Chushul Suri, Founder and CEO, Medbikri highlights that the use of advanced digital technologies has improved inventory management in pharmacies by making it more secure and cost-effective
Pharmacies have always been an integral part of the Indian healthcare system. It is the link between a doctor’s prescription and patients acquiring the medicines to recover from their illnesses. Over the years, the world of healthcare has evolved rapidly, and digital technology has played a crucial role in transforming the industry, including the way pharmacists operate. From automated inventory management to teleconsultation, digital technology is helping Indian pharmacists provide better patient care, reduce costs and streamline their operations. The value of India’s retail pharmaceutical market is estimated to touch $59 billion by the fiscal year 2023, which presents a promising opportunity for retail pharmacies to bolster and strengthen their operations.
Here are some of the ways in which technology is changing the face of pharmacy in India and benefitting the pharmacists, patients and the healthcare system as a whole-
Improved inventory management
The use of advanced digital technologies has improved inventory management in pharmacies by making it more secure and cost-effective. Digital technology solutions, such as pharmacy inventory management systems, have turned out to be game changers. These systems have helped pharmacists efficiently manage their operations, enabling them to generate more revenue. Features such as updating store inventory details by uploading purchase bills significantly reduce the time in data entry, allowing pharmacists to focus on more complex work. Cloud technologies have made inventory management systems scalable, with features that allow pharmacies to prevent wastages or stockouts. Inadequate management of medicine can result in shrinkage or loss, which can have serious consequences. However, a management system can help ensure the security and availability of all medicine stocks, resulting in cost savings. Other related technologies such as scanning barcode labels on packages have also facilitated electronic purchasing and procurement on a larger scale.
Increasing efficiency through billing software
Medical billing software helps streamline the sales process by automating tasks such as generating electronic bills in just seconds. Pharmacies can easily send digital bills to customers via WhatsApp or SMS, rendering the process less cumbersome and resulting in increased footfall due to the ease of experience. Relying on digital instead of paper bills also ensures that pharmacists save time, costs, bring more value to the patients and remain sustainable at the same time. Certain online pharmacy billing software also maintains a database of medicines and health products, making it possible to track the stock of drugs and other health-related items that require replenishment. Additionally, such software also provide insights into customer preferences, including the best-selling products and the ones that are less popular.
With the help of digital tools, pharmacies are also alerted when patient prescriptions are expiring and require refills, helping businesses ensure a steady stream of revenue and engage with customers in a better manner and gain their trust. Pharmacists can improve customer service by sending reminders or notifications to chronic patients when their prescriptions are running low, enabling them to always have their refills on time.
To further grow their businesses, pharmacists can also use online pharmacy software to analyse market trends and customer behaviour, enabling them to develop effective marketing and outreach strategies, sell additional products and increase sales.
Telepharmacy
Digital technology has facilitated telepharmacy services, enabling patients to connect with qualified pharmacists remotely. This allows for remote drug selection counselling, prescription checks and dispensation of medicines. This is particularly useful for patients with long-term illnesses in rural areas or in emergency cases where there may be a shortage of healthcare professionals and onsite pharmacy services. Telepharmacy eliminates travelling costs for patients and reduces the burden on the healthcare system. Digitisation is also helping many pharmacies transform into e-clinics, improving the pharmacy’s bottom line and helping them retain customers. With nearly 100 crore Indians residing in smaller cities that often experience a shortage of doctors, local pharmacies can bridge the treatment gap by providing online doctor consultations and prompt medicine deliveries.
Digital technology has greatly impacted the way Indian pharmacists operate and has led to improvements in inventory management, sales processes, and customer service along with streamlining of operations and reduction in costs. By leveraging these technologies, pharmacists can focus on providing better patient care and engagement, resulting in increased trust and loyalty from customers. As the healthcare industry continues to evolve, the integration of digital technology will undoubtedly play a significant role in shaping the future of pharmacy in India.
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