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J.D. Power and Associates Reports:
Flat-Rate Pricing for Generic Prescriptions May Lead to Higher Satisfaction among Pharmacy Customers
Hy-Vee, Medicine Shoppe, Prescription Solutions, Publix, Ralphs, Target and Wegmans
Rank Highest in Customer Satisfaction in Their Respective Segments
WESTLAKE VILLAGE, Calif.: 25 September 2008 — Pharmacy customers who participate in flat-rate generic prescription pricing programs have considerably higher levels of satisfaction, compared with customers who don’t participate in these programs, according to the J.D. Power and Associates 2008 National Pharmacy StudySM released today.
The study, now in its second year, measures customer satisfaction with pharmacies in two segments: brick-and-mortar and mail order. Covering retail chain stores, supermarkets and mass merchandisers, the study examines seven key factors that contribute to customer satisfaction for brick-and-mortar pharmacies: non-pharmacist staff; store convenience; medication availability and information; layout and design; cost competitiveness; remote ordering convenience; and pharmacist. Five factors are measured for the mail order segment: ordering convenience; delivery convenience; medication availability and information; cost competitiveness; and customer service representative.
Satisfaction among brick-and-mortar pharmacy customers who participate in flat-rate prescription pricing programs averages 826 on a 1,000-point scale, compared with 817 among customers who don’t participate in these programs. Nearly one-fourth of pharmacy customers participate in a “$4 generic” or similar flat-rate prescription pricing program, with the greatest participation rate among customers 44 years and older.
“Flat-rate generic prescription pricing programs are becoming increasingly popular among pharmacies,” said Jim Dougherty, executive director of the healthcare practice at J.D. Power and Associates. “While low price alone is not a guarantee of satisfaction, customers find these programs especially appealing because of the low prices, and pharmacies may be able to attract new and repeat customers with the simplicity of the programs.”
Study results by segment are:
Chain Pharmacies
Medicine Shoppe ranks highest with an index score of 873.
Mass Merchandiser Pharmacies
Target ranks highest with an index score of 847.
Supermarket Pharmacies—West
Ralphs ranks highest with an index score of 854.
Supermarket Pharmacies—Midwest
Hy-Vee ranks highest with an index score of 842.
Supermarket Pharmacies—Northeast
Wegmans ranks highest with an index score of 850.
Supermarket Pharmacies—South
Publix ranks highest with an index score of 879.
Mail Order Pharmacies
Prescription Solutions ranks highest with an index score of 864.
The study finds that customers 65 years and older account for 26 percent of mail order prescriptions, compared with 18 percent of prescriptions filled at brick-and-mortar pharmacies. Among customers in this age group who use mail order pharmacies, satisfaction averages 861, compared with 835 among customers 55 to 64 years old and 799 among customers 18 to 54 years old.
“Health insurance and Medicare Part D have driven more seniors to utilize mail order pharmacies to obtain medications for managing chronic conditions, and these mail order pharmacies can improve customer experiences by making the ordering process quick and easy,” said Dougherty. “The mail order industry already has a large share of older customers, and that share should continue to grow as the baby boomer generation ages. As this industry changes and expands, companies will need to respond appropriately to ensure customers remain satisfied.”
The 2008 National Pharmacy Study is based on responses from 15,163 consumers who filled a new prescription or refilled a prescription during the three months prior to the survey period. The Web-based study was fielded June through August 2008.
For more information, view mail order retail pharmacy ratings or brick-and-mortar retail pharmacy ratings, and read an article about retail pharmacies at JDPower.com.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services firm operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on boat ratings, car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor’s, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com/.
No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power and Associates. www.jdpower.com/corporate
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What does J.D. Power and Associates do?J.D. Power and Associates' research, consulting, and performance improvement services are used by a variety of industries to improve product quality and customer satisfaction. The firm's research is based solely on responses from millions of consumers and business customers worldwide. Product and service rankings that result from this research reflect the opinions of consumers and business customers-not the opinion of J.D. Power and Associates. Rankings are derived from nationally syndicated studies that serve as industry benchmarks for measuring and tracking quality and customer satisfaction. J.D. Power and Associates conducts the research, publicly announces the results, and then offers analysis based on consumer feedback to product and service providers to help them improve their businesses.
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