Why Automation is the Future of Pharmacy
Summary: This article discusses the growing significance of automation in the pharmacy industry, detailing its current state, future projections, and the impact of automation systems on dispensing accuracy, inventory management, patient care, and overall operational efficiency.
Table of Contents
The Current State of the Pharmacy Industry
Improving Efficiency with Pharmacy Automation Systems
There’s no question about it: Automation is the way of the modern world and the future of pharmacy. In fact, the global market for pharmacy automation is expected to reach $7.8 billion by 2024, up from $5.1 billion in 2019. Pharmacy automation has transformed the industry, offering numerous clinical, financial, and operational benefits, such as:
Improved dispensing accuracy
Better inventory management
Streamlined pharmacy workflows
Enhanced patient experience
Reduced labor costs and resources
As pharmacy automation systems continue to evolve, we’ll likely see even more examples of how transformative and beneficial they can be for long-term care (LTC) pharmacies. Let’s talk about automation systems and how they’ll impact the future of pharmacy.
The Current State of the Pharmacy Industry
The pharmacy industry as we’ve known it has changed dramatically—and the future looks bright. Here are some of the latest changes in pharmacy:
Greater Emphasis on Clinical Care and Outcomes
Pharmacies are increasingly focusing more on clinical outcomes than dispensing, expanding their offerings to provide additional services to patients in their communities. For example, flu shots and other types of vaccinations, medication management, adherence counseling, durable medical equipment, and other areas are all becoming mainstays in pharmacies today.
Focus on Medication Adherence and Quality Measures
With more adherence data available, health plans can better determine whether people are getting their refills by the expected time. Because this has a direct impact on Consumer Assessment of Healthcare Providers and Systems (CAHPS) measures and Medicare Advantage Star Ratings, many growing pharmacies have implemented adherence packaging to improve patient compliance, and in turn, quality performance.
Increased Telepharmacy Adoption to Improve Access
COVID-19 dramatically accelerated telehealth/telepharmacy adoption, which is likely a permanent fixture in the pharmacy industry. This is helping to improve accessibility and reduce health disparities, especially for patients in more rural, underserved areas with little to no access to a pharmacy or healthcare practice.
Shift Toward Government Payer Plans as Boomers Age
Pharmacy billing is also slowly shifting toward more government-payer plans with less reliance on commercial insurance plans. This transition is likely to continue as the baby boomer population ages and becomes eligible for Medicare coverage—particularly with all boomers aged 65 or older by 2030.
Growing Reliance on Pharmacy Automation Technology
As technology evolves, more and more pharmacies are turning to pharmacy automation systems to streamline workflows, improve accuracy and efficiency, and deliver better services for their patients. It is safe to say that automation is the future of pharmacy.
The Future of Pharmacy: Automation Systems
According to Bill Lockwood, executive director of the American Society for Automation in Pharmacy, “Automation is making pharmacies more efficient, no question about it. Increased efficiency is giving pharmacies the opportunity to offer more services and to provide more drug safety.”
Here’s what can we expect in the future when it comes to pharmacy automation:
More Efficient Dispensing of Medications
Pharmacy automation systems improve dispensing workflows and efficiency without requiring pharmacies to add more full-time employees or resources. Automating dispensing workflows—especially when you have a high volume of prescriptions—will not only help free up pharmacists to focus more on delivering clinical care services but also streamline pharmacy operations as a whole. Plus, automated dispensing is less error-prone, improving drug safety and reducing inaccuracies.
Growing Emphasis on Customization
We’re already seeing a growing emphasis on customization and personalization in pharmacies—especially for patients in long-term care (LTC) facilities who tend to take medications frequently. Packaging customization can be automated to improve adherence and make it easier for LTC facilities to administer patients’ meds.
For example, some patients are best suited for blister packs/bingo cards, whereas others may benefit more from a strip pack. Additionally, offering packaging with various language translation options for prescription label instructions can also help to improve medication adherence for patients who are not native English speakers.
More Efficient Patient Care Management
Pharmacy automation systems are redefining both dispensing and patient care management by improving speed, increasing efficiency, and reducing costs and errors. Automation has also enabled more effective patient care management by freeing up pharmacies to focus more on providing clinical care. Additionally, pharmacy automation has been instrumental throughout the course of the COVID-19 pandemic, freeing up time for pharmacies to help with vaccination efforts.
Better Management of Inventory, Costs, and Labor
Thanks to real-time pharmacy data and automation technology, pharmacies are now gaining better control over their inventory, costs, and labor. Perpetual inventory capabilities empower pharmacies to quantify and qualify on-hand inventory at any time, helping to open the door to more data-driven operational and financial improvements, increase cash flows, minimize unnecessary waste, better anticipate future needs and preserve valuable resources to be better utilized.
Improving Efficiency with Pharmacy Automation Systems
Implementing the right pharmacy automation system will help you step into the future and prepare for what’s to come. Pharmacy management systems like FrameworkLTC are the way of the future for long-term care pharmacies. FrameworkLTC and the entire integrated solution set help LTC pharmacies:
Achieve greater efficiency
Replace manual processes
Customize for each facility
Maximize pharmacy margins
Provide LTC billing support
Expand pharmacy footprint
Enhance data management
Improve facility partnerships
If you’re ready to take your LTC pharmacy business to the next level with game-changing software, then automation is the perfect solution. FrameworkLTC is purpose-built for long-term care and uniquely designed to address the specific nuances unfamiliar to retail pharmacies and help LTC pharmacies scale over time.
Get in touch to schedule a demo to see the FrameworkLTC pharmacy automation system in action.