Finance provider Greensill has developed a technology to help Britain’s struggling pharmacies cut costs.
It is using data analytics to forecast which prescriptions are likely to be ordered, so pharmacies can buy in exactly what is needed.
Greensill will also extend a low-interest loan to cover the cost of the medications, which will be repaid when the drugs are sold.
Helping hand: Greensill is using data analytics to forecast which prescriptions are likely to be ordered, so pharmacies can buy in exactly what is needed
The company will make the first of these payments to the 1,000 pharmacies it works with this week.
Pharmacies must purchase medications from their suppliers to obtain stock ahead of time, and only recoup the money when a patient later buys the drugs.
Many pharmacies rely on costly short-term loans to buy drugs. Ordering too much of one medication – and failing to sell it all – heavily impacts finances.
Bill Crothers, vice chairman of Greensill, said: ‘Paying pharmacists in advance at ultra-low rates will help.’