The Future Is Titan
The Titan Story Part 6/6, by Tariq Muhammad, CEO
Today, the pharmacy sector faces some its greatest challenges in its history. The Department of Health is on record saying they want to see 3,000 pharmacies close. Recent DH funding cuts wiped 20% off the bottom line of many pharmacies and put the industry on notice. Other factors such as the increase in NCSO products and supply shortages have played havoc with gross margins. Meanwhile, online retailers are relentlessly taking market share from the high street pharmacy.
Unfortunately, those that should be there to support the sector, at best, have been unable to help and at worst, have contributed to the problem. Our representative bodies make a lot of noise but fundamentally cannot protect our interests. Our wholesalers create such complex purchasing models that leave us so confused that we don’t even know the cost of the drugs we buy. Our PMR companies do the bare minimum to sell their product, and once you are tied into a 4-year deal, then you are on your own.
During my 25 years of operating pharmacy businesses, I experienced my fair share of challenges. I know that those were very similar to the issues that many pharmacies face today. Every pharmacy is looking to improve their efficiencies in the wake of funding cuts, without compromising safety. Every pharmacy is trying to protect its market share, grow their business and create value.
I was fortunate to have a highly skilled team who helped us find answers with by implementing our own technology solutions. Our use of technology revolutionised the way we operated and what we were able to achieve.
Fast forward to now and Invatech Health has taken the experience and the technology that was built for Pharmacy Plus and remodelled it into a new system that is fit for all of pharmacy. That system is called TITAN and the purpose is simple. It is to provide pharmacy businesses with a single tool that they need to run their businesses and help address many of the challenges in pharmacy business.
Titan introduces workflow throughout the dispensing process, so pharmacies can become more efficient. Titan introduces barcode scanning, so dispensaries can ensure safety. Titan improves the customer experience, so business is retained. Titan connects to third party systems, such as our Atlas eMAR, which allows businesses to grow with care homes. Titan gives analytics, so the management keep their finger on the pulse.
In May 2019, Titan will receive its accreditation for the Electronic Prescription Service with NHS Digital, making it the first completely new and fresh PMR system to hit the market in 15 years. As Titan starts rolling out to its loyal and enthusiastic Trailblazers, we look forward to helping change the course of pharmacy using technology. We are excited about releasing the pharmacist from dispensing chores and having the time to embrace clinical roles. We are passionate about helping businesses not just survive, but to thrive.
I believe that with the use of innovative technology the best days of pharmacy may still lie ahead. We certainly look forward to making Titan an important part of that future.