacy and the front-end of the store. To address this burgeoning problem and increase profits in the highly complex healthcare marketplace, the Healthcare Solutions Group of Information Resources, Inc. (IRI), the world’s leading provider of enterprise market information solutions and services, today introduced RxPulse® Net, a new web-based solution that measures, tracks, and integrates critical pharmacy and non-pharmacy data.
Despite enormous potential, progress against these performance improvement initiatives remains slow due in large part to separate tracking systems and management practices for prescriptions (Rx), versus over-the-counter (OTC) and consumer packaged goods (CPG) products. The data available through RxPulse Net will be vital to both retailers and manufacturers as the healthcare industry transforms to support 42 million elderly and disabled Americans gaining access to Medicare Part D, Medicare’s voluntary prescription drug benefit. This large group of consumers will be making new choices about where they will fill their prescriptions, so those companies that effectively protect and grow sales among Medicare consumers will gain a sizable competitive advantage.
Many cost-conscious seniors, who were previously paying cash for prescriptions at traditional ‘lower cost’ retail outlets, such as mass merchandisers, supercenters and club stores, will now be able to purchase prescriptions at the most convenient location. Others who may have been treating with OTC medicines may now find an Rx more affordable, creating even further shifts in purchase behaviors.
“IRI is dedicated to providing unique and innovative solutions to track rapidly evolving trends in the healthcare marketplace, as evidenced by this latest announcement,” said Stephen C. Johnson, executive vice president and general manager, IRI Healthcare Solutions Group. “As the industry is readying for another major shift, only RxPulse Net can provide this unique market tracking for retailers and manufacturers. Because the product provides a complete understanding of their consumers, users will be able to act quickly and tie the front-end of the store with the pharmacy to make smarter decisions about the business.”
With RxPulse Net, retailers and manufacturers can tap into their corporate intranet site to gather timely information from IRI. The service provides detailed trends, transaction assessments, prescription purchase behaviors, cross purchases and demographics for various ailment segments, providing one complete view of the entire store, enabling users to act more quickly when making critical decisions on merchandising, promotions, and category management initiatives. This information is essential to retailers and manufacturers as they target the Medicare Part D consumer.
In addition to Medicare Part D, aging Baby Boomers and the rising rates of obesity, diabetes and other health conditions have marketers looking at chronic heath conditions as a new must-reach demographic. There are plenty of incentives. According to a recent IRI Healthcare Solutions Group study, approximately 11 percent of Americans suffer from “heart-related” diseases and this group commands more than $71 billion in annual buying power. The nation’s diabetics command approximately $14 billion, and allergy sufferers represent $44 billion.
RxPulse Net provides highly accurate, in-depth knowledge of consumer information that is necessary to execute and evaluate strategies for improving profitability and the effectiveness of marketing campaigns. Once key ailments and customer segments are identified, RxPulse Net users can evaluate the following information by utilizing customized web-based solutions to see:
- Prescription market share and competitive reviews by class of trade and specific retailer
- Success and effectiveness of marketing campaigns to understand market basket trends
- Potential new opportunities that exist within key ailments or consumer segments on an ongoing basis
- The impact of insurance on pharmacy usage and purchase behavior
- Customer loyalty and leakage
- Non-pharmacy or front-end categories that are heavily shopped by key customer segments and could potentially be cross-promoted
“RxPulse Net helps users understand the potential value of all customers—the prescription customers as well as customers without prescription needs,” added Johnson. “By fully understanding key customer groups, retailers and manufacturers can set effective, measurable goals for growth and win at retail.”
Healthcare Solutions from IRI
The IRI Healthcare Solutions Group provides pharmaceutical, healthcare, and consumer goods companies as well as retailers with consumer intelligence, targeting, and analytic services for the healthcare marketplace. The group was formulated in response to the increasing need to understand consumer insights and decisions related to prescription (Rx) and over-the-counter (OTC) purchasing behaviors, attitudes, and preferences. The Healthcare Solutions Group offers a complete suite of retail tracking, consumer panel and analytic-driven products and services under the RxPulse brand to help its client’s monitor, comprehend, and compete within the rapidly evolving healthcare space.
About Information Resources, Inc.
Information Resources, Inc. (IRI) is the world’s leading provider of enterprise market information solutions and services, empowering its clients to grow their business profitably in a complex marketplace. Driving the transformation of the consumer packaged goods (CPG), retail, and healthcare industries, only IRI provides a unique combination of real-time market content, advanced analytics, enterprise performance management software, and professional services. The company’s portfolio of services, solutions, and technology enable leading retailers and their suppliers around the globe to see what they are missing, act faster with greater confidence and win at the shelf. Ninety-five percent of the FORTUNE Global 500 in CPG and retail leverage IRI to power their business. For more information, visit www.infores.com.