국내 드럭스토어의 성장전략

Growth Strategies for Korean Drug Stores: Based on the Historical Development and Growth Strategy of American and Japanese Drug Stores

Due to rapid demographic changes caused by a low birth-rate and the aging of society, demand for health and aesthetic-related consumption will increase significantly. As a result, drug stores which are commonly found in the West are expected to expand as a new industry in Korea in the foreseeable future. However, despite the growth potentials drug stores have, there is very little research on the topic. In this paper, the historical development and growth strategies of American and Japanese drug stores are examined in order to provide strategic implications for the Korean drug store industry which is in its infant stage. Externally, drug stores in the United States and Japan have taken differentiating strategies through specialization and convenience compared to other businesses. Internally, they were able to achieve sustainable growth by securing profitability through product mix. Considering these growth strategies, Koreans firms must take the three following strategies: (1) strengthen their specialty on health care and beauty care, (2) enhance shopper convenience through line-robbing, and (3) secure profitability by mixing core products and complementary products. Furthermore, Korean drug stores must actively increase the number of stores and continue to experiment with a variety of business models to prepare for the amendment of the Pharmaceutical Affairs Act.