How Data Analytics And Artificial Intelligence Are Changing The Pharmaceutical Industry

Pharmacies that are early adopters of such technology will have strategic advantages over those pharmacies that choose to delay. Pharmacies that embrace pharmacy technology could generate a lot more money than pharmacies that don't. According to McKinsey (via TechEmergence), "Big dataBig Data describes data collections so big that humans are not capable of sifting through all of it in a timely manner. However, with the help of algorithms it is usually possible to find patterns within the data so far hidden to human analyzers. Here are some ways that data analyticsData analysis is simply put the study of data in order to take better informed decisions. All business decisions should be made with the best information available, data analysis tries to provide this information through different algorithms and statistical techniques. With the prevalence of the internet, transactional-based pharmacies are at a distinct disadvantage. Patients can simply choose to fill prescriptions at the cheapest and most convenient place. As a result, pharmacies that want to cultivate long-term relationships and revenue need to find a way to provide more value. The Royal Pharmaceutical Society indicates that pharmacists "should shift their focus away from the distribution of medicines towards providing a broader range of services." This means more personalized treatment. Pharmacies need to become health management centers where patients can get help managing their long-term health conditions. It is no longer enough for pharmacists to simply fill prescriptions. Since patients can go online to get prescriptions filled, there needs to be more service provided by pharmacies to attract customers. Artificial intelligence can help by providing more personalized treatment recommendations that pharmacists can give to patients. According to Hungarian medical doctor Bertalan Mesko, "Instead of developing treatments for populations and making the same medical decisions based on a few similar physical characteristics among patients, medicine has shifted toward prevention, personalization and precision.