Statistics Canada released today the results of the 2016 Census and the numbers look very promising for Pharmacists.
Here is a summary of the Census results and how it impacts Pharmacists.
Rapid Growth in the Number of Seniors
Increase in number of people over the age of 65
In the last 5 years, our country has recorded the largest increase in the population of seniors since Confederation (1867 for those of who you slept through history class).
This is a direct result of the first wave of baby boomers reaching age 65 and retiring.
Increase in the number of people over the age of 100
The fastest growing population in Canada are those over the age of 100.
Seniors are living longer thanks to higher standards of living and better patient care.
More Seniors than Children Now
Million Seniors in Canada
Million Children in Canada age 14 or younger
For the first time ever, there are more seniors in Canada than there are children – a clear sign that Canada’s population is aging at a faster pace than the low fertility rates that have persisted since the 1970s.
Population of Seniors Will Continue to Grow
Million Seniors in Canada By 2061
Million Children in Canada age 14 or younger by 2061
By 2031, it is expected that nearly 1 in 4 Canadians will be age 65 years or older.
By 2061, it is projected that there will be 50% more seniors than children in Canada.
Why is this good news for Pharmacists?
As more and more baby boomers retire, this should translate in a greater demand for Pharmacist services.
- More medications will need to be prescribed
- More med checks will need to be performed
- More consultations will be required
Those who have a better understanding of the aging process and diseases of the elderly will (in our opinion) have the best Pharmacy and highest traffic in your neighbourhood.
How Seniors Can Benefit From Your Services
The number of seniors with chronic conditions, like high blood pressure or diabetes, will continue to grow. This presents a fantastic opportunity for Pharmacists to specialize in senior care to ensure they are meeting the needs of senior patients and their caregivers.
Here are some ways you can differentiate yourself from other Pharmacists:
- Become an expert in assessing the health of seniors
- Knowing how to adjust your communication when dealing with seniors, especially in explaining when and how to take medication, along with potential side effects
- Making it easier for seniors to take their medication properly by labelling, packaging, and organizing prescriptions better
- Educating seniors on health living practices and disease prevention
- Being able to better recognize and treat diseases/conditions common in seniors
- Understanding the role of the caregiver and the financial challenges seniors face, especially as Government continues its push to generics
Ultimately, having 1 on 1 conversations with seniors will help you tailor your services to the best that they can be.
Geriatric Pharmacists – Where are you?
According to the Canadian Pharmacist Association, there are approximately 394 Pharmacists in Canada who hold a certificate in Geriatric Pharmacy Practice (GPP) through the Commission of Certification (CCGP). Source: Needs Assessment of Specialization in Pharmacy in Canada, July 2015.
Do you have the time to get yourself certified as a Geriatric Pharmacist? This presents another opportunity to differentiate yourself and those who do, in our opinion, will be the most successful in the future.
Students take note – you have the greatest opportunity to carve a niche staight out of school.
To learn more about tax planning strategies for Pharmacists, contact us for a free consultation. If you are not ready for a consultation, keep up-to-date with the latest tax planning tips for Pharmacists just like you.
CIM, MBA | Partner
Adam is a founding partner of Pharma Tax and focuses on providing tax planning strategies to health care professionals. His goal is to provide simplicity and convenience to clients by coordinating all areas of personal wealth management so that his clients don’t have to. This means working with external professionals on: investments, insurance, business planning, retirement planning, and estate planning.