According to rating agency ICRA, the Indian pharma industry is estimated to grow at 9-11 % in 2021-22. It will be driven by domestic and emerging markets in the next few quarters. ICRA reported that revenue growth was mild at 6.4 percent in the second quarter of FY22, down from 16 percent in the first quarter of 2021-22, in a sample of 21 Indian pharmaceutical businesses.
The fundamental causes for the decreasing growth pace in Q2 FY22 were the normalization of the base and pricing challenges in the US market. ICRA stated that growth in both domestic and emerging markets remained solid.
This proves that the market is still good for retailers who deal in the pharmacy business. But they have been facing tough competition. This is because the demand for medicines and related services has increased due to the Covid-19 pandemic in the last two years. In the midst of this complexity, pharmacy retailers are switching to software solutions and making a mark.
Content…
- Modern Retail Pharmacy
- 6 Trends Shaping Pharmacy Growth and Automation in 2022
- 5 Top reasons to consider the retail pharmacy business as your career
- Conclusion: What SWIL contributes to Indian pharma industry?
Modern Retail Pharmacy
Modern retail pharmacy is much larger and more challenging for pharmacists than that of any other retail business segment. It requires qualified and skilled staff that deliver smart and quick help to patients. They should read their prescriptions, understand dosage, and dole out general advice about the usage of medicines.
This is all about a patient/customer required from a pharmacy retail shop. Thus, it should be the responsibility of pharmacy retailers to stay connected with the market trends, adopt technological solutions to enhance the market reach, and contribute to strengthening the pharma industry.
In this context, SWIL India comes with the software solution ‘SwilERP’ for single-store pharmacies. It gives businesses a solution that automates their daily store processes like inventory management, drug details, billing, accounting, GST, and more. This way, it ensures retail pharmacists healthy revenue, growth, and margins.
Let’s know why the pharmacy industry is growing so fast.
6 Trends Shaping Pharmacy Growth and Automation in 2022
The COVID-19 epidemic continues to put pressure on pharmacies while also stimulating expansion.
Initially, when the outbreak of Covid-19 came, no one had any idea that it would affect human life and work in this way. But soon, everything went to a halt. People stopped coming to the shops and started looking for home delivery. But pharmacy and medical stores were the only business segments that continued to function non-stop. They were in great demand, and this situation remains.
At the time, many pharmacies relied on their strategies for foot traffic and new growth areas such as specialty treatments. Therefore, pharmacies are now taking new directions, focusing on new revenue streams based on patient needs such as convenience and location of vaccines from their homes.
For pharmacies to rethink their development, centralization and automation became necessary to build capacity and free up resources. Those retail pharmacies that used to operate manually have switched to software platforms and are growing with the trend.
Pharmacists have joined providers on the front lines of care.
Pharmacists not only adapted to acquire patients’ prescriptions remotely, swiftly, and in larger quantities during pandemics, but they also came up to take on the part of the patient care role. In the healthcare system, the pharmacist was frequently the one who could cover gaps like patient education and vaccine/drug delivery.
As a result, the retail pharmacist must choose the technology option. The solution improves the suitability of single-store pharmacies for the present market issue.
Pharmacists are coming out from behind the counter.
When asked how the COVID-19 epidemic has altered retail pharmacists’ work routines, 27% of patients stated they depended more on their pharmacist for information about their illness and medications. 18% said their pharmacist was more helpful in explaining benefits and payment choices.
According to another survey, 70% of pharmacists said they had taken on new job duties.
As a result, pharmacies will need to rely on reliable technology and software to emphasize personal connections and put the patient first comfortably.
The time of pharmacists is more precious than ever.
As a front-line worker, the pharmacist delivered demanded drugs on time and established a continuous drug supply. This shows Pharmacists’ time is more valuable than ever. And not just valuable to the patient but profitable to the pharmacy sector.
Patients want pharmacists to provide more excellent digital and technical conveniences.
Pharmacies are also changing as a result of increased patient knowledge and demand. Pharmacies must adapt and innovate to meet changing patient expectations to be competitive and relevant.
Patients have become more tech-savvy, have learned that they have more alternatives, and continue to expect remote, on-demand access to healthcare providers in various contexts, including pharmacists.
Retail pharmacy technology and solutions are becoming more accessible and intelligent, allowing pharmacies to adapt to an increasingly tech-driven landscape and patient population.
Automation in pharmacies is becoming more accessible and intelligent.
Over the next five years, the global pharmacy automation market is forecasted to grow at a compound annual growth rate of 7 percent.
Thus, pharmacy automation is the need of the hour. By accepting automation, the retail pharmacy industry will be able to provide more flexible and more intelligent solutions to the customers and contribute to overall gains.
The software system automates the billing and other business entries and lowers the risk of theft and loss.
5 Top reasons to consider the retail pharmacy business as your career
It works directly with end-users.
The pharmacy business provides pharmaceutical assistance directly to users. This means that as a pharmacist, you get the advantage that you can know directly what your customer wants from you. You can also find out which medicines are in circulation, and you can keep stock of them.
It helps people stay healthy.
Single-store medical stores are an essential element of healthcare systems. Pharmacists assist patients with everything they need to keep healthy, whether prescription or over-the-counter (OTC) medications. Pharmacists must also pay special attention to the patients’ medical history and estimate how much medication is required.
The pharmacy business is in high demand.
In 2020, the median income for a pharmacist in the United States was roughly 128,700 USD per year.
You’ve surely observed that pharmacies or chemist stores are everywhere, whether you live in a rural area or an urban area. You can’t walk for very long time without coming across one. This demonstrates the increased need for pharmacists and pharmaceuticals.
It is a job with mobility, stability, and flexibility.
Medical drugs, equipment, and services are in all-time demand. It is the part of any country’s healthcare system that treats people from any disease and prevents society. This implies you may balance other aspects of your life while still working in the field for which you worked so hard. Thus, the job in this sector is confirmed, stable, and flexible.
It has full job security with numerous opportunities.
According to the Bureau of Labor Statistics, there are over 300,000 potential pharmacy positions in the United States. Statistics also reveal that pharmaceutical occupations are expected to grow in the future.
Choosing a profession in the pharmacy industry has great job potential. The figures for career prospects for pharmacists are a plus, since they are not only in high demand but also have excellent work security.
Conclusion: What SWIL contributes to Indian pharma industry?
Whatever your motivation is to start your career in pharmacy, you can never take a single step without having the Pharmacy software. SWIL comes with the Best retail Pharmacy software in India with its solution SwilERP.
We have a system that helps with medication adherence, restricted drug management, comprehensive services, consultations, billing solutions, a GST filing system, etc. In short, we proffer an opportunity that positively impacts people’s lives or even saves someone’s life. If you are looking for software for retail and medical stores, please contact us. We will assist you with the best possible solution.
