If you could collect data that truly made a difference in public health, why wouldn’t you?
Location data from pharmacies has the potential to impact patient care and overall decision-making. It can be a powerful tool for the industry and a key factor in successful pharmacy analytics.
- Location data can be used to measure pharmacy store performance
- Pharmacies want insightful, aggregated data vs. device-level data sets
- Infection patterns and inoculation rates can be determined by mobility data
- The risk of questionable drug use can be mitigated with user and location data
- Analysts can proactively determine shortage risk using location data and AI
Normal pharmacy data and internal metrics (think revenue, sales, and profit) don’t tell the whole story. It doesn’t capture how well a store performs in terms of visitation. This is why pharmacies prefer aggregated data vs. device-level data.
By combing all of these data sets, pharmacies have a better understanding of brand, category, and/or industry vitality. They also have deeper insight into consumer behavior patterns.
Foot counts can help a pharmacy:
- Benchmark sites against the addressable market and/or competition
- Evaluate the impact of promotions and campaigns
- Gain deeper insight into business site selection for new stores
- Discover patterns in foot traffic and cross-shopping
- Forecast and manage the supply chain
Data points of interest for site performance can include patient demographics, Rx sales, script performance, payers, prescribers, and more.
Location data has helped pharmacies better understand infection patterns and inoculation rates. It plays a pivotal role in testing and vaccination, as well as accurate reporting to government agencies.
For example, there have been challenges with COVID-19 data aggregation and interoperability. Location data from pharmacies helps to improve this process.
Overprescribing is rampant in the industry. In fact, the DOJ just settled a case for 1.4 billion dollars. This was the largest recovery ever by the United States in the opioid crisis.
There are many categories of drugs that are subject to misuse. Analysis of a pharmacy’s user base, that includes foot traffic to all locations, is an effective tool in flagging the possibility of risk.
A fluid supply chain is critical for pharmacies. The inability to access certain drugs can vastly impact patient care.
Location data fights drug shortages by keeping pharmacies informed of every step. If there are issues in obtaining the right drug at the right time, location data can help a store determine this beforehand and prepare accordingly.
Pharmacies can identify potential shortages faster when combining location data with AI and historical data to model future supply. Analysts can then proactively determine shortage risk. Location data effectively provides a solution for demand forecasting and supply chain issues.
Understanding a pharmacy’s competitive positioning typically involves sample-based methods. This approach can be limited in scope, making it difficult to conduct with regular frequency. This can result in pharmacy data outputs that aren’t representative of real-world trends.
Using actual foot traffic insights helps pharmacies augment their competitive intelligence solution by allowing them to:
- Discover what site characteristics create a lasting visitor base
- Identify areas with gaps in the local marketplace
- Forecast capture rates for new stores
Location data can be used to measure your pharmacy directly against the competition. For example, which top brands outperform each other? When comparing CVS vs. Walgreens, what can location data tell us?
Prescribing the Right Solution
The number of companies who want to use location data is growing significantly faster than companies who can use location data. Here’s why: data without interpretation is like paint in a jar — it’s not until you apply it to a canvas that it begins to mean something.
As data continues to fuel the healthcare industry, pharmacy analytics and location data will play a significant role in improving care.
Want to know more about how pharmacies are leveraging location data right now? Check out our retail location data buyer’s guide and if you have any questions, schedule a meeting today.