14 Mar A PRESCRIPTION FOR CHANGE: THE FUTURE OF PHARMACY AND BENEFIT MANAGEMENT
The future of pharmacy and pharmacy benefit management (PBM) is important to consider. Don’t forget: Historically, these are two crucial components of the healthcare industry that play a significant role in managing the medication needs of patients. With the advancement of technology and the changing healthcare landscape though, the future of pharmacy and PBM is rapidly evolving. Let’s take a deeper look at some of the potential changes that could shape the industry in the coming years.
One of the significant trends that is likely to influence the future of pharmacy and PBM is the increased use of telemedicine. Telemedicine allows patients to receive medical consultations and prescriptions remotely, which can be especially beneficial for patients living in remote areas or those with limited mobility. The use of telemedicine could lead to a reduction in the number of patients visiting pharmacies, and as a result, pharmacies may need to adapt by offering more online and delivery services.
What’s more, a further new development that could shape the future of pharmacy and PBM is personalized medicine. Personalized medicine refers to the use of genetic information to develop targeted treatments for patients based on their unique genetic makeup. As the cost of genetic sequencing continues to decline, personalized medicine is likely to become more widespread, and pharmacists and PBMs will need to have a greater understanding of genetic testing and its implications for patient care.
Artificial intelligence (AI) is also likely to have a significant impact on the future of pharmacy and PBM. AI algorithms can be used to analyze large amounts of patient data to identify potential drug interactions, adverse reactions, and other health risks. This data can then be used to improve patient outcomes by providing pharmacists and PBMs with more accurate and timely information about patients’ medication needs.
The rising cost of prescription drugs important to think about as well in terms of industry implications. As the cost of medications continues to rise, pharmacists and PBMs will need to work together to find ways to reduce costs without compromising patient care. One potential solution is the increased use of generic drugs, which can be significantly less expensive than their brand-name counterparts.
The use of blockchain technology could have a significant impact on the future of pharmacy and PBM as well. Blockchain technology can be used to create secure, tamper-proof records of patient health data and medication history. This data can then be used to improve patient outcomes by providing pharmacists and PBMs with more accurate information about patients’ medication needs and history.
Beyond this, the shift towards value-based care is additionally likely to shape the future of pharmacy and PBM. Value-based care focuses on improving patient outcomes while reducing costs by incentivizing healthcare providers to deliver high-quality care. This shift towards value-based care could lead to a greater focus on preventative care and medication adherence, which could result in better patient outcomes and reduced healthcare costs.
In conclusion, the future of pharmacy and pharmacy benefit management is rapidly evolving, and there are several trends that are likely to shape the industry in the coming years.