A new data service aims to help National Pharmacy Association (NPA) members understand their businesses better by benchmarking themselves against other pharmacies.
My Pharmacy Insights, which will be launched in September, is powered by Real World Analytics (RWA) and gives NPA members the opportunity to set and monitor business targets by comparing services and market share with other nearby pharmacies.
NPA members who use the service 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. It will also help them to monitor the trends in paid services. NPA members can use these reports to deliver against their KPIs and also identify areas for potential growth.
All NPA members will get free access to a dashboard which outlines their total company and local area performance for KPIs. There’s also 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.
Members in Scotland, Wales and Northern Ireland who already use an earlier version of the service, will find the latest provision, which provides better value, will replace the one they are currently using.
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.”
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 reaches 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.”