Technology is now a part of our life. Technology plays a major role in retail businesses to reduce their production cost and enhance their consumer experience.
IT is used by all the retail pharmacies for inventory management and customer support.
New technologies are playing an important role in the advancement of the retail pharmacy business.
The E-commerce segment has gained a lot of popularity and has reached every corner of the Earth within a few years. In India, there are over 451 million internet users as per a study.
People have shifted towards online shopping due to a variety of choices, collections, and affordable prices but consumers took some time to adjust to the e-commerce retail pharmacies.
The young generation is, however, adapting to the e-commerce retail pharmacies. This segment is widening its range and increasing sale every day.
This is one of the most significant trends change in technology, especially in 2020. It would be beneficial in keeping the records of a patient and medicines. It can also help the pharmacist in suggesting the proper medication for the patient according to his medical history.
IBM Watson is a computer that can interpret millions of pages of scientific literature and data that can help pharmaceutical companies and researchers to speed up the development of new medications.
The supply chain and its proper functioning ensure the on-time delivery of goods to the consumers.
In the early years, the retail pharmacy industries lacked in the supply chain structure due to lack of planning and organization.
With the advancement of technology, streamlining the supply chain and organizing it. It has also resulted in reduced man-power and becoming cost-effective.
Each client is extraordinary as are their prerequisites. Customers don't need a standard approach any longer.
Pharmacists must be well educated about how to handle each individual client and provide customized supports to them. In India, it is a difficult task to perform as people tend to cure small illnesses themselves without getting any medical support. Therefore, the role of pharmacist become more crucial as they have to provide the ideal medication after analyzing the condition.
With the progression of technology, it has become easier and provides customized support.
More than 12 lacks clinical shops and units have a place with the chaotic part of the Indian retail drug store industry. Likewise, there are over 10 thousand wholesalers and stockists in the Indian situation.
Lately, a ton of combination has begun occurring. Numerous mergers, buyouts, acquisitions have occurred, and the retail business is uniting.
With the national tension going on with China and the pandemic, the availability of raw materials from China and the prices of medicines is highly affected. Medicines are not available and the prices have also increased, which is affecting the consumers the most.
The retail pharmacy industries have evidently achieved some success in sales and revenue generation. However, the distinctions in guidelines over the globe keep the retail pharmacy business from accomplishing normalization. Other factors are also responsible to mess with the general development of the fragment.
The Drug Price Control Order (DPCO) observed by FDA guarantees the normality in the cost of the medications and drugs in the Indian Market. The organizations have additionally distinguished extraordinary strategies to build their brand image.