As technology advances in all areas of life, it is no surprise that technology is becoming more prevalent in independent pharmacy.
Technology has begun playing a larger role in community pharmacy and the power of artificial intelligence (AI) is poised to transform the world of pharmacy as we know it.
During a presentation1 at the National Community Pharmacists Association 2022 Annual Convention, held October 1 through 4 in Kansas City, Missouri, Paige Clark, RPh, vice president of pharmacy programs and policy at Prescryptive Health discussed the advantages of incorporating AI into pharmacy practices and shared the results of a nationwide survey, conducted by Prescryptive Health, focused on the use of technology and AI in pharmacies.
“Here’s the promise of technology: 62% of decision makers say artificial intelligence will positively disrupt the pharmacy landscape within 1 to 2 years,” Clark said. “Ninety-one percent of decision makers believe that technology can improve their pharmacies’ profitability without question.”
In terms of pricing, AI is able to compare the prices of major chain pharmacies with local competitors and identify the granular details of pricing. This information could assist pharmacies in establishing the most competitive prices, positioning themselves at the most competitive spot in the market.
Clark also shared a case study2 featuring Jeff Harrell, PharmD, a multi-location pharmacy co-owner in the Pacific Northwest, to show just how effective AI-assisted pricing can be. According to Harrell, just 1 week using AI in his store led to an increase in revenue of 16%—and an additional 58% increase year to date for just 1 of his store locations.
Because of the power and predictability of AI, many health care environments are starting to invest in similar technologies. It’s especially important for community pharmacies to embrace AI and other technological advances to be able to compete with major chain pharmacies.
The nationwide study3 also found that consumers are demanding technology, especially from their local pharmacies. Consumers want technology that will ensure a seamless experience.
“It’s imperative that we really start moving forward with this, stepping into the future and getting comfortable with it,” Clark said. “We’re all hoping that you will feel really comfortable embracing this technology and learning more about it.”
Drug Topics’ coverage of the 2022 NCPA Annual Convention and Expo is sponsored Prescryptive Health.