data analitics

Use of big data and analytics changing pharmacy industry

data analitics

 

Like most industries, the pharmaceutical industry is undergoing change and modernization, which requires today’s pharmacy technicians to have relevant and up-to-date training, along with an ability to adapt as the industry continues to change.

An example of the way that pharmaceutical industry is changing is the increased use of data and analytics.

“The benefits that applying analytics to data has long been understood,” writes Ben Kepes for Forbes. “But generally the big data solutions we’ve seen thus far have been targeted towards broad horizontal opportunities (the entire sales process or marketing automation for example). It’s interesting to see a tightly focused vertical application of big data analytics.”

In his article, Kepes writes that the pharmacy industry is utilizing big data in new ways that is changing the way prescriptions are monitored and filled.

“A case in point today from Truveris, a company that makes software specifically for the pharmacy benefit industry,” Kepes writes. “Specifically Truveris focuses on the prescription claims process – a long, complex and (to my mind at least) fairly boring part of the broader medical industry. Specifically Truveris helps payers of pharmacy benefits negotiate agreements with Prescription Benefit Managers (PBMs), validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend.”

Kepes continues, “Truveris is introducing RxDash which is an interesting glimpse at what a very narrowly focused analytics play can do. RxDash is a pharmacy plan modelling, pricing and reporting solution that helps to give everyone on the pharmaceutical continuum see the impacts of pricing changes quickly and transparently. The idea being that proposed benefit changes can change costings, illustrate the effect of plan changes on employees and visualize different pricing approaches.”

This system addresses pricing structure, but it will also mean today’s pharmacy technicians will need to be familiar with computer systems and new software that will be used in pharmacies across the country.

Other highlight’s from Kepes’ article on big data in the pharmacy industry include:

·     In the US alone, pharmacy benefits is a $300 billion industry. It’s also one which is fraught with complexity and highly inefficient. While pharmaceutical’s are but one part of a very big health sector, it’s an important part to focus upon. Truveris’ cloud-based platform already analyzes approximately 10% of all the prescriptions written in the US. That massive scale offers up some interesting big data opportunities.

·     While this is, on the one hand, a story of interest only to a tight band of people within the pharmacy industry, it’s also a broader story. By taking formerly siloed processes, that made collaboration at all stages of a process difficult, and applying analytics, collaboration and visibility to it, the game here is being changed.

  • Taking the RxDash example, and thinking about how it could be applied to other parts of the health sector or, indeed, other sectors altogether, is a useful exercise. The cloud, big data, predictive analytics are all variations on a theme that is changing the face of how organizations work. RxDash is a nice case study for all of that.

All medical field professions today require some familiarity with technology and new computer systems, including the pharmacy industry. There is a growing demand for pharmacy technicians across the country, especially those with relevant training from a respected school like The Healthcare Institute.

The development of new drugs and the improved affordability of medication by average citizens have also led to an increased need in pharmacy technicians at hospitals, pharmacies and clinics across the country. This makes the pharmacy technician field one of the fastest growing job sectors in the country and can provide job seekers with a new and fulfilling career.

Most employers today are looking for workers that have completed a pharmacy technician training program, like the one at The Healthcare Institute. The job description of a pharmacy technician often includes an understanding of corporate policies, strong customer service, knowledge of prescription drug regulations and the ability to adapt. That is why companies are often looking for pharmacy technicians that have strong training and are ready to hit the ground running without the need for entry level or introductory training.

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