Innovation and disruption in the digital health and wellness space are now radically breaking barriers, and fast-forwarding frontiers in the world of the trusted neighborhood pharmacy, too.
A vital part of the healthcare ecosystem, pharmacies were frequently the first port of call during the height of the COVID-19 pandemic for health and wellness needs, as people struggled with the new virus. Pharmacies provided a range of expanded services, including preventive medicines, vaccinations, advisory, equipment, nutritional supplements, testing services, drive-through and online delivery, and virtual primary care as they catered to patient needs during that crucial period.
A lot has changed for pharmacies within a short time, and at the same time, there is increasing pressure on them to deliver on their share of healthcare cost reduction. Lower costs mean lower reimbursements and revenues for pharmacies and healthcare providers.
As a result, pharmacies are seeking additional avenues to generate revenues. All of these changes are redefining the role of pharmacies in the future. Analyzing these changes, here are the five key trends that will chart a new role for the pharmacy of the future.
(This is an edited excerpt from an article authored by Nitin Kumar, Vice-president and Senior Managing Partner, Digital Health and Wellness, Business Transformation Group, TCS. Read the full story here.)