Question

Considering the impact of COVID-19 pandemic, identify and analyse 3 major opportunities by Caring Pharmacy Malaysia.

Factor must be evaluated, analysed and include a percentage, number, dollar, or ratio.

Answer 1

Solution:

CP is a large retail pharmacy chain based out of Malaysia. Following are the three opportunities that it can tap into as a fallout from the COVID 19 pandemic:

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Opportunity 1: Digitize Patient Care Strategy

A digital care delivery model can significantly transform the patient care experience by using technologies, such as telemedicine and remote conferencing. These technologies allow patients, providers, and pharmacy teams to remain connected. Retail pharmacies, such as CP which deploy local physicians, can use the digital realm to get access to a vast pool of experts and patients while building on their current member base. Telemedicine can enable patients to order and administer medicines for patients in the COVID 19 affected areas, as long as experts have the appropriate tools, training, and infrastructure. According to industry analysts, telemedicine can result in cost savings to the tune of RM100 million over the next 10-15 years.

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Opportunity 2: Reimagine the Supply Chain

COVID 19 is an opportunity for retail pharmacies like CP to transform the supply chain and diversify suppliers. During the pandemic, retail pharmacies must show a greater degree of flexibility to search for alternate suppliers, and increase the distribution of products and medical supplies. CP can diversify from a geographical perspective to create a supply chain comprising a network of vendors that have a strong local presence. Use of Artificial Intelligence, Internet of Things (IoT), and Cloud computing can increase the speed, revenue, and productivity of their supply chain. Streamlining of the supply chain can reduce CP's supply chain risk by up to 50%.

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Opportunity 3: Guide local administration to fight the pandemic in a more informed manner

Retail pharmacies, like CP, has access to a lot of valuable patient data through the Patient Medical Record (PMR) for its Users/Members. This data can guide the local administration in taking appropriate measures to control the pandemic outbreak. Since, during the pandemic, only essential services are open, retail pharmacies like CP can collect real-world data. CP already has the infrastructure to collect data quickly through PMR, patient portals, and member apps. CP can explore some public-private partnerships to help monitor and respond to the outbreak by measuring aspects such as the degree of compliance with physical distancing mandates, and general patient attitudes and behaviours. Responsible use of data and partnership with local government can turn CP into Malaysia's #1 retail pharmacy player.