Walgreens to Launch Over-the-Counter NARCAN Nasal Spray

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) has unveiled its strategic move to enhance the accessibility and awareness of naloxone by introducing their over-the-counter (OTC) NARCAN Nasal Spray. Starting September 5, this nasal spray will be readily available both in Walgreens stores and online, followed by nationwide availability on September 7.

The company’s initiative coincides with their dedication to equipping the public with knowledge on how to administer this critical medication, capable of reversing the dire consequences of an opioid overdose when administered promptly. This announcement aligns with the FDA’s prior approval earlier in the year.

Further Insight

Walgreens has forged a partnership with Stop Overdose, a non-profit organization focused on curbing overdose-related fatalities through educational campaigns, medical intervention, and public awareness. This collaboration aims to educate the general public about the effective utilization of this life-saving nasal spray.

Complementing this endeavor, Walgreens operates the ‘National Prescription Drug Take Program,’ exemplifying its ongoing commitment to tackling risky prescription drug usage. This program encourages individuals to utilize Walgreens’ safe medication disposal kiosks during regular pharmacy hours, enabling them to safely discard unwanted, unused, or expired drugs for free throughout the year. Those interested can locate these kiosks using the store locator on walgreens.com.

Significance of the Nasal Spray Introduction

Walgreens underscores its pledge to ensure that all Americans can easily access this life-saving medication during emergencies by incorporating it into their first aid kits. By making OTC naloxone available, Walgreens empowers bystanders, friends, and family members to play a pivotal role in saving lives.

In instances of opioid overdose, this vital drug can be swiftly administered to counteract the immediate effects of opioids. Naloxone effectively prevents the potentially fatal suppression of the central nervous and respiratory systems, restoring normal breathing to individuals experiencing an overdose. Through this community-centric initiative, Walgreens hopes to foster confidence in carrying and utilizing the naloxone nasal spray.

Market Prospects

According to a report by Allied Market Research, the global nasal spray market reached a valuation of $9.2 billion in 2021 and is projected to grow to $16.9 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 6.2%. Notably, advancements and innovations within the pharmaceutical sector, aimed at producing nasal spray products, coupled with a substantial pool of health-conscious consumers, contribute to the burgeoning opportunities in the nasal spray market.

Recent Advancements

In August 2023, Walgreens unveiled plans to provide in-store vouchers and off-site vaccination clinics as part of its employer vaccination program. Additionally, the company is set to introduce a cost-effective dual test for flu and COVID-19 during the upcoming respiratory virus season. These novel services are based on insights gleaned from a recent consumer survey commissioned by Walgreens, highlighting the preference for local pharmacies due to their convenience.

Back in June 2022, Walgreens initiated its clinical trial business with the aim of revolutionizing the patient experience and bolstering accessibility and retention in sponsor-led drug development research. This strategic move addresses challenges related to patient recruitment and enrollment, especially exacerbated by the COVID-19 pandemic. Through this venture, Walgreens aims to enhance participation, particularly among diverse populations, while assisting sponsors in achieving their trial objectives.