PUBLISHER: Grand View Research | PRODUCT CODE: 1888634
PUBLISHER: Grand View Research | PRODUCT CODE: 1888634
As the healthcare sector expands rapidly, it faces a significant rise in the volume of prescriptions. Healthcare providers have increasingly sought automated pharmacy inventory management systems to reduce medication errors. For instance, Texas Children's Hospital implements an advanced RFID drug inventory management system each year, focusing on high-value and specialty medications. The new process reduces manual data entry by associating RFID tags with medications and their storage locations, enabling real-time tracking, reducing waste, preventing drug diversion, and improving inventory accuracy.
In addition, pharmacies have increasingly adopted advanced medication management systems to ensure updated inventory and monitor slow-moving inventory and the expiry of medicines. The implementation of analytical tools advanced with artificial intelligence (AI), the Internet of Things (IoT), and blockchain have significantly enhanced the functionality of the pharmacy management system, leading to substantial inventory acquisition and usage tracking. The pharmacy inventory management system assists in handling the intricacies of overseeing drug inventory, point-of-sale transactions, and dispensing medication. Moreover, healthcare professionals have faced mounting pressure to reduce costs. Inventory management software and cabinets help manage medication inventory efficiently, minimizing excess stock and lowering expenses. For instance, Intermountain Healthcare reported that 60%-70% of its pharmacy budget was allocated to inventory management. Similarly, hospitals are investing in establishing smart rooms for inventory management. For instance, in February 2023, Galilee Medical Center in northern Israel launched the first smart room for managing operating room inventory. Developed by Autonomi ltd. and Sarel, this system automates inventory management, reducing errors and waste.
Global Pharmacy Inventory Management Software Solutions And Cabinets Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global pharmacy inventory management software solutions and cabinets market report based on type, mode of operations, end use, and region: