European mail-order pharmacies "Feedback from expert call on German non-..."

Research evidence excerpt

European mail-order pharmacies "Feedback from expert call on German non-..."

Global Research

19 May 2026ab

European mail-order pharmacies Equities

Europe including UKFeedback from expert call on German non-

prescription Retailers, Drug-Based

Olivier Calvet, CFA

Analyst

olivier.calvet@ubs.com

We hosted an expert call with Katrin Messingfeld, former Executive Director +41-44-239 2051

procurement at Redcare Pharmacy.

Sebastian Vogel, CFA

Key takes sebastian.vogel@ubs.com

Market dynamics: the slowdown in Non-prescription (Non-Rx) is primarily driven +41-44 239 90 45

by weaker discretionary demand post COVID, rather than declining underlying Chiara Tomesani

health needs or structural competition. Recovery in non-Rx growth will be Analyst

dependent on consumer confidence and discretionary spending. In the expert's chiara.tomesani@ubs.com

view, structural growth remains intact though, supported by convenience, logistics +44-20-7567 3438

improvements and ongoing share shift from offline.

Categories exposed to discretionary spending, particularly Beauty & Personal

Care (BPC), have seen the sharpest slowdown, while core OTC demand remains

more resilient.

Pricing & promotions: Pre-COVID discounting intensity has materially reduced,

with the market moving toward more rational, event-driven promotion and loyalty

mechanisms especially on Beauty & Personal Care.

Retail media has become a primary growth lever, often more impactful than

pricing. Supplier engagement and structured category management are critical to

driving conversion, visibility and repeat purchases.

Supply chain, competitive barriers: access to suppliers remains a key barrier to

entry, as pharmaceutical brands are selective and require established expertise (esp

on OTC) and trusted partnerships.