Assignment Sample on Individual Portfolio
Introduction
With the internet being an important part of a people’s life it has not been any surprise that people have started moving towards online platforms (Cavalli, 2019). The dominance of online platforms is identified in almost every sector (Visacri, 2021). Online pharmacy business is also one such sector that deals with the sales of prescription and preparation or even non-prescription drugs in the traditional pharmacy. Around the world there are more than 35000 online pharmacists who are providing services in the legal limit for protecting the health of the public around the world. The online sales of drugs started in 1990 and particularly after the outbreak of pandemic it has rapidly started to spread across the world (Iwasawa, 2023). With the Rapid transition the food and drug administration opened a section on the official website under the heading of buying drugs on the Internet and emphasised particularly on the ways in which people should be careful against the illegal online pharmacy. The disadvantage and advantage of online pharmacy is a subject of great debate however understanding the subject clearly can help in dealing with the Rapid changes of the Healthcare industry particularly in the pharmacy speciality.
Discussion
Current situation of Pharmacy in UK
Online pharmacy is expected to increase in the future where the medicines will be sold on the Internet and they will be delivered to the consumer. Drug purchasing as a result can become more convenient and easier. Based on the prescribed medicines the patients will be able to register the pharmacist through the internet and receive the medicines either from the nearest delivery point directly to the doorstep (Alfahad, 2015). The online pharmacy model is an effective way of using the online platform which is continuing to spread rapidly in the UK and it is also replacing the traditional pharmacy. By 2035 it can be expected that for the common people it can be very easy to order prescription drugs through an online platform. Particularly for the people even who live in rural locations or are disabled and elderly can also avail the online service in the Pharmaceutical sector easily and an image faster and efficient method. In addition to that the shipping cost will also be cheaper compared to the travelling cost for a traditional pharmacy (Shore, 2020). One of the significant advantages that can be expected with the development and growth of the online pharmacy application is time saving. With more people getting engaged with professional work ordering the medication within and generating the prescribed medicines quickly can be enabled by the online pharmacy. As a result, that time for going to the pharmacy or facing the waiting time in line at the pharmacy can be significantly reduced. Buying drugs and medicines from the online internet will also save money. With the advancement of the technology it is expected that the pharmacy and the HealthCare industry builder enable Artificial Intelligence and block chain. As a result the online pharmacy will enable better confidentiality and privacy compared to the traditional way (Darwich, 2017). The system will also provide greater convenience particularly for the people who are afraid of Talking face to face with the pharmacist and doctors.
Reason of provision
People in addition to that will also be able to order the medication without any drawback on a special issue such as adolescence or sexuality which can be a source of embarrassment at times. By 2030 with the development of the technology the online pharmacy can offer a wide range of options compared to the traditional pharmacy providing the patients with greater advantages. For example currently by using the traditional pharmacy model it is not possible to find every drug in the physical Pharmacy Store in a particular area (Luepke, 2017). The online pharmacy as a result will provide more options for drugs compared to the general drug store. The legal stores in addition to that in the next 10 years are expected to work with online pharmacy platforms having the drug verification process. These stores can work collaboratively with the legal stores for a requesting prescription from personal doctors and deliver the Dragon for completing a questionnaire or survey on the health status of a patient (Reeve, 2015). Currently the online pharmacies are sharing Useful information about illness and medicine by providing links about the useful content. In the future it can be expected that the online Pharmacy season in addition to that will also provide Medical Research and the Sourcing the government agent say for encouraging the people to opt for the online services and make it a seamless process to avail medicine.
Current Health Care agenda
One of the significant disadvantages that can be faced by the development in the pharmacy compared to the current situation is that the lack of physical evaluation capability can result in making the situation analysis more difficult. The people in addition to that will have very limited options available to contact face to face. In case of asking any question or any doubt about the drug which they are taking it can be difficult for the patient to reach out to a licensed doctor or pharmacist (Tseng, 2015). On the same day for this reason as a result it can be possible that the patient might not have the access for the medication. Even for the patient without requiring prescription online pharmacies can dispense the medicine and in some cases instead of healing people might get sick. In the traditional pharmacy model, usually requesting a prescription is needed to avoid illegal consumption of medicine.
The chances of drug counterfeit are possible if the online pharmacies do not opt for block chain technology in the supply chain management of the drugs which ultimately can put the human health at risk and it can be very difficult to prevent the counterfeit. Privacy of the financial and personal information yet stands at a questionable state for using and the development of Pharmacy through the internet and the online platform. The online pharmacy in the coming 10 years therefore needs to create its own privacy policy on each website for ensuring that the personal financial information of the patient and the companies are not shared with the third party. The Rise of the digital economy has affected the fast paced change in the business landscape which the policy cannot keep pace with (Sharma, 2020).
Impact of speciality on current social care provision and current health
The online pharmacy in the UK will not only provide easy access to the common medicine but will also act as an effective tool for critical illness medicine which might not be available all the time everywhere to the offline pharmacist and chemist. Medicine when all the commerce is going digital is also expected to be sold online but the online sales of the medicines have raised several concerns particularly in the absence of regulation. The online pharmacy segment of India is backed by some top investors across the world. In addition to that the pharmaceutical industry also has additional large conglomerates investing in the brands in the country (Heras, 2015). The outbreak of pandemic has triggered consolidation in the health care sector and entry of large players in the industry is being identified. Amazon and other such big names in the sector are adding up to the already existing dozen large pharmacies. The online pharmacy across the world has been accused of providing easy access for pregnancy termination kit and narcotic drug order sedative pregnancy termination kit and narcotic drug and sedative or antibiotic (Damle, 2020).
Another significant concern that arises with the advancement of a technology and its implementation in the pharmacy is the large number of children having access to the internet can become victims of wrong medication and drugs. The companies are already collecting area wise data and information related to the consumption of medicine which in the future increases the risk of involving the safety of the patient. However one of the significant issues that still remain a constant with the sales of Pharmaceutical equipment and medicine through online platforms is operation without licence (Park, 2020).
Evaluation of challenge
In the pharmacy the traditional chemist and pharmacist demand for a ban due to the sudden change in the business operation. For selling the drug without licence the demand will also be required by the government to be taken into consideration. However, the existing drug law in the UK does not mention the business operation of the online pharmacy or their regulation regarding licence (Kienle, 2019). As a matter of long term change, an amendment can be drafted by the Ministry and Health or Family Welfare for the inclusion of rules for regulating the online sales of drugs. Currently the online pharmaceutical companies are cleaning that despite different communication being sent by the representative seeking the audience with the health ministry on the issue a limited response is being generated (MacLeod, 2017).
As a matter of short term change they can be an impasse between the industry and the government regarding several matters. For example the Government of UK or even the governments at National level will need to do individual analysis of the sector and different business models. Having a conversation with the company will also take some time due to which the industry executive can issue Show Cause Notice that can further cause anxiety among the industry players. The retail Pharmacy Sector in addition to that for ensuring the easy accessibility and availability of the product will need a lot of Technology and supply chain or access solution for making the health care delivery more affordable and efficient.
New way of working related to the change
The current clear regulatory pathway for innovation might not be enough for the online pharmaceutical companies to operate in the UK (Daubner, 2021). There will be a need for direct dialogue and engagement between the relevant government stakeholder and player in the sector to eliminate any state level and national or even International disruption in the market. The draft for online pharmacy rules will also change eventually as the committee will focus on improving the Regulation and promotion of e-commerce and Healthcare industry of the UK. Delay in the delivery can impact the adaptation rate of the technology and therefore, in a very short period of time the government will need to incorporate a definitive regulatory Framework for eliminating uncertainty (Muhammed, 2019).
For the upcoming fast paced digital marketing the regulations and rules for the online pharmacy can be implemented and finalised but it will need a strict regulatory framework in terms of maintaining privacy confidentiality and eliminating counterfeit. The website based pharmacy is becoming the online system in the UK for providing a platform to the consumer for purchasing e-service and medical drugs online. In the future the customers will be able to receive service medicine from the comfort of their home within a very short period of time (Elnour, 2023). Compared to other E-Commerce sectors the online pharmacy platform is a highly unexplored sector and the rise of popularity is expected to increase over the period of time. The young entrepreneurs who are focusing on delivering effective and quality health care to the citizens of the UK at affordable rate and price and prefer to make an increase in the online Pharmaceutical sector (Kisor, 2015).
Micro Analysis: SWOT analysis
Strengths
- Advances in technology will lead to the UK’s pharmacies adopting digitalisation and automation, which will simplify procedures like inventory control, prescription filling, and patient record keeping after a decade.
- Beyond the constraints of physical shop locations, by the year of 2035 online platforms will enable the pharmaceutical industry to access a wider customer base. Medication and healthcare supplies will be readily available to customers from remote regions.
- Customers may place orders whenever it’s convenient for them because online pharmacies provide 24/7 access to their goods and services (Dyar, 2018). For people with mobility limitations or hectic schedules, this convenience will be useful.
- In the UK, the National Health Service (NHS) collaborates closely with pharmacies, this will foster possibilities for interaction and facilitate a constant flow of patients and prescriptions (Gallagher, 2019)
Weaknesses
- Online pharmacies do away with in-person interactions between customers and pharmacists, which may limit their capacity to offer individualised guidance, respond to inquiries, and immediately address issues in the future (Sutherland, 2020).
- As more and more customers choose the convenience of online ordering and delivery, the growth of online pharmacies will pose a threat to traditional brick-and-mortar pharmacies in the next 10 years.
- The shift to a totally online pharmaceutical market creates new issues for regulatory and compliance. It becomes increasingly difficult to ensure patient safety, prescription accuracy, and conformity to pharmaceutical rules.
- Some people may have trouble using online platforms, especially older generations.
Opportunities
- By 2035, online platforms can provide a broader range of services than only the selling of medications, such as wellness programmes, health monitoring, and telemedicine consultations, which can result in an encompassing approach to healthcare.
- Working together with hospitals, general practitioners, and other healthcare providers can improve the coordination of patient care and result in the creation of joint service options by 2035.
- Based on genetic profiling or biomarker testing, pharmacists will be able to offer customised therapies and drug management programmes. This branch of medicine will expand (Jalal, 2019).
- In underdeveloped or rural areas where traditional pharmacies may be hard to find, the move to online pharmacies might increase access to healthcare.
Threats
- The availability of counterfeit pharmaceuticals on the market can be facilitated by the online environment, placing customers’ health at serious risk.
- For pharmacies, changes in regulations, like price limits or new compliance requirements, will be difficult and expensive in the next decade.
- The sales and profitability of pharmacies will impact by economic swings and uncertainties, such as recessions or shifts in consumer purchasing habits (Sutherland, 2020)
- Technical errors, website failures, or problems with payment processing can harm customer satisfaction and trust.
Macro Analysis: PESTLE Analysis
Political
Government Regulations- The UK’s pharmacy business is heavily controlled by institutions like the General Pharmaceutical Council (GPhC) and the Medicines and Healthcare Products Regulatory Agency (MHRA), which set standards and policies for the sector (Gallagher, 2019). Regulations governing the sale of medications, data protection, and online transactions will continue to change and apply to the online pharmacy industry. To ensure lawful activities, adherence to these rules will be essential in the future.
Political Stability- The political climate in the UK in 2035 might change based on a number of variables, including governmental policies, global relations, and internal changes. A political situation that is stable and has consistent policies might provide a favourable setting for the expansion of the online pharmacy industry.
Healthcare Policies- The online pharmacy industry will severely impact in the next 10 years by changes to government healthcare financing policies, notably those that pertain to the NHS.
Economic
Cost Savings– Compared to maintaining physical storefronts, operating exclusively online can result in cost savings by the year 2035. However, it could be necessary to make early expenditures in technology, cybersecurity, and internet infrastructure (Dyar, 2018).
Consumer Spending– Changes in the economy might affect how much consumers spend on healthcare supplies. Online pharmacies need to be ready to adjust as customer behaviour shifts.
Healthcare Priority- The UK’s GDP may have grown in 2035, assuming sustained economic development and technological improvements, because of elements like innovation, trade ties, and a resilient economy. Consumers may prioritise their health and wellness more with a greater GDP, which would raise demand for healthcare items. By providing a broad selection of items that address various healthcare requirements, online pharmacies may capitalise on this trend.
Social
Digital Literacy– The adoption of online pharmacy services may be influenced by the population’s level of digital literacy. To serve a broad user base, it can be required to provide education and user-friendly interfaces (Parekh, 2018).
Health Awareness- Growing interest in health and wellbeing may increase demand for online pharmacies that provide not just prescription drugs but also information, recommendations, and items connected to health by the next decade.
Technological
Digital Transformation- With the implementation of electronic prescriptions, online pharmacy services, and digital health solutions, the pharmacy industry in the UK will undergo a digital revolution that will increase efficiency and patient convenience (Mirzaian, 2021).
Automation and Robotics- Innovations like AI-driven health advice, personalised treatment, and automated prescription workflows might result from ongoing technology breakthroughs.
Legal
Regulatory Compliance- Pharmaceutical laws governing the handling of prescription drugs, their storage, labelling, and delivery must be followed by online pharmacies (Jalal, 2019).
Data Privacy Laws– To keep customers’ trust and uphold the law, it will be crucial to protect their data and make sure that privacy rules are being followed.
Environmental
Sustainability and Green Initiatives- With fewer physical shops, carbon emissions related to energy consumption, transportation, and trash production at brick-and-mortar businesses may be decreased by the next decade (Hole, 2021).
Packaging and Waste- The environmental effects of packing materials and the correct disposal of used packaging for medications are issues that online pharmacies need to solve.
Relating the macro and micro analysis with the one health agenda
The sustainable development goal provides an opportunity for stepping on sustainability and providing better healthcare for more people. The growth of digital platforms in the pharmaceutical industry can have a maximised and positive impact (Hole, 2021). Conducting material to assess different target in terms of licence and operation can help in developing an effective assessment process for responsible production and consumption. When it comes to sustainability and corporate social responsibility the Pharmaceutical business is always scrutinised. Emphasising on incorporating Corporate Social Responsibility in the business strategy with the digital advancement the Pharmaceutical businesses can achieve competitive advantage. However the business also needs to recognise the aspect of stability and corporate social responsibility, the health oriented requirement of the population. More of the population and government initially resist the involvement of the pharmaceutical company in the development of health policy (Del Giorgio Solfa, 2022).
However after the outbreak of the pandemic the opinion of the public about the pharmaceutical industry is consequently changing and that is expected to open up better opportunities in terms of working together and collaboration and building a resilient health system. Eminent research groups in addition to that can also include health as a significant pillar for achieving the sustainable development goal. Emphasising on the inclusion of health in the sustainable development the activities of the pharmaceutical company under the sustainability agenda and promoting the good health as well as a security the animal and human or environment interface avoiding the transmission of a disease and increase in the health security (Fahmi, 2020). More than two billion people in the world do not have the access of essential health care service and medicine. Closing this gap requires combining the effort of different Party light Government and Pharmaceutical businesses. Currently with the development of technology businesses are working to improve the aspect of a health system while the government across the world is increasing the effectiveness of evaluating the ways in which systems are financed through the universal Healthcare concept. These types of concepts and Standards are enabling the company to achieve the global aim effectively involving the local state holder and taking time to realise the variation in the country’s specific development or expectation of the patient and other external factors (Finelli, 2020). In order to achieve with the sustainable goal, treating the people accurately can ensure future sustainability where the Pharmaceutical businesses will run in a responsible and fair way. Flexibility in differentiating the prices by taking into consideration the circumstances specifically based on country and other external factors like a patient’s affordability and other social economic factors like the local health care system can help increase the access of quality medicine (Schuhmacher, 2020). Misuse of the antibiotic and poor infection prevention can negatively impact the brand name of the company there as well as the human health.
Overcoming the resistance of people and other barrier
In order to mitigate the issue of digital advancement in the coming 10 years within the pharmaceutical industry a Holistic approach is required where the companies and the government will need to work in a collaborative way by effectively involving the scientific community and Healthcare funder or even the policy maker. In addition to that others stakeholder and professional Together by working with the company and government can make a significant impact on a large base of a population. Businesses currently are striving for increasing the public awareness and preventive action can encourage the Awareness of the people at every level (Chen, 2020). The pharmaceutical industry as a result needs to keep looking for a novel and relevant way for efficiently accelerating the Holistic approach. Highlighting on the future capacity of the pharmaceutical industry and digital advance improving the accessibility of medical services and tools but it is also about empowering the patient and activating the community at local and international level for taking the charge of Health and Wellness activity. As a result it will include leveraging digital platforms and Technology and form a nimble partnership between the Government and pharmaceutical companies or even policy makers in the years to come.
The pharmaceutical industry in the future will contribute efficiently towards intelligent automation and support augmented manufacturing such as additive manufacturing and personalised medicine or localising the 3D printing of the treatment. In the wake of the on-going pandemic digitalisation the technology is important along with the organisation in different sectors for improving the performances by better productivity and manufacturing (Damiati, 2020). Accurate forecasting and planning are providing the companies with stronger competitive advantage and financial stability. In the future the old product oriented business model can be changed as the consumer demand and expectation will increase, rising the competition and pricing pressure. In the current situation the company is now being shaped by the transformation in the digital world and digital service but they are being integrated in a range of offers.
Way of gathering stakeholder views and patient voice
High risk and profit margin and long investment intensive research and development period has a significant role in creating the characteristics of the Pharmaceutical sector. Data Analytics 2035 can reduce the higher amount of downtime that the Pharmaceutical plant is prone to experience. It can also result in automating the product line that will make the Pharmaceutical business and manage or capture electronic batch records for better analysis of the process performance and implement the change accordingly. The demand supply management in the pharmaceutical industry is also substantially improving as the integration of Digital information across the supply chain. As a result it can be stated that the Pharmaceutical business is undergoing significant transformation as the businesses are in an experimental phase when it comes to offering Digital Service beyond the traditional service or product.
Digitalisation in the pharmaceutical industry can be extremely beneficial for large as well as a small organisation (da Silva, 2022). Using digitalisation for example for the development of counterfeit proof pharmaceuticals having serial numbers that can be trapped through the supply chain can ensure quality and satisfy the serialisation regulation in the market. The large organisations can embrace the digital technology and fulfil the predicted increase in the demand from the international market using the digitalisation and improve the manufacturing efficiency. Interacting with distributors and supply more swiftly by utilising the cloud based information exchange can also help in reducing the significant amount of cost. In addition to that, services like smart sensors and automation or health applications and social media can also be used by the Pharmaceutical business in the future, contracting the forecast and medicine compliance across different regions that will also allow manufacturing tools and service for real time (Portela, 2021).
Developing progressive culture for supporting sustainability
| 2 years | Short Term | Pharmaceutical industry can work in partnership with private and public organisations across multiple objectives and particularly recognise the significance of incorporating sustainable development goals in everyday operation. |
| 5 years | Mid term | The face of health care in the next 5 years is going to change due to digitalisation and the improvement of the facility has the potential of benefiting all the stakeholders by providing them with a better health care service and lowering the per capita cost as well as increasing the health outcome (Ziyae, 2022). |
| 10 years | Long Term | With the development of digital interfaces in the pharmaceutical industry in the coming 10 years it can be the responsibility of the companies in helping the people to generate Access for high quality health care and medicine irrespective of where they live in the world or how much they can afford for medical treatment. |
Conclusion
Machine learning and artificial intelligence or machine to machine communication can enable automatic connective action and seamless procedure of Healthcare predictive maintenance through the internet of things. The manufacturing environment in the pharmaceutical industry can also be tightly controlled and highly sensitive as a minute mistake has a life changing consequence for a large number of patient along with the significant impact on the reputation and legal standards of the manufacturer and business. Automation and digitisation is ensuring the companies to mitigate the reputational damage and financial impact. In order to eliminate the concern regarding data transfer between units some of the Pharmaceutical businesses are introducing robotics and digital sensors and are also heavily investing on high availability computing Technology.
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