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Independent pharmacies' share of the NHS prescription items market is 70 per cent higher than that of the corporate chains that just four years ago were dominant, an industry analyst has said.

Addressing the Sigma Pharmaceuticals conference in Baku on May 12, IQVIA senior director Chris Pilsbury presented data showing that in January small businesses of 1-5 branches dispensed 46 per cent of items in England, up from 35.5 per cent in January 2021, while national chains of 200 or more stores and supermarket chains dispensed 27 per cent collectively.

This loss in market share for the multiples - which commanded 43.3 per cent of the prescription items market four years ago - is larger than would be expected from the drop in their store numbers alone.

Asked by P3pharmacy if he believes corporate chains are making a conscious decision to focus their business model away from prescriptions as this market becomes less profitable, Mr Pilsbury said there were "two dynamics" at play - the first being that "the profitability of those chains is declining and so is the number of stores".

He added that multiples are also reviewing their business models and considering which workstreams are profitable, and then "looking to diversify what they're doing".

Mr Pilsbury added that he is "having conversations with community pharmacy in general" about non-volume-based opportunities like services and research.

And while contractor numbers continue to dwindle, the NHS England figures cited by Mr Pilsbury show the number of prescription forms and items dispensed is rising steadily, up from 85 million a month at the start of 2021 to 96 million in January 2025.

The data also indicates that across a range of NHS services independent pharmacies are achieving a higher number of interventions on average, although there are several Pharmacy First clinical pathway streams where large pharmacy multiples outperform independents. 

His presentation also revealed 56 per cent growth in the private healthcare market in the space of a year, with the market valued at £784m in February 2025 - up from £503m the previous February. 

The majority of this growth is coming from the huge rise in private weight loss treatments, said Mr Pilsbury. This is an increasingly crowded market, he said, with 169 pipeline products currently in development and over 70 companiees behind them.