Millennials are set to shake things up in a big way. According to McCrindle research, this group (also known as Gen Y) numbers some 5.15 million Australians – they’ll also represent about 30 per cent of the workforce within ten years. The have a high affinity for tech, and one in three will have completed some sort of advanced qualification.

Getting some sound financial planning and advice might be a good step towards weathering this change. Want to go one step further? Here’s some things you should know about what effect millennials will have on the pharmacy industry, so you can better position your business in the future.

Pharmacists can use technology to better engage with millennials.Pharmacists can use technology to better engage with millennials.

Millennials and tech will shape the future

Millennials love their technology, and it’s affecting almost every industry. Healthcare is no different. Health Direct, an Australian government funded service lists over a dozen approved healthcare apps, many more still can be found online.

Pharmacists looking to improve their relationship between their customers and stay ahead of the curve should embrace the mobile technology trend. Speaking at the Pharmacy Guild’s Parliamentary Dinner last month, the Prime Minister praises the potential tech will have on the industry.

“I am excited to see the possibilities of new technologies – like telehealth services, mobile apps and more – to strengthen the relationship between the consumer and their pharmacist,” said Mr Turnbull.

“Around 61 per cent of Australians turn to pharmacists as a trusted medical source.”

Pharmacists are trusted professionals, but Google is too

Good news for pharmacists: The 2016 Healthy Futures Report, commissioned by the Pharmacy Guild of Australia found that around 61 per cent of Australians turn to pharmacists as a trusted medical source for such things as advice on medicines, supplements and vitamins.

However, the rise of internet based searches and “Dr Google” in millennials may be a cause for concern. Around 44 per cent of Gen Y turn to the internet for advice, the highest out of any generation. Online information is more critical than ever says the report, so the quality of this information is likely to have a large impact on the industry. Pharmacists might want to consider better positioning themselves as knowledge experts online not only to attract millennials, but to provide them with the information they’ll need.

Whatever changes Generation Y may bring to businesses in the future, you can rely on DBS Accountants to provide your pharmacy with the best financial advice around. To find out how we can assist you, get in touch with us today.