Pharmacies innovate in response to 60-day dispensing
Pharmacists are turning to digital technology to improve operations, a new report reveals.
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Pharmacists are turning to digital technology to improve operations and cost management while making critical changes in response to an anticipated decrease in profit with the advent of 60-day dispensing, the CommBank Pharmacy Insights 2023 report reveals.
The report, produced in association with the University of Technology Sydney and IQVIA, shows that confidence among community pharmacies reached its highest ever point in late November 2022, but declined sharply by May 2023, following the announcement of 60-day dispensing rules.
The annual UTS Community Pharmacy Barometer Index tracks the confidence, perceptions and attitudes of pharmacy owners and employees in the Australian community pharmacy industry.
It showed that confidence among community pharmacies was at its highest points in more than 10 years, reaching 146.8 out of 200 in November 2022, with optimism driven by their businesses’ future value and the sector’s viability.
But confidence fell sharply in May 2023, to a decade low of 60.8 out of 200, as community pharmacies weighed uncertainty and the prospect of lower earnings, when dispensing rules come into effect from September 2023. Around 61 per cent, expressed neutral confidence about the future viability of community pharmacy.
Around 72 per cent of community pharmacies, surveyed in May 2023, expected the value of their business to decrease compared just 10 per cent six months earlier.
Digital opportunities ahead
Community pharmacies are looking to improve profitability and customer experiences by adding to their digital channels (one in three), with 35 per cent considering offering click and collect and 32 per cent seeking to add options to purchase online.
Meanwhile, ePrescriptions have flourished, in line with expectations, with almost all pharmacies able to receive prescriptions by email while around 71 per cent can receive via text message and 66 per cent via a mobile app.
Community pharmacies hunt for talent
The hunt for talented staff was a high priority with 74 per cent of community pharmacies saying they had difficulties recruiting pharmacists because of persistent shortages.
Community pharmacies are doing everything they can to attract talent including by increasing remuneration and offering flexible work arrangements (both 72 per cent), followed by providing incentive-based payments or remuneration structures.
Of those surveyed in November 2022, 70 per cent of employee pharmacists reported an increase in remuneration, up from 43 per cent surveyed in November 2021.
“Demand for top staff pharmacists who have the skills and experience to provide the high-quality professional services will increase as pharmacies expand their scope of practice and seek to provide more services to their customers.”
