E-prescribing market is rapidly growing owing to increasing deployment of health information technologies in healthcare sector. Health information technologies such as health information exchanges and electronic health records, e-prescribing is intended as a tool for enhanced patient-centered care. E-prescribing helps drive down healthcare costs by reducing the potential for medication errors. Prescribers can check for harmful drug interactions by reviewing the patient’s medication history at the point of service. E-prescribing increases the accuracy of the prescribing process and saves time. The benefits of e-prescribing include improved prescribing, cost savings, improved patient safety, and improved workflow/efficiency. The prospective benefits of e-prescribing extend to pharmacies, buyers, prescribers, and patients.
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In many countries, including the US, substantial private and public investments have been made to increase integration of health information technologies. Centers for Medicare and Medicaid Services (CMS) have developed a set of guidelines along with penalties and financial incentives to increase focus toward various e-prescribing targets. Similar financial incentives to urge implementation of e-prescribing are witnessed in other countries, including the Netherlands and UK. Consequentially, these coordinated efforts have resulted in increased adoption of e-prescribing technologies among both pharmacies and prescribers. This has significantly fuelled the growth of the e-prescribing market.
According to the Office of the US National Coordinator for Health Information Technology, in July 2017, 70% of the US physicians utilized e-prescribing for prescriptions through electronic health record. The adoption rates follow the rate observed in a few European countries, including Germany and the UK, but still pointing towards substantial growth. Besides, multiple compliances regarding e-prescribing have urged a greater adoption of health information technologies. For instance, NYS Public Health Law made it a compulsion for the prescribers to electronically prescribe all the prescription medications directly to the pharmacy.
With the advent of new technologies for e-prescribing, numerous potential obstacles to the implementation of e-prescribing are also recognized. Those refer to errors in e-prescribing systems, implementing an e-prescribing system and issues related to data sharing and privacy. Further, the e-prescribing market is united with large to small-scale players working at local and regional scales are competing with market shares of the market leaders. To maintain their leading status, market players are continually signing contracts of partnerships, agreements, and collaborations. The competition is increasing significantly and is anticipated to drive innovation, thus strengthening the industry in overcoming the potential challenges and threats due to lack of technology.
Current Market Trends Covered in the market report:
Global E-prescribing Market – Segmentation
By Components
By Type
By Offering
By End-User
Global E-prescribing Market –Region
North America
Europe
Asia-Pacific
Rest of the World
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