{"id":27348,"date":"2021-05-18T09:58:01","date_gmt":"2021-05-18T09:58:01","guid":{"rendered":"https:\/\/www.pharmamanage.gr\/2021\/05\/18\/the-future-of-retail-pharmacies-from-filling-scripts-to-fulfilling-consumer-experience\/"},"modified":"2024-02-01T16:43:12","modified_gmt":"2024-02-01T14:43:12","slug":"the-future-of-retail-pharmacies-from-filling-scripts-to-fulfilling-consumer-experience","status":"publish","type":"post","link":"https:\/\/www.pharmamanage.gr\/en\/the-future-of-retail-pharmacies-from-filling-scripts-to-fulfilling-consumer-experience\/","title":{"rendered":"The Future of Retail Pharmacies – From Filling Scripts to Fulfilling Consumer Experience"},"content":{"rendered":"

Retail pharmacies are being challenged by closed-door pharmacies (i.e., mail order and digital pharmacies) that offer fast contactless delivery (direct to a patient\u2019s home), around-the-clock pharmacist support by phone and text, user-friendly mobile apps, and platforms that provide real-time pricing information and access to coupons.<\/strong><\/p>\n

What closed-door pharmacies can\u2019t offer is the personalized touch of a local pharmacist.<\/p>\n

Local pharmacists, however, often struggle to find time to offer that personalized touch.<\/p>\n

According to one study, pharmacists across all sites of care estimated that just 10% of their time was spent counseling patients.<\/strong><\/p>\n

Much of their time is typically devoted to conducting pre-authorizations, clarifying information with physicians over the phone, and filling prescriptions.<\/p>\n

Many of our retail-pharmacy clients are looking at ways artificial intelligence (AI), advanced analytics, and other technologies (e.g., central fill, workload balancing via tele-pharmacy, and automation to improve dispensing and quality assurance) could be used to give their pharmacists more time to focus on the consumer experience.<\/p>\n

For example, if electronic pre-authorizations (ePAs) are included in a patient\u2019s electronic medical record (EMR) -and shared through a data-exchange agreement- pharmacists could review the physician\u2019s notes themselves (or have the process fully automated similar to step-therapy edits) and spend less time on the phone.<\/p>\n

The traditional pharmacy model is ripe for disruption<\/strong><\/p>\n

Mail-order pharmacy had been declining for much of the past decade, driven in part by the growth of 90-day retail prescriptions.<\/p>\n

Between 2018 and 2019, the number of prescriptions filled by mail order fell from 214 million to 205 million.<\/p>\n

The COVID-19 pandemic reversed that trend as many people avoided going into stores.<\/strong><\/p>\n

While mail-order prescription fills are on the rise, the retail-pharmacy business remains flat or down slightly.<\/p>\n

Last summer, weekly mail-order prescriptions increased by an average of 6.5% over the same period a year earlier, according to IQVIA data.<\/p>\n

Some venture capitalists and private equity investors have noted that the future of medication fulfillment and delivery is ripe for digital disruption.<\/strong><\/p>\n

As of February, 11 digital pharmacies had collectively raised $1.6 billion from investors.<\/p>\n

These new entities have built their processes and tools from the outside-in, focused on consumer behavior or tailored their models to meet the needs of specific consumer segments.<\/p>\n

In addition, the legacy platforms used by many pharmacies are decades old, which makes it difficult to incorporate omni-channel engagement models, new data sets, and the shift toward clinical programs.<\/strong><\/p>\n

Last year, we outlined the changing role of retail pharmacies and pharmacists in our paper on the Future of Pharmacy<\/a><\/strong>.<\/p>\n

We believe the COVID-19 pandemic has accelerated this transformation.<\/p>\n

\"People<\/p>\n

Patients are generally more accepting of telehealth than they were prior to the pandemic, and they have grown more comfortable with talking to someone over the phone about prescription drugs.<\/strong><\/p>\n

We have recently seen some impressive clinical innovations, such as the mRNA platform used for several COVID-19 vaccines.<\/p>\n

We have also seen retail pharmacies and pharmacists take on expanded roles in COVID-19 testing and vaccination efforts.<\/p>\n

This builds on our blog last summer<\/a><\/strong>, which discussed how pharmacists of the future could play a bigger role on care teams by counseling patients, supporting transitions in care, and by working directly with physicians to close gaps in care (e.g., missing vaccinations or a person with diabetes without a statin prescription).<\/p>\n

Four ways pharmacies can improve the human experience<\/strong><\/p>\n

Companies that focus on the human experience are twice as likely to outperform their peers in revenue growth over a three-year period, according to Deloitte research on quantifying the value of human experience<\/a><\/strong>.<\/p>\n

Retail pharmacies should look for ways to transform themselves – from a focus on pill dispensing to a focus on human-centered health.<\/strong><\/p>\n

People might visit these retail pharmacies of the future for prescriptions and\/or wellness coaching.<\/p>\n

They might leave with insights into managing their condition, an understanding of what side-effects to watch for, or strategies for navigating our complex health care system.<\/p>\n

People who take advantage of health and wellness services available at a retail pharmacy tend to have higher satisfaction levels and brand loyalty.<\/strong><\/p>\n

They also might spend more money at the store.<\/p>\n

Future changes in reimbursement could also provide a financial incentive for pharmacies and pharmacists to perform more consumer-facing functions.<\/strong><\/p>\n

This will likely require retail pharmacies to have physical, virtual\/digital, and home health strategies that elevate the human experience and builds upon what happens within their four walls.<\/p>\n

Here are four strategies to consider<\/strong>:<\/p>\n

1. Use data to personalize interactions:<\/strong><\/p>\n

Integrated data (i.e., medical, pharmacy, lab) can be used to provide intelligent clinical interventions and more personal patient-pharmacist interactions.<\/p>\n

These types of tailored experiences could help pharmacies create stickiness with consumers and become an integral part of new care models.<\/strong><\/p>\n

Pharmacies that can do this successfully will likely emerge as leaders in a post-COVID world where personalized, in-person care is highly valued.<\/p>\n

\"Integrated<\/p>\n

2. Develop actionable and dynamic segmentation:<\/strong><\/p>\n

Technology can be used to segment consumers by demographic and clinical data. It can also be used to leverage genomic, social, and other consumer attributes as available.<\/p>\n

The key is to develop actionable segmentation that can adapt with the consumer.<\/strong><\/p>\n

Recent Deloitte research shows how actionable segmentation<\/strong><\/a> can provide valuable insights about health care customers.<\/p>\n

Once consumers are segmented, pharmacists can tailor the way they engage with each unique group to help create an emotional attachment to the brand.<\/p>\n

For example, knowing which consumer segments are most susceptible to COVID-19 infections could help improve responses to future infectious diseases.<\/strong><\/p>\n

Segmentation could also help pharmacists coach patients in a more culturally sensitive and clinically appropriate way while also understanding how their needs might vary as their disease progresses or based on other barriers to care.<\/p>\n

3. Enhance the algorithms:<\/strong><\/p>\n

Algorithms can be used to determine when patients are likely to become non-adherent to a prescription, but they need ongoing input to learn<\/em> over time (e.g., why a patient isn\u2019t being adherent).<\/p>\n

By complementing the data-driven insights with face-to-face discussions, pharmacists can create a memorable and emotional experience for consumers.<\/strong><\/p>\n

Additionally, pharmacies that use such algorithms could have a meaningful impact in reducing health issues that can result from deferred and delayed care.<\/p>\n

The algorithms can help pharmacists understanding how to be proactive and when to coordinate care to address key risks for disease progression.<\/p>\n

4. Localize care: <\/strong><\/p>\n

Health care is often local and requires a multi-faceted approach to meet consumers where they are.<\/p>\n

Pharmacists can play a role in helping members of a community to understand and help improve drivers of health such as access to reliable transportation or healthy food.<\/strong><\/p>\n

There is extensive evidence that these factors all have an impact on health. Helping consumers overcome these barriers is important and often requires a hands-on approach.<\/p>\n

Adopting these four strategies will likely require time and attention from pharmacists, which is often in short supply.<\/p>\n

Around-the-clock service, centralized dispensing automation, and other technologies used by closed-door pharmacies could be perceived as a threat to brick-and-mortar stores. But they could also be an opportunity.<\/strong><\/p>\n

Those same technologies could help free up time for pharmacists so that they can focus on the consumer experience to help secure the future of the retail pharmacy.<\/p>\n

Traditional retail pharmacies will likely struggle to fend off digital entrants when it comes to the cost and efficiency of dispensing and delivering medications.<\/strong><\/p>\n

They can learn from them to think about how to use data and technology to create a hyper-personalized and human-centered consumer experience.<\/p>\n

Embracing the technical, operational, cultural, and financial changes to embrace this new model will likely be essential.<\/p>\n

www.PharmaManage.gr\/en\/<\/a><\/strong><\/strong><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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