The medical industry has seen the biggest rise in the dying tradition of manual data file management. Technology is fast-paced and buoying industries are taking the help of applications for operating in a managed manner.
Pharmacies are so much tangled in the increased need for medicine after a pandemic outbreak, which necessitates the use of some reliable automation techniques. A pharmacist needs to check the prescription, interpret the prescription, assess the correct dosage, dispense drugs, and dispense them timely. Alongside, comes the task of completing the insurance forms, furnishing bills, and fulfilling the financial obligation of the company. Keeping a record of drug inventory, cash invoices, and accounting everything accurately sometimes becomes hard amidst a huge rush.
IT interference to the traditional sphere is always good to offer automation and reliability. The apps are becoming an integral part of any pharmacy and therefore investment in pharmacy management software is a good idea for businesses. Staying competitive and delivering better health care is easier with a perfect app. A custom pharmacy-enabled system allows customizing as per the requirement and running smoothly with a myriad of jam-packed features for boosting efficiency.
Implementation of pharmacy management application benefits the pharmacy business by making management super easy, addressing the shortage, streamlining work, fetching timely reports, and properly centralizing the data with optimum security.
The pharmacy management system development is popular worldwide with its highest demand in North America. According to the reports, the market of pharmacy app is taking a huge leap forward, where it is expected to grow with a CAGR of 10.73% within the time period of 2021-2026. The big players of this pharmacy management app market such as McKesson Corporation, Becton Dickinson and Co, and Talyst LLC are early enterers, but still, there is a huge market left out, which is still not dense with mushroom pharmacy software.
What is A Pharmacy Management Software?
Pharmacy management software is software application-oriented for the automation of processes, workflows, and billing requirements of the pharmacy stores. Pharmacy stores strongly need a qualified pharmacist for understating the need of patients and dispensing the right medicine. But still, the menial jobs such as printing, stock maintenance, and sale order maintenance are done by the software.
The online pharmacy app manages the transaction and all data related to single or multiple stores. Doctors can directly send the prescription to stores and direct the patient to pick up the medicine or get delivered at home.
Almost all tasks which do not require human intelligence and experience can be done through pharmacy software. Fully capable pharmacy software allows automating the business-related process such as inventory management, drug dispensing, insurance claim management, payment management, tax and utility management, and report management. These apps are built to meet the standards and security protocols of insurance.
Look at some statistics related to the Pharmacy Management Software Development market.
As per reports from the IMS Institute of healthcare informatics, around 80 percent of the time of visiting a doctor, the patient needs medicinal treatment. In the year 2021, the number of prescriptions is expected to rise by 1 billion.
- The global pharmacy sales were valued at $1.25 trillion in 2019 and are projected to rise to 1.27 trillion by 2023.
- North America is the most viable market which covers 40 percent of the market share comprising the USA, Canada, and Mexico.
- The medicine counterfeiting incident increased by 25 percent in the year 2017.
- The American college of clinical pharmacy estimated 5 billion prescriptions to be dispensed by 2021.
Why pharmacy management software is required?
A pharmacy management software is intended to ease out the messy work of pharmacy workers and owners. The standard operations of a pharmacy chain and store may have many glitches and human-generated errors. The challenges of manual processes slow down the growth.
Here are a few glitches or barriers that necessitate the Pharmacy Management Software Development for your store.
Often the workflow of two stores differs in nature. When two stores merge, it becomes complicated to assimilate the workflows and processes. The inconsistent procedures, confusing receipts, and business process anomalies creep in while combining the data. The workers may get confused, which course of action is needed to be followed. A proper PMS system eliminates such discrepancies and streamlines the workflow of 100 stores in a chain.
The old type of prescriptions
Many doctors still write prescriptions on the letterhead, which a patient needs to take care of. The illegible handwriting of doctors sometimes leads to misunderstanding, which may make, while other patients wait in queue for no reason. The paper-based prescriptions make it difficult to refer the patients for a long time.
Manual billing glitches such as incorrect taxes, incomplete entries, wrong name of medicine, outdated entries, and calculation mistakes are some common problems associated with manual work. An automated pharmacy management system solves this problem.
Inventory management problems
Inventory management is not just limited to the stock maintenance service. In fact, the Pharmacy Management Software Development involves the integration of AI decision for ordering the medicine and decreasing/increasing the order quantity as per needs. Also, stock maintenance helps assess the stock value in transit.
Rules and Regulation
Govt. regulations keep changing for a particular product. . For certain medicines, the prescription is necessary, while some medicines are exempted. There may be a scarcity of resources sometimes. PMS system is suitable for such issues.
Above are few problems which impose the need for software for pharmacy stores.
Benefits associated with Pharmacy management software
Custom Pharmacy Management Software delivers the optimum level of customer care and business benefits. It can maximize profits and spend more opportunities for generating business. There is a number of benefits associated with the pharmacy software, few of them are:
- Flexibility of customization
- Low-cost ownership
- Better productivity and increased profitability
- Wide range of modules for different login
- Privilege management for different roles
- Barcode scanner integration
- Database update
- Increase sales
- Expiry date alert for all drugs
- Better decision making according to trends
- Centralized data storage with fast retrieval
- Better drug to drug interaction knowledge
- Simple and user-friendly UI
What are the prominent features of the pharmacy management software?
For the perfect full-fledged software, tracking inventory, generating reports, managing workflows, and maintaining complex real-time instructions are common features. It has several essential features such as:
HIPAA regulatory compliance
The pharmacy system must be compliant with HIPAA and other regulations.
The pharmacy software needs to be secure and user-friendly. Recalling the patient and feeding the patient prescription need to be easier with the PMS.
Capable software must be able to manage the full prescription given by doctors.
Claim processing system
Setting up insurance claims and keeping the record of claim submission is important and can easily be handled with the PMS.
Safe and Accurate
The online pharmacy software reveals the fail-safe features. This leaves no scope for errors.
Accurate drug interaction database
An experienced pharmacy management software development company knows the risk associated with the drugs. Software must be able to calculate the drug-to-drug interactions. This reduces the possibilities of ADE and ensures patience’s safety.
Account receivable management
AR management is important in Pharmacy Management App Development for smooth functioning. The owed amount must be refunded within the time. The system looks upon the denied claims and helps you in reopening the cases for getting a reimbursement.
Drug database updates
A perfect drug database must be well updated with the new launches of drugs and multiple variants.
Auto wiring is meant to fax or send the doctor’s prescription directly to the pharmacist, saving the time of the patient.
At the end of the month, you need to be able to generate the reports, where you get to see the stock, sales updates, and revenue for the month. You get the perfect calculation.
Advance Features of pharmacy management software
If you build an app with a reliable mobile app development company, it will help you in filling your app with a high number of features. You may or may not decrease the features as per your requirements, but still, you can find your app laden up with several features. It makes pharmacy management flawless. You can stretch the boundaries of your success with the help of such features. Here, let’s talk about some relevant features.
Data entry is the basic function of any app while deploying it over the store. But a pharmacy may have multiple chains of stores. And every store many deals in several pharmaceutical companies. Feeding the data one by one is a very tiring and trivial task. Your system needs to be able to load entire data using an excel or .csv file.
This is the most essential feature integrated into any kind of pharmacy management software. A proper app relieves you from other tasks and allows you to focus on other business tasks. Your pharmacy staff needs Moreover; it also ensures the accuracy in medication dispensing.
Pharmacy gets faster prescriptions directly through doctors. The doctors in-network can share the electronic prescription, where keeping the record also becomes easy.
Barcode verification is an essential tool to keep track of the product. Barcode verification eases several aspects such as information retrieval, Pos scanning, product verification, and maintenance of accuracy of the data.
Fast and advance report
An app must be able to create capable multi-faceted reports. For such features, the app makes use of extensive built-in libraries and custom reports based on information.
Cost to Develop Pharmacy Management Software
With a comprehensive understanding of pharmacy management software, you can discuss the cost of the app with an experienced pharmacy management software development company. However, if you are not going to hire a pharmacy software developer before reaching anything final, it becomes hard to determine the cost deciding factors. For solving this, here are the quick details of the cost affecting factors.
- ERP and CRM modules
- AI and ML integration
- Third-party API integration
- Mobile app/ desktop app
- Data migration cost
- Maintenance cost
If we talk about pharmacy software development cost, it completely depends on the pharmacy software development company you hired. Here we mentioned the cost of developers charged by companies in different countries:
US: $120-$200 Per Hour
Europe: $100-$150 Per Hour
Asia: $25-$50 Per Hour
Technology stack for pharmacy management software
The pharmacy management software needs to be timeless and future-proof. The use of the latest technology is necessary and appropriate for achieving the latest unique features. The integration of artificial intelligence is another crucial demand nowadays. When you hire app developer, you need to look for the latest technical skills. We can say, the cost of an app is also influenced by the technology stack and the scarcity of its resources.
Behind the successful software, following the technology stack is favorable to work.
Front end: Java, Swift, HTML, Angular, React
Back End: Python, Laravel, Node.JS
Database: Mongo DB, Postgre SQL
GPS: Google Maps, Location Tracking
Payment Gateway: Braintree, Stripe API, PayPal
Cloud: Google Cloud, AWS
With the help of the right technology and the amalgamation of the right set of features, the pharmacy management system development can give your business great ease of operation resulting in great success. You can keep doctors in the network to speed up the process of e-prescription.
The forward-thinking pharmacy owners are hiring developers for building the business apps. Assess the requirements of your pharmacy stores and build a defined strategy for utilizing the app. From a technical perspective, you can take the help of a mobile application development company.