Although there is a dramatic size difference between a local independent pharmacy and large-scale pharma manufacturers, some of the same challenges face both - and all the related businesses in between. Key to the success of both is the need to stay up to date with innovation and to use the best technology available. Every pharma business needs a reliable financing partner to help them navigate the best route and GRENKE has the industry expertise essential to be that partner.
Where local pharmacies are concerned, the challenges are centred around giving a better customer experience. Two key areas are drug dispensing and patient consultation. In both, cutting-edge technology offers new and different solutions. Innovation in drug dispensing began in hospitals back in the 1990s when Omnicell founder Randall Lipps saw for himself how much nursing time was taken up by dispensing.
Now robotic drug dispensing technology is available for pharmacies - and a staggering 50,000 retail and institutional pharmacies in the UK and USA have adopted it. The two main systems are chaotic and channel-fed dispensing solutions. Each has its merits and limitations but is proven to improve efficiency and drastically reduce errors.
Patient consultation is an important part of a pharmacist's work and online medical consultations are proving to be an efficient and effective way of diagnosing. One of the unexpected benefits of the pandemic was the increased adoption and comfort level with video calls and online technology.
Using technological advances within pharmacies creates a better holistic experience and improves the synergy between each step of the prescription process. Automation can also help in delivering online orders for pharmacies and large chains are increasingly using apps to streamline and improve the shopping experience for their customers.
Pharma Manufacturers have been transformed by technology and the innovation is not slowing down. It’s essential to keep a list of the latest trends and techniques. To invest suitably with fast and flexible financial solutions offered by trusted partners like leading financial service provider GRENKE.
3D printing offers a fascinating opportunity to print medicines specifically tailored to a unique patient’s needs. The US Food and Drug Administration (FDA) approved their first medicine produced by 3D printing back in 2015. Costs are high and it’s a futuristic concept, but it is a good example of innovation in this sector.
Artificial intelligence (AI) is used to create products and optimise processes. The machine, with access to patient data, improves the use of specific medicines and how effective they are on particular individuals. This could help reduce the massive cost of bringing a new drug to market, estimated at upwards of US$985 million.
Within hospital labs, the landscape is ever-changing as technology advances and innovates. Robotic drug dispensing and 3D printing have become a reality in recent years.
Equally impacted is the vital area of drug research which is set to see massive benefits by harnessing AI with parallel computers to accelerate and optimise every stage of drug research. Big Pharma is actively working to solve challenges and make this a reality.
Gene editing, which is where DNA in a genome is inserted, deleted, modified, or replaced, is an area with the potential to treat genetic disorders. Related to it is gene writing, which shows promise in tackling inherited diseases. Quantum computing, also in its infancy, gives every sign of being a promising technology to reveal compounds that were previously unknown.
Pharma in all its guises is forging ahead apace with new technology and innovation. If your pharma business is seeking to engage, call GRENKE today and explore your financing options. Our slogan is ‘Fast, Forward, Finance and we offer fast and flexible financial solutions through a range of services including leasing and invoice finance. We match the perfect financial solution to your unique business needs, from small businesses to large enterprises.