Friday, May 24, 2024

How Technology is Elevating the Pharmacy Industry?

Just a heads up!

Technology is becoming a driving force for almost every industry.

And healthcare is the main sector that is experiencing the true potential of technology-driven solutions.

Pharmacy is one of those areas where technology is making a greater impact on each and every corner of the organization.

So, this blog is all about the technology trends in the pharmacy industry.

Things that pushed us to write this blog

We never just focus on the information. But we dare to speak about what cooks behind the doors. 

Below is the major concern of the pharmacy industry or pharmacy store.

  • A time-consuming process
  • Increasing costs
  • High work burden
  • High possibility of the error

These aspects are directly influencing the patient care experience and overall revenue of the pharmacy.

The situation is hazardous.

Hence, we have done a brainstorming with the 50+ health tech experts about tech solutions and came up with the most promising and outcome-driven technology trends in the pharmacy industry.

Explore the game-changing technology trends in the Pharmacy Industry

Technology is pushing the pharmacy industry to deal with the patient’s medication needs in a faster, more accurate, and efficient manner.

Here are exciting technology trends in pharmacy.

#1. E-Prescribing adoption:

Online prescription is becoming a new norm for the healthcare industry.

But it is extremely helping pharmacies to deliver faster and more accurate prescriptions to patients without confronting any error-generating issues.

It reduces the time and efforts of the patients as well as the pharmacist.

What’s more important is that it eliminates miscommunication which directly improves the quality of care experience and patient safety.

Explore the benefits of the E-Prescription

  • Reduces the data-entry process
  • Ensure efficiency and accuracy
  • Save time in the refill process
  • Enriches the patient safety

#2. Digital Therapeutics:

Digital therapeutics are improving health outcomes!

It is the digital products that offer an evidence-based therapeutic intervention in order to prevent, manage and diagnose various disorders.

Digital therapeutics is becoming a helping hand for the pharmacy industry to thrive by improving drug discovery outcomes.

Explore the benefits of the digital therapeutics

  • Improves the medication adherence
  • Enables to create of personalized solutions
  • Helps in identifying the various patterns
  • It is playing a vital role in helping patients going through chronic conditions
  • It supports behavioural changes.
  • Reduces the costs

#3. Telepharmacy:

It is an advanced and most promising technology trend in the pharmacy industry.

Telepharmacy is delivering peace of mind to both pharmacists and patients under the same roof.

That’s the reason, the market is skyrocketing right now.

As per the Verified Market Research, “Telepharmacy Market size was valued at USD 7.8 Billion in 2022 and is projected to reach USD 22.6 Billion by 2030”.

global telepharmacy market statistics

It is the tech solution that enables patients to get pharmaceutical care without stepping out of their homes using their smartphones, tablets, laptops, or computers.

This means it enables the pharmacist to provide the same level of interaction as seen in the live-in person visits via online voice or video conferencing.

Explore the benefits of the telepharmacy

  • Saves time and costs
  • Reduces the work burden of the pharmacy staff
  • Helps in focusing on the key areas of the enterprise
  • Increases the medication adherence
  • Enables to provide comprehensive support in the rural areas 

#4. Artificial Intelligence in drug development:

AI is bringing the revolution to the pharmacy industry by harnessing the true potential of the data.

The booming market is the perfect proof of it.

As per the Global News Wire, “The global AI in pharmaceutical market size was valued at USD 905.91 million in 2021 and is expected to hit around USD 9,241.34 million by 2030.

How does it help the pharmacy industry?

  • Improves decision-making
  • Optimizes innovation 
  • Improves the efficiency of clinical trials, 
  • Accelerating drug discovery and development procedure
  • Saves the time and efforts of the clinical staff
  • Finding the new drugs 
  • Predicting the outcomes of the processes

The Pharma industry spends a large amount of time and money on finding the best and most effective drugs for various diseases.

AI has the potential to elevate the efforts of drug discovery at almost 10X space without adding any costlier and time-consuming roadblocks.

#5. Automation:

Pharmacy means – an ecosystem having tons of repetitive tasks and a high possibility of manual errors. These are the major roadblock for any pharmacy store.

But automation holds the result-driven key to decoding this entire madness of the pharmacy.

In the past few years, it has emerged as the most effective and significant technology trend in the pharmacy industry.

It enables the pharmacies to automate some daily repetitive tasks such as,

  1. Data entry
  2. Inventory management
  3. Medical invoicing and billing
  4. Compounding medication
  5. Dispensing cabinets and devices

Explore the benefits of automation in the pharmacy industry

  • Reduction in the manual errors
  • Peace of mind for the staff
  • Improves the patient safety
  • Reduces the operational and resources costs
  • Faster ROI 
  • Ensures consistency and accuracy

#6. Big data & analytics:

Remember, data is everything, especially when it comes to the healthcare sector.

It assists the pharmacy to improve the performance and outcomes of various activities such as drug discovery and manufacturing using large-scale clinical research, patient health records, medical imaging, and other medical data.

Predictive and descriptive analytics are the most common ways to find the best possible way to leverage the efforts of the organization while at the same time eliminating unnecessary costs and time.

Explore the benefits of big data & analytics

  • Enables to find the potential risks
  • Helps in improving the clinical approaches
  • Can create more effective and outcome-driven business strategies
  • Improves the efficiency and effectiveness

To sum it up

The industry is transforming as pharmacy app development, AI, automation, big data, and other technologies are evolving like never before.

So, it is becoming more important than ever to adopt the robust tech solution in the pharmacy ecosystem to experience its true power.

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