Pharmacies face a host of new pressures brought by the COVID-19 pandemic.
For one, they have to deal with new regulations and pressing customer demands. To keep up with the rapid changes, you must dip into the pharmacy management system market and adopt new technologies for business strategies.
One of the rising technological trends in the industry are pharmacy software solutions or pharmacy management software. Using this software, you can say goodbye to manual data processing. Pharmacy software systems can automate billing, inventory management, customer relationship management, and more.
But technology is always evolving. With that, here is an overview of the pharmacy management software market for 2021 and beyond.
Rapid digital transformation
The race towards full digital transformation cutthroat within the pharmacy industry. More businesses are investing in various technological trends in pharmacy software solutions to improve their supply chain and workflows and enhance distribution and patient access to medical products.
Rapid digital transformation is also brought by the pressures of the COVID-19 pandemic. The role of pharmaceutical companies is now more critical than ever. Hence, the industry is rushing to streamline operations and make their products and services more accessible using digital tools.
Increasing pharmacy management software demands
One of the effects of rapid digitalization in the pharmacy industry is the increase in demand for pharmacy management software solutions. In fact, a report by Mordor Intelligence shows that the pharmacy management software market is set to grow at 10.73% within 2021 to 2026.
There are many benefits to investing in a pharmacy management system. It provides you with tools and functions to deliver efficient professional and personalized care to your customers. Moreover, you can integrate it with other business solutions to create a more seamless workflow for your company. For example, you can integrate your pharmacy management system to your ecommerce website. In fact, integration is something that you should consider if you are planning to implement digital transformation into your strategies.
Nowadays, there are many options to choose from. So take your time in evaluating which pharmacy management software is right for your business. Consider investing in a software that can accommodate your specific needs and demands.
Integrations with other solutions
As the industry makes a huge stride in digital transformation, there is still much progress to be made for pharmacies to adopt new technologies. A pharmacy management software is just one of the solutions you can use to hasten digitization of your pharmacy operations. You can integrate other types of business solutions to help you embrace full digital transformation.
For example, you can integrate accounting software into your pharmacy management software to streamline your finance management and have better transparency on cash flow.
Innovations are always around the corner. So take this opportunity to explore and experiment with the various technologies available.
Rise of AI (Artificial Intelligence)
Artificial Intelligence in the global pharmaceutical market is expected to grow to $1.27 billion in 2021. The latest pharmacy management systems leverage AI and ML (machine learning), allowing for more precise automation and analytics.
Using AI, pharmacies can focus on taking a customer-centric approach to their services. AI-powered solutions can manage the daily operations of the pharmacy without further human interference. For example, you can keep track of your customers’ and dealers’ information, accounting, and even e-prescriptions.
Unlike traditional pharmacy management software, AI-powered tools can handle more complex tasks such as detailed auditing and comprehensive reports on your business’ performance, customers, manufacturers, and suppliers.
Focus on Big Data and analytics
With the rise of AI and ML, big data and analytics play a critical role in any type of business’ growth. Pharmacies can benefit from this as well thanks to pharmacy management systems.
Nowadays, the advancement of analytics allows you to gather data in real-time. You can mine and extract essential data from your daily operations and interactions with your customers, suppliers, and manufacturers. This can give you insights on how you can further optimize your processes and improve your business strategy.
For example, you can determine what medicines are in high demand based on data on your customers’ behavior and purchase history. This allows you to coordinate and manage your inventory accordingly to avoid overstocking or understocking in the future.
However, data alone cannot improve your operations overnight. To make the most out of it, you need specialists who know how to handle and apply this information into your pharmacy. Consider hiring someone with a health administration background.
What can you do with a health administration degree? For anyone already allied in the medical field, taking up health administration gives them more skills and knowledge in business administration, communication, and leadership in the healthcare environment.
Adoption of blockchain technology
Pharmacy companies started recognizing the potential of blockchain to transform the industry. A recent report predicts that the demand for blockchain technology among pharmacy companies will reach $30.519 billion by 2026. This technology can offer legislative, logistical, and safety benefits for pharmacy supply chain management.
Blockchain refers to the decentralization and distribution of ledgers that record your digital assets. By design, data within the blockchain becomes unalterable through cryptographic hashing. This can reduce the risks of fraud and tamper with your data.
The inherent security measures of blockchain make it a powerful tool for the healthcare sector, such as the pharmacy industry. You can use it to prevent the spread of counterfeit drugs and ensure the safe distribution of medical products.
Moreover, it provides better end-to-end transparency for your pharmacy management—specifically for your supply chain. Its architecture allows participation from multiple stakeholders.
Leveraging eCommerce channels
Patients demand better accessibility to healthcare services more than ever. In fact, there was a 900% increase in the demand for telehealth services within the past year. Hence, pharmacy companies started embracing ecommerce to meet the new demands of their customers. Through this platform, consumers can now order over-the-counter (OTC) products online.
Pharmacy management systems can accommodate this shift by providing you with automation tools for your ecommerce channel. This includes inventory management, order tracking, and billing functions for your online medical shop.
You can even use this software to manage both of your online and offline sales channels. This ensures centralized management over all your processes and operations over your ecommerce channel and your brick-and-mortar stores.
Taking a customer-centric approach
According to Sage Growth Partners, 70% of healthcare leaders are prioritizing a customer-centric approach in running their operations. Pharmacies, too, are looking for ways to boost their customer engagement to attract and retain more customers. Fortunately, your pharmacy management software can help you with the task.
By investing in the best pharmacy software, you can create a seamless and satisfying buying experience for your customers. You can use it to ease online transactions or simplify daily processes within your pharmacy stores.
Aside from streamlining your operations, your pharmacy management system can gather and analyze customer data to determine their demands and needs. It can give you insights on their preferences and behaviors. And if you have an ecommerce channel, you may even use your software to keep track of your customers search and purchase histories so that you can improve your marketing strategies.
Future of pharma industry
With so many technological innovations in the healthcare service, pharmacy management solutions are also evolving. They are becoming more efficient and sophisticated than ever. But with so many options available, you might find yourself struggling to determine which one is right for you. Hence, you should carefully evaluate and research pharmacy software reviews to determine which one suits your company.
Customer demands are changing. Hence, pharmacy companies need to level up their services to accommodate their customers’ needs. Invest in the best pharmacy management software to help streamline your daily operations and processes.
