The National Pharmacy Association (NPA) members are set to get a new free of charge data service to understand their business better by benchmarking themselves against other pharmacies.
The service ‘My Pharmacy Insights’, scheduled to be launched in September, is powered by Real World Analytics (RWA). “It gives NPA members an opportunity to set and monitor business targets by comparing services and market share with other nearby pharmacies,” the pharmacy body has said.
The NPA members who use the service will get a regular report, giving them visibility of what is happening in the local area in relation to prescription item growth, local pharmacies and GP practices participation.
Simon Tebbutt, Head of Member Relationships at the NPA said: “When there’s so much change and uncertainty in the world, the NPA is delighted to give our members access to a new service that will help them see their business more clearly. We hope our members take full advantage of what My Pharmacy Insights has to offer and in turn make their businesses more competitive.”
The NPA members will get free access to a dashboard which outlines their total company and local area performance for KPIs, with an opportunity to subscribe to a supplementary data service, the NPA’s Local Market Insights, which includes more detailed analysis on other local pharmacies, GP practices and services, at a special price of £60 annually.
Conall Lavery, CEO, Real World Analytics Ltd said: “This is a great partnership, RWA has leading edge data analytics technology and the NPA has the trust and reach to thousands of pharmacies across the UK. The best performing companies in the world today use data for decision making, but it can be at a significant investment. This partnership brings a first class solution to community pharmacy.”
Members in Scotland, Wales and Northern Ireland who already use an earlier version of the service, will find the latest version replacing the one they are currently using.