How To Use Data To Grow Your Pharmacy

Data is collected facts or statistics. The collection can be analyzed or act as a point of reference. Data is an objective source of information. Such facts can help business understand their target customers. The organization can use the understanding to tailor services to client needs. The impact is a company responsive to customer preferences. Data can act as a mirror that helps an organization know how it is doing. You can make informed decisions for your pharmacy. The analysis can assist in the iterating process that can keep businesses from becoming obsolete. Good data analysis can open opportunities that allow pharmacies to take advantage of trends to grow their establishments.

A challenge for pharmacies, given the extensive number of SKUs (Stock Keeping Units), is stocking the products customers prefer without losing them to expiries. Data can assist in optimizing your pharmacy's inventory. Concepts like the grading of products can inform how you run sales in your pharmacy. The offers can increase sales and revenue. The information can lead to decisions that limit losses due to expiries. The data can potentially assist you in determining whether it is worth taking advantage of a sale from your suppliers. You can improve your cash flow by having the optimal stock levels at your pharmacy.

One of the ways to grow your pharmacy is by collaborating with other players within the healthcare space or in complementary industries. You can use data to tell if a partnership yields the expected results. The trends allow you to iterate and pivot if needed. Analyzing pharmacy data can help identify needs your establishment can fulfill for the community you serve. Seasonal trends can give information on disease patterns that can help you adequately stock up in advance. You can also use data to partner with companies to help you liquidate slow-moving or short-expiry products.

Where can you get data from for your pharmacy? Prescriptions. Feeding information from prescriptions into digital formats can help you determine which physician to partner with. Data from insurance can inform your negotiation process with the providers. You can also get data from the online side of your pharmacy. Remember to follow the regulations from the Office of the Data Commissioner when setting up online stores. The Pharmacy and Poisons Board (PPB) has also set up a detailed checklist of requirements for setting up purely online pharmacies and those that combine with a brick-and-mortar component.

Use data to determine if a new product you want to introduce to your pharmacy will make sense. Depending on the consumption levels of a particular product, you could negotiate for better rates or even consider manufacturing your brands to lower costs and expand profit margins. The information from your pharmacy's data can help you decide what to focus on when attending business fairs. Set up data sources you control, for example, loyalty systems. Use information from the data to have robust discussions with partners. Data can help you personalize services that make your pharmacy competitive in a saturated industry.
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