Economic Brief: Pharmacies And Drug Stores Principals Of Economics Research Paper

816 words - 4 pages

Economic Brief
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Economic Brief
Generous variety has been seen in the utilization of professionally prescribed medications from retail drug stores, the level of administrations given by retail drug stores, and the costs paid for solutions from retail drug stores. It isn't evident whether neighborhood drug store market structures influence these drug store results. The objective of this paper is to give a brief on how the retail industry and the subsector Pharmacies and Drug Stores are ran. It will cover 1) Goods and services the industry provides. 2) The industry's market structure and characteristics. 3) Microeconomics relationships, market outcomes, and/or trends. Lastly, 4) The paper will cover how the government involvement may affect this industry.
Industry Goods and Services
The industry that was selected was the Retail industry and the subsector is Pharmacies and drugstores. Retail was my choice of interest because the retailing industry is everywhere, and it had been around for centuries. Products begin from being made by a producer and they are then sold by retailers. Retailers are the distributers of good and services and that is the service they provide. “The Pharmacies and Drug Stores industry is comprising operators that retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods directly to consumers on a walk-in basis.” (Pharmacies & Drug Stores, 2018) The provide the service of filling prescriptions, as well as some small clinical things like giving flu shots and vaccines. Also, they provide goods other than prescriptions to customers when they visit.
Market Structure and Characteristics
​ “Retail market structure refers to the number of companies that sell similar or identical products in the same geographical area.” (Hamilton, 2017) An oligopoly portrays a little gathering of organizations that plot to raise costs on items in view of abundant request. Pharmacies and Drugs Stores are a part of an oligopoly because they have a few sellers. Although, they are not in charge of the price and quantity. Think of the first Pharmacies and Drug Stores that come to mind; CVS, Walgreens and Rite Aid which is shortly going out of business. The number of competitors is low, and the differentiation is in the mid-range. There are different market characteristics that support the oligopoly market structure. Oligopolies are normally described by shared reliance where different choices, for example, yield, value, promoting, et cetera. They also rely upon the choices of alternate firms. Oligopolies also work together collectively to earn higher income by branding together.
Microeconomic Relationships, Market Outcomes, and/or Trends
The market outcome for Pharmacies and drugstores has gradually increased o...


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