As Per The Insight Partners, The Market For Pharmacy Management Systems Will Be Worth $13,985.27 Million By 2027
A pharmacy was never just a venue to collect your prescription. Patients saw pharmacists as advisors, someone who could help them pick an over-the-counter treatment or understand the dosage and instructions for a prescription.
Pharmacists were always willing to help, but they rarely had enough information about a person’s medical history, allergies, or treatment plans to provide more thorough recommendations.
However, this is changing. Pharmacies, like the rest of the healthcare industry, are changing.
What is a Pharmacy Management System?
Any system used in a pharmacy to help automate the pharmacy workflow is known as a pharmacy management system.
This involves evaluating physician prescriptions and preparing drugs, keeping track of inventories and placing drug orders, invoicing and insurance, counseling, finding incompatibilities, and more – all while adhering to legal standards and regulations.
These are just some of the everyday tasks that can be digitized.
Many more elements can give the pharmacy a competitive advantage by improving customer service and attracting patients with more tailored and engaging service.
From US$ 16,056.04 Mn in 2019, the worldwide pharmacy management system market is anticipated to reach US$ 39,223.60 Mn in 2027.
From 2020 to 2027, the market is expected to increase at a CAGR of 11.9 percent.
The research includes industry drivers, restraints, and current trends in the global pharmacy management system market.
Reasons for Rising Healthcare Expenditures
In most countries around the world, healthcare spending has been gradually increasing.
Multiple reasons have been highlighted as contributing to the development of these countries’ healthcare sectors, with constant and quick improvements in the application of information technology (IT) in this area being one of the most important.
Over the last few decades, information technology has had a significant impact on the lives of millions of people and has aided in the advancement of various industries, including healthcare.
The advantages of automation have been adopted by various end-users, including prescribers and pharmacists. IT solutions have allowed for the structured storage of patient records.
Moreover, it has also aided in the regularisation of electronic prescriptions, saving significant amounts of paper, simplifying the administration and drug dispensing processes, and automating the handling of medicines throughout the supply chain.
It has ultimately aided in improving patient safety and providing high-quality care to assist patients in getting the most out of their medications.
Many countries’ public health systems have been inundated due to the COVID-19 crisis, highlighting the critical need for long-term investment in health systems.
As the COVID-19 virus spreads, the healthcare industry’s growth is projected to slow.
The life sciences industry is booming due to the increasing demand for in vitro diagnostic products and increased worldwide research and development efforts.
However, medical technology and imaging industry sales are declining due to fewer procedures being performed and equipment procurement being delayed or postponed.
Fundamental Changes in the Competitive Landscape
Allscripts Healthcare, Cerner Corporation, Epicor Software Corporation, General Electric Company, LLC, McKesson Corporation, and OMNICELL INC are top contenders in the pharmacy management system market.
Several industry players focus on inorganic partnerships to strengthen their market positions.
Sentara RMH Medical Center, for example, used Omnicell’s central pharmacy automation in May 2018 to improve control, productivity, and safety of its medication administration procedures.
A pharmacy management system is a valuable tool with robust and user-friendly features.
Pharmacists can use the pharmacy management system to navigate the intricacies of dispensing medicines, managing drug inventories, and performing point-of-sale operations.
It also aids in the secure, accurate, and efficient processing, monitoring, and distribution of prescribed pharmaceuticals and medicines.
The expansion of the Pharmacy Management System in the healthcare market may be linked to advancements in healthcare information technology and an increase in the number of pharmacies around the world, which is likely to fuel market growth over time.
However, the market’s expansion is likely to be hampered by restrictions associated with pharmacy management systems.