Axios Harris Poll 100: Pharmacy reputations drop
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With thousands of their brick-and-mortar stores closing and online vendors proliferating, big pharmacy chains like CVS and Walgreens are seeing their reputations slide, according to the annual Axios Harris Poll 100.
Why it matters: The souring consumer sentiment comes as pharmacy giants mount major turnaround plans in the hopes they can overcome slumping in-store sales, overexpansion and backlash from putting more products under lock and key and shortening pharmacy hours.
- "Consumers are seeking quality for their stretched dollars, and drugstore retail has developed a lot of friction and frustration," John Gerzema, CEO of The Harris Poll, told Axios. "This has opened up the opportunity for [direct-to-consumer] insurgents and others who can offer a better brand experience."
Details: Retail pharmacy giant CVS ranked 57th in reputation score among the 100 brands survey respondents identified as most visible in the country today, down from 36th last year.
- Walgreens ranked 65th, down from 51st last year.
- Both have seen their reputations drop over a three-year period.
- CVS and Walgreens saw their steepest declines in consumer perceptions of their growth and vision.
The big picture: In fielding the poll, Harris found 75% of Americans are concerned about health care today, and 38% believe care is getting worse.
- More than 1 in 5 (22%) patients who take at least one prescription medication said it was difficult to pay for their drugs in the past year.
- "Whether it's fair or not, if your out-of-pocket costs for your health care are rising, prescriptions and otherwise, some of that blame may get placed with with these retail players," said Tyler Giesting of consulting firm West Monroe.
Yes, but: The decline wasn't seen uniformly across health care. Brands like drugmakers Pfizer and Johnson & Johnson both saw improvements in their reputational scores.
Of note: Rite Aid, which is in bankruptcy and in the midst of selling off assets to competitors, has not ranked in previous polls and did not rank this year.
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