The world around us and in particular, innovation and technology, is moving at an exponential rate. Pharmacy owners cannot carry on without embracing technology. The question I am constantly asked is:
What should I invest in and will there be a definite Return on Investment (ROI)?
The answer is that we have no choice but to invest in technology. The UK government has made it blatantly clear that the entire Pharmacy sector needs to modernise and embrace new ways of working, use new IT systems and immerse ourselves in the technological revolution. The 4% efficiency savings insisted by the Department of Health can only take place if we are to harness modern ways of working. The alternative is that you remain inefficient and lose money from your dispensing activity , whilst being unable to engage in the service led model proposed by the government.
BD Rowa Dispensing Technology – Driving Efficiencies
What areas should pharmacy owners be considering in terms of embracing in technology?
The starting point has to be; do you have the right PMR system for you and your business? Or is it a glorified labelling machine?
A detailed analysis will help you see if the investment you make in your PMR system is giving you a return. Questions I would ask include:
- Is the PMR system working with your pharmacy team to process prescriptions quickly and safely?
- Is the system helping you to maximise your profitability on stock purchases and giving good stock control, especially Controlled Drugs?
- Are you wasting time creating reports that can be automatically generated?
- Does it help you maximise the service fee income from the various NHS services such as NMS and Flu Vaccination service?
- Apart from the PMR system which is very costly, have you considered using apps or web-based tools to help your business?
- Does ‘Hub & Spoke’ work?
I have spent 6 years involved in developing various Hub & Spoke models in the Independent Pharmacy sector and working with Strathclyde University in Glasgow. I believe that for a certain size pharmacy group based on particular prescription volume and regional distribution of the pharmacies there is a positive business case for embracing Hub & Spoke.
Matt Hancock is a big advocate for advancing technology in pharmacy – Image from the PillTime Blog
It is apparent that the pharmacy sector is going through its own evolution, those that do not invest in technology will get left behind and may not be in business in the next 5 years.
Let me help you make the right decision and invest in the IT tools that will help you and your business grow and prosper. Let ML Consultants help you make that change.
Investment opportunities include buying robots, implementing new software and changing the way you operate your pharmacy.
I’d be really happy to book in a 15 to 30-minute free consultation with you to talk about your challenges, goals, and aspirations.
