Whether your organization has already begun the necessary process of incorporating data analytics and artificial intelligence into pharmacy operations or it is undergoing a due diligence project to decide if it’s time to implement a pharmacy technology upgrade initiative, one thing is for sure: Data analytics and artificial intelligence will have a tremendous impact on how pharmacies operate, both today and well into the future.
Pharmacies that are early adopters of such technology will have strategic advantages over those pharmacies that choose to delay. Pharmacies that embrace pharmacy technology could generate a lot more money than pharmacies that don’t. According to McKinsey (via TechEmergence ), “Big data and machine learning in pharma and medicine could generate a value of up to $100 annually, based on better decision-making, optimized innovation, improved efficiency of research/clinical trials, and new tool creation for physicians, consumers, insurers and regulators.”
Here are some ways that data analytics and artificial intelligence are changing the pharmaceutical industry.
More Personalized Treatment
With the prevalence of the internet, transactional-based pharmacies are at a distinct disadvantage. Patients can simply choose to fill prescriptions at the cheapest and most convenient place. As a result, pharmacies that want to cultivate long-term relationships and revenue need to find a way to provide more value. The Royal Pharmaceutical Society indicates that pharmacists “should shift their focus away from the distribution of medicines towards providing a broader range of services.”
This means more personalized treatment. Pharmacies need to become health management centers where patients can get help managing their long-term health conditions. It is no longer enough for pharmacists to simply fill prescriptions. Since patients can go online to get prescriptions filled, there needs to be more service provided by pharmacies to attract customers. Artificial intelligence can help by providing more personalized treatment recommendations that pharmacists can give to patients. According to Hungarian medical doctor Bertalan Mesko, “Instead of developing treatments for populations and making the same medical decisions based on a few similar physical characteristics among patients, medicine has shifted toward prevention, personalization and precision. In this shift and cultural transformation, AI is the key technology that can bring this opportunity to everyday practice.”
Volume Of Data
Many pharmacies likely have a decade of data that is accessible to them, including patient, insurance and supply chain data. For many pharmacies, this data hasn’t been thoroughly analyzed to see what insights can be gathered. For instance, analyzing prescription purchase data can provide insight into your customer’s shopping habits. Maybe patients who fill certain prescriptions tend to also buy certain products. Understanding how your pharmacy’s patients shop and what they buy can help your organization stock the right items, perhaps at a scale that reduces their acquisition costs.
Data analytics can also improve budgeting and efficiencies throughout the organization. With access to your organization’s supply chain data, you might be able to identify opportunities for improvement that you may not see otherwise. This includes streamlining supply chain processes, negotiating better rates and anticipating future patient needs. […]