Experienced in emerging technologies with a keen interest in driving new solutions and products to market by collaborating with business and internal stakeholders. Expertise in developing technology POVs, GTM attack plans, win themes, and emerging tech use cases across the globe for multiple verticals. Brings in the right mix of business and technical competency.
6th October, 2022
Digital disruption changes consumer behavior at a rapid pace by transforming interactions and communications between organizations and customers. Considering some of our everyday activities nowadays, we just need to press a button, and everything comes to our doorstep like groceries, cabs, medicines, etc. Pandemic-induced lockdown hastened the adoption of must needed technological advancements across industries including the pharmaceutical sector where retail pharmacies are undergoing major digital transformations. New technologies like Metaverse, IoT, and advanced analytics enable simpler ways to receive medicines, to enhance prescription fulfillment and delivery. The possible benefits of digital pharmacies include the potential to decrease drug errors, improve prescription accessibility, and provide pharmacists more time to consult with patients. To reap the benefits of digitization, many large corporations, like CVS, Walgreens, Rite Aid, and Amazon are paying attention to digital pharmacies. Some of the largest venture deals over the last few years have involved digital pharmacies:
But what makes them so competitive? It’s more than just convenience for the patient.
What’s driving the growth of Digital Pharmacy
How emerging technologies opening doors to more services
Pharmacies can take advantage of a range of services and solutions that create value for both pharmacists and customers. These solutions are developed leveraging automation, and emerging technologies like IoT, big data, AR/VR, blockchain, metaverse, etc. to boost productivity, quicken prescription dispensing, and speed up insurance approvals.
Some of the examples where emerging technologies are playing a pivotal role in this space are:
Pharmaceutical and healthcare companies must leverage technological advancement to create a more individualized customer experience and patient healthcare procedure that keeps customers engaged across the journey.
The road ahead: What’s to come
Digital pharmacy’s future looks promising as many new players enter the market and existing market giants expand into digital pharmacies. The digital pharmacy market revenue is expected to show an annual growth rate (CAGR 2022-2026) of 14.42%, resulting in a projected market volume of US$35.33bn by 2026.
Retail pharmacies, payers, and pharmaceutical companies looking to encourage the use of digital pharmacies should take the below pointers into consideration:
Working collaboratively with online pharmacies to supply patients with educational resources (e.g., disease education and treatment information)