The conventional procedure of medication, from pharmaceutical distribution centers and pharmacies to patients, has been both inefficient and error-prone. This has significantly delayed therapies, escalated costs, increased risks, and complicated efforts for meeting regulatory requirements. This has further led pharmacists, administrators, and nurses are discovering benefits of automating medication use processes, thereby resulting into the development of medication management systems.
Pharmacies are Adopting Medication Management Systems for Improving Efficiency of their Operations
Growing requirement for streamlining workflow to impart efficient and better care to patients had led pharmacies to adopt medication management systems, which are user-friendly and enable easy integration with ERP. Pharmacy management system providers are consequently helping these pharmacies with effective management solutions, which enable customization and streamlining of workflow with a variety of functions & features. Pharmacies adopting medication management systems have realized improvements in profitability, safety and efficacy of their operations, which in turn has enabled them in providing better care. Introduction of new features in medication management systems is being witnessed as one of the latest trends in the market. Vendors in the global medication management systems market are increasingly competing with one another by innovating their product offerings equipped with features including productivity tools, and touchscreen systems for enabling easy navigation.
Retail pharmacy outlets are becoming aware about advantages of medication management systems in smooth workflow of operations and enhancing productivity. These systems enable optimization, reducing patient waiting time & operational costs, and alleviating profit margins through the development of IT infrastructure. Healthcare organizations are deploying medication management systems owing to their provision of process improvements in terms of quality and productivity. Managing information is significantly facilitated by use of medication management systems when it comes to vital parameters including regulatory & compliance information, patient analysis, account balances, supplier costs, and valuation analysis. Meanwhile these systems help healthcare settings in generating reports on the administrative & clinical performance that can be utilized for practice improvement plans.
North America to Dominate the Market in Terms of Revenues
North America will continue to dominate the global market for medication management system, in terms of revenues. The region’s dominance in the market can be attributed to robust adoption of information technology (IT) in healthcare, mounting incidences of chronic and infectious diseases, technological advancements, and growing number of prescriptions from physicians. The market in Asia-Pacific excluding Japan (APEJ) has been poised to exhibit the highest CAGR through 2026. Rapid improvements in healthcare infrastructure, growing number of hospitals and occupancy of large patient pool are major factor driving the market growth in APEJ.
Medication, along with its associated cost accounts for a huge portion of the pharmacy and hospital budgets. Healthcare systems across the globe are striving to reduce spending and curtail wastage of resources. This has further led to an imperative requirement for workflow standardization, efficient procurement of inventory, and streamlining processes in various healthcare settings. Inventory management solutions are therefore expected to be the most lucrative software in the market during 2017 to 2026.
Key Research Findings from FMI’s Report
Hospitals will continue to be the most remunerative end use segment in the global market for medication management system
Based on mode of delivery, web-based solutions are projected to reflect the fastest expansion through 2026
Key participants in the global market for medication management system are increasingly focusing on strategies such as M&A for increasing their market reach. Several leading market players are concentrating on the acquisition of smaller firms or new entrants for capitalizing on their technological innovations, which in turn will enable them in enhancing their product portfolio. Companies profiled by the report include Omnicell, Inc., Cerner Corporation, McKesson Corporation, Medication Management Systems, Inc., Talyst, GE Healthcare, Becton, Dickinson and Company, and Allscripts.
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