Independent pharmacy contractors are being offered access to a new tool, launched by the National Pharmacy Association (NPA) and developed with Real World Analytics (RWA), enabling them to benchmark their business against other pharmacies.
The service, My Pharmacy Insights, which will be launched in September, gives NPA members the opportunity to set and monitor business targets by comparing services and market share with other nearby pharmacies. This includes variables such as prescription item growth and trends in paid services.
NPA members will have free access to a dashboard outlining their total company and local area performance for key performance indicators. Contractors may also pay a fee to subscribe to a supplementary data service, Local Market Insights, which the NPA says includes more detailed analysis on other local pharmacies, GP practices and services.
The service will also replace an earlier version that members in Scotland, Wales and Northern Ireland are currently using, the NPA said.
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 at Real World Analytics Ltd, added: ‘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.’