Retail Pharmacy Trends to Help Improve Business in 2019 - Dream Health

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Monday, 11 March 2019

Retail Pharmacy Trends to Help Improve Business in 2019

The pharmacy industry is experiencing innovation at a record rate. According to DCAT, a record-setting 59 new molecular entities (NMEs) were approved by the FDA Center for Drug Evaluation and Research in 2018. This recording-setting amount of medical discoveries shows a promising outlook for new prescription drug products and the growth of the pharmacy industry.

As retail pharmacies look for new innovations, there are several trends and technologies, such as pharmacy software solutions, that can help to not only improve business but also patient care.

Here are three trends retail pharmacies should know to help improve business and innovation in 2019.

Speciality Pharmacy Products and Services

Specialty drugs, such as drugs that treat illnesses including certain cancers, arthritis and multiple sclerosis, are typically more expensive, complex, and higher in demand than traditional brand-name drugs. However, they are also more profitable. According to the Specialty Pharmacy Times, specialty drugs currently represent 39% of overall pharmacy benefit spend, and the cost of specialty drugs is projected to grow 48% by 2020.

Retail pharmacies must consider several factors before offering specialty drugs, such as how to handle the increased demand and volume. Pharmacists should also consider the clinical requirements, and may want to expand services to complement new specialty drug offerings.

Technology and Big Data

Big data and analytics has transformed several industries, including finance, retail and healthcare. In 2019, pharmacies will continue to innovate using these technologies. For example, pharmacies can utilize predictive analytics on their data to spot patient patterns, such as the likelihood of their adherence to a new medicine.

Technology, such as pharmacy software solutions, can also help pharmacists to streamline processes, such as reporting, billing, workflow and inventory. This also helps to make pharmacists more efficient, freeing up time from daily tasks to focus on more one-on-one patient interaction.

Personalized and One-on-One Care

Technology and innovations, such as pharmacy software solutions, have helped to free up more of pharmacists time, allowing for more personalized interaction with patients. Pharmacists are an important member of a patient’s healthcare provider team, and can help educate patients on prescription drug uses and side effects.

Retail pharmacies may also consider implementing personalized services, such as personalized plans to help patients quit smoking, manage their weight or get vaccines before traveling.

As the pharmacy industry continues to grow, pharmacists must keep up with the ever-evolving trends and technologies. These technologies can help to make pharmacists more efficient, and as a result, improve patient satisfaction and quality of care.

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