An important step in the modernization of any manufacturing industry is digitalisation. In the process of digitalisation, automation solutions are being used more, allowing for reduced costs, increased efficiency and productivity, and flexibility to adapt to changing conditions.
It has been difficult for the Pharmaceutical Industry to adapt to digitalisation, mainly due to a lack of experience and the intricacy of the process involved in developing and manufacturing pharmaceuticals. Even so, there is a strong need to digitalise the pharmaceutical industry given the growing demand both for traditional drugs and for new drugs. But with the gentrification of the surrounding industries, is the pharmaceutical industry being left behind, or more specifically, will your pharmacy remain behind in this ever-technological-advancing world?
Pharmaceutical Industry Digital Transformation
Digital transformation is disrupting the way businesses are conducted across all industries, but it is also creating value and network advantages. According to pharmaceutical industry research, 67% of patients use the internet to find information to help them manage their health. Consequently, becoming more comfortable when using digital networks and services, even in sensitive situations.
Approximately 76% of patients feel that pharmaceutical companies have a responsibility to provide them with health-related information and services.
The number of everyday items connected to the internet will exceed that of PCs and smartphones (smart watches, televisions, cars, etc.)
Each day, people spend an average of 159 minutes online
The Impact Of Digitalisation On The Pharmaceutical Industry
Global pharmaceutical markets are experiencing constant and rapid change, resulting in decreasing profit margins, cost pressure, a reduction in product lifecycle value, and the necessity to develop fault-proof yet agile supply chain models. These factors present significant challenges, which means your business needs to become more adaptive. In addition, the regulatory and legislative environment is becoming more complex, making it more challenging for pharmaceutical companies to compete and remain competitive. A digital impact blurs corporate boundaries and shifts power away from corporations toward customers and suppliers. Increasing collaboration and new business models are the goals of current digitalisation initiatives in the pharmaceutical industry. Digitalisation will have a significant impact on pharmaceutical companies within a short period of time. Furthermore, customers' expectations of a digital world will put a lot of pressure on pharmaceutical companies. Certainly, your existing business model will be impacted. However, digitalisation yields a high potential for profit for businesses. The pharmaceutical industry can greatly benefit from marketing and sales growth if digital value chain is integrated with client centricity. So how can you capitalize on digital innovations? (HINT: You’re closer to the solution than you think!)
Pharmaceutical Industry Digital Transformation - From Products to Services
As previously mentioned, digital transformation has transformed business models in a number of industries. In contrast, digital services adoption in the pharmaceutical industry has progressed at a relatively slow pace. As a business model, pharmaceutical companies have remained product-centric. When it comes to offering digital services beyond traditional products, pharmaceutical companies are still in the experimental phase. Despite significant industry movement, the role that digital services will play in the pharmaceutical business model has been largely ignored by local entities. In terms of a 'new digital business,' it has been shown that long-term sustainable pharmaceutical business models require collaboration and patient-centric services. In order to compensate for the lack of digital capabilities, healthcare payers and ICT companies can form partnerships. These partnerships should be used to improve patient outcomes. As opposed to the widespread belief that the blockbuster business model has died, the results confirm that blockbuster drugs will remain a crucial component of future business models.
No matter how you slice it, community pharmacists serve an important role in communities, since the products they provide are vital to people's wellbeing. Nonetheless, are you reaching out and providing for your community in the most efficient and effective way?
Can BusyMed Help You Stay Ahead Through Digitalisation?
Benefits To Customers
People who take medication for chronic conditions may find that using a medication delivery service is very helpful. For those who are disabled or busy, picking up medication at the pharmacy can be a challenge. The benefits of prescription delivery services can be realized by joining a reliable pharmacy network. Drop-off surveys conducted in 2018 found that 43 percent of pharmaceutical customers want healthcare products delivered directly to their homes.
By joining the BusyMed network, your customers will not only be able to receive their medication to their door, but also consult with you securely via our live in-app chat function, shop other products from your pharmacy and pay directly via the app. With this technology, they could be able to enjoy the ‘full pharmacy experience’ without having to leave their couches or disrupting their busy schedules.
Medication Adherence Enhanced
In addition to multiple prescriptions with their own set of instructions, adherence to medications can be difficult. It is even more complicated to buy all of the medication separately at a local pharmacy. Additionally, with the need to rush and serve as many customers as possible, this may affect the quality of information handed over to the customer regarding their medication and consumption instructions.
With a medication delivery service like BusyMed, you can have all your medications sent directly to your customers with extensive instructions.
Save Customers’ Money
The National Community Pharmacists Association (NCPA) found that approximately two-thirds of pharmacy customers do not take medications correctly. Over $300 billion is spent on healthcare each year because of this problem. An affordable medication delivery program lets patients receive much-needed medications at home each month, and only pay for what they use. Medical errors can be avoided, which would reduce the cost of additional medical expenses.
Improved Medication Management Processes
Using a delivery service also results in a more efficient medication management process. Delivery pharmacies improve efficiency in multiple ways for customers. Firstly, they reduce the cost of filling prescriptions. Secondly, they can handle larger quantities of prescriptions. It is possible for the pharmacy to focus on the needs of the customer rather than counting pills.
Prioritising the Right to Privacy
Customers who want to keep their health conditions confidential can also take advantage of medicine delivery services like BusyMed. The preferred medication can be ordered online and delivered right to your doorstep.
As a result of all of this technology, will you take advantage of these technological systems to make the pharmaceutical industry operate more efficiently and effectively according to your customers' preferred method of purchasing products?
Several pharma giants, such as Dischem and Clicks, do this already. Why should you be left behind?
Join the Best Rated Pharmaceutical Delivery App Network Today!
**As of 31 January 2022