Chidi Okoro Breaks Down 5 Industry Trends in Pharmacy Retail

chidi okoro breaks down 5 industry trends in pharmacy retail

Across the board, Chidi Okoro has more than 30 years of experience working in a range of sectors and industries, from pharmaceuticals and retail to telecommunications and food. His endeavors are in operation in all four active regions throughout Africa. After his training as a pharmacist at the University of Nigeria, Chidi Okoro also obtained his MBA from the University of Lagos and currently facilitates sessions in Strategic management at the Lagos business school.

In 2020 Chidi officially joined HealthPlus as CTO (Chief Transformation Officer), where he assists in managing a stakeholder economy and the future of the pharmacy retail industry.

“I would like to recognize HealthPlus’ role in spearheading the evolution of modern pharmacies across Nigeria and scaling retail capabilities in the industry overall,” Okoro said.

Okoro has been thrilled to accept the position and looks forward to what the future of pharmacy retail has to offer.

“I am incredibly excited to now have the opportunity and the resources to take the platform to the next level, at a time of unrivaled opportunity for the sector. I look forward to working with all stakeholders to achieve even greater things in the future.”

Throughout his journey, Chidi has noted a few up-and-coming trends in the pharmacy retail sector that should not be ignored.

The Future of AI and Pharmacy Operations

The development of retail pharmacies around the world and in underdeveloped countries is a monumental move forward in terms of progress. However, with the advent of AI, the landscape of the pharmaceutical and healthcare industries is shifting just as quickly. Okoro recognizes that in the future, AI-managed pharmacy POS, or Points-of-Service, will be much more accessible, even to those who may not currently have forward-thinking technologies in their local pharmacies.

Product Inventory Management

Managing highly personalized and specialized drugs will also become much easier with the development of future AI systems that can be implemented on a global scale. With the use of fully integrated retail pharmacy software, managing the serialization of medications as well as the distribution becomes easier and much more centralized for all involved.

Expanded Customer Service and Customer Care

The expansion of personalized customer care is essential in order to keep up with the demand of the healthcare system. In order to provide customers with a streamlined experience, pharmacies can opt-in to various apps, live chat systems, or AI-enhanced storefronts. The use of virtual services can help provide more comprehensive and robust solutions for patients who are in need of care but not necessarily in need of emergency medical attention.

The Use of Virtual Reality

The use of virtual reality, or VR, is not limited to the gaming industry. In fact, it expands well beyond gaming and entertainment. With virtual reality becoming more commonplace for meetings, therapy, and even live political discussions, it is no surprise that VR is also being readily integrated into the pharmaceutical retail industry.

The use of VR within online pharmacies can help patients virtually connect with doctors, pharmacists, and other healthcare professionals remotely and on the go, saving time and resources. In the future, it is projected that customers may prefer to speak with a pharmacist or medical professional via VR or another virtual device. By connecting remotely with the use of VR, patients can inquire about medications, request refills, and also ask about potential referrals they need.

Growth-Driven Data

Scaling a retail pharmacy business in the future will be much more streamlined and concise with collected data and analytics. Utilizing available technologies such as POS systems hosted on The Cloud can also help with storing accurate data for scaling purposes.

Big Data is no longer just for Big Tech. In fact, the use of big data in the pharmacy retail industry provides those who manage pharmacies with better insight. The more insight that is gathered from the use of various data-collecting tools, the easier it is to make proper operational, clinical, and financial decisions for the retail pharmacy itself.

Chidi Okoro has a lengthy history in business, pharmaceuticals, telecommunications, retail, food, and even in the healthcare industry as a whole. By working alongside HealthPlus, Okora hopes to streamline the process of scaling retail pharmacies and opportunities for all invested stakeholders.

About Chidi Okoro

Chidi Okoro has extensive executive-level experience in Sales and Business Development as well as throughout the pharmaceutical industry. In 2013, Okoro was the recipient of the Pearl Quoted CEO of the year along with the GSK Turn Around Manager Award, demonstrating his impeccable operational and leadership capability. He also has a very good knowledge of the retail pharmacy industry. 

Not only has Okoro been awarded for his keen abilities, but he was also the Managing Director and a member of the Board of Directors of GlaxoSmithKline Consumer Nigeria PLC. His experience extends even further as he was once the CEO of the Africa region of Lucozade Ribena Suntory and the CEO of UAC Foods/Tiger Brands Nigeria. Okoro was also once a member of the Board of Ogun State Security Trust fund as a trusted member of the community.

Currently, Chidi Okoro facilitates sessions in  Strategy at Lagos Business School and is the Founder and Executive Consultant of Drugs and Medicaments Nigeria Limited.

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