Health Trends That Can Help Profitability For Your Pharmacy
Recently, with the rapid advance of technology paired with the ongoing pandemic, health trends have gone through some major changes.
In order to keep your pharmacy not only up and running, but relevant, you have to stay on top of these trends to take advantage of all the beneficial opportunities they can offer your business and your customers.
Here are 3 of the most notable and profitable health trends.
As of 2018, there are more than 318,000 health-focused and wellness apps available, and the market is continually growing. These apps focus on anything health related - whether that’s diet diaries, behavioral support, or communication between patient and pharmacist.
According to a recent survey, 76% of respondents plan on using telehealth moving into the future. Not only is it convenient, it’s also widely accessible for people who can’t travel easily. Since the onset of COVID, the usage of telehealth has skyrocketed more than 4,300%.
2. Wellness and Self-Care Products
Many people out there are focused on preventative care right now - to safeguard their health for the future. This looks different for everyone. For some people, it could look like changing their diet to adhere to a vegan lifestyle, and for others it might mean intermittent fasting.
Because of the rise in daily fitness and the focus on mental health (due to its more recent de-stigmatization), Gen Z and Millennials are more likely to spend money on fitness apps. Because of the new priority on emotional health, these generations are also more likely to visit a therapist and prioritize their mental well-being.
3. Data-Based Personalized Care
With increased cost transparency, more consumers are taking control of their own health due to rising healthcare costs. This way, they can make more informed choices and feel freer by creating more individualized health plans that are suited specifically for them.
Wearable technology (like Apple Watches and FitBits) that collects personalized health information gives providers and companies access to tailored information that they’ve never had access to before.
How to Capitalize on These Trends
Knowing and understanding these trends is the first step. The second step is figuring out how to make them work for you and your pharmacy. It’s essential for your business to adapt to consumer behavior - you just have to understand how to do it. Small changes can make a huge difference.
Here are a few ways to apply the incoming trends into your pharmacy.
○ Even after COVID passes, you should still offer home delivery service. This is something that many people around the nation value and saw the importance and convenience of during the height of the pandemic.
○ Stock up on wellness products that are based on natural ingredients to cater to people who practice holistic lifestyles.
○ For medication therapy and management, consider switching to telepharmacy services.
○ Digital prescription refills and transfers are the way to go. There’s not a customer out there who doesn’t enjoy the quick and easy process of getting their medication when and where they need it.
○ Developing a pharmacy app with secure two-way messaging between yourself and the customer is also a good idea.
● Within Your Business
○ Develop a marketing plan that keeps these trends on the forefront of everyone’s minds.
○ Track your efforts to figure out what works and what doesn’t with both your business and your patients.
○ Prioritize holistic health and new digital tools - these things will attract younger patients interested in such things.
In order for your pharmacy to be successful, it has to keep up with all the moving parts that surround it. Staying on top of these trends is a great way to do just that.