Pet care at select Walgreens stores could be tip of iceberg for retail pharmacy industry

The Boston Herald has reported that Walgreens is expanding its partnership with Florida veterinary company, ShotVet, to offer pet care services, such as vaccines and micro-chipping, at select stores in Massachusetts.



People love their pets and, just as people are taking a more proactive role in their own health care, they also are taking a greater interest in the health of their furry children. This is bound to spell greater opportunities for retail pharmacies, which are already wading deeper into the prescription pet medication market.



Just look at the numbers. The American Pet Products Association reported earlier this year that pet spending is higher than ever, with an estimated $58.5 billion projected for 2014, a 4.9% growth over 2013.



The Association noted that veterinary care demonstrated significant growth in 2013, with $14.4 billion in spending, second only to food category spending. While the number of veterinary visits is down, spending on care is rising and is estimated to reach $15.3 billion in 2014, up 6.1% from 2013.



“Both food and veterinary care are strongly influenced by consumers’ growing interest in improved health care for their pets. Health- and wellness-related themes represent the most powerful trends across all segments of the industry and will continue to do so again this year,” said Bob Vetere, president and CEO of the American Pet Products Association, in announcing the results.



And, as any pet parent will tell you, such care typically doesn’t come cheap. By providing such services at select Walgreens locations, ShotVet is not only aiming to improve access, but also cut costs. According to the Boston Herald article, the cost is reportedly about 70% cheaper than the cost of a traditional vet clinic.



Is this something the chain drug industry could see more of? Perhaps.



According to a DSN online poll, more than half of respondents believe that pet clinics have the potential to expand as retail clinics have expanded.