Pharmacy Management System Market is poised to grow at a CAGR of 10.73% during the forecast period (2019 - 2024). A pharmacy management system enables pharmacists to provide efficient professional and personalized care, based on the needs and requirements of the patients, and also streamlines their workflow.
- The American College of Clinical Pharmacy estimates that around 5 billion prescriptions will be dispensed by 2021. The rising number of prescriptions increases the burden on pharmacists, which is expected to boost the adoption of automated solutions in workflow management.
- Vendor Lock-In is a major barrier to adoption of pharmacy management systems. Once onboarded, the vendor integrates all its offerings in the pharmacy's existing services. This co-existence creates a dependency which causes the pharmacists to onboard another vendor a complex task.
Scope of the Report
Pharmacy management system serves to automate and enhance all major pharmacy processes of small, medium or large pharmacies. Major solutions provided by vendors include Inventory Management, Purchase Orders Management, Supply Chain Management, Regulatory and Compliance Information and Clinical and Administrative Performance.
Key Market Trends
Inventory Management to Dominate the Market
- The pharmacy management software system provides a more effective way to manage inventory and focuses on lowering the inventory costs through automated usage-based reordering, improves expiration date tracking (which saves staff time and reduces waste), increases pharmacy staff productivity by automating satellite inventory management, and standardize the scales to meet the growing needs of multi-site health systems.
- The number of pharmaceutical counterfeiting incidents have been increased by 25% from 2017 to 2018, where 961 counterfeiting incidents involved either customs seizures or police/health inspector raids. Implementing reliable inventory management across pharmaceutical supply chain can contribute in tracking illegal medicines and better drug selection choices.
- Mobile Medsoft offers Helix LTC Pharmacy Management System, whose inventory management system allows the pharmacy retailers to utilize "just-in-time" purchase of drugs, maximize inventory turn-over ratio as well as cash flow.
- In Texas and California, OSP Labs offers automation techniques in terms of stocking, numerical balances, monitoring and tracking, warehouse stock manifests, and dispensing updates for Inventory Management. This is done through the incorporation of barcodes that meet compliance requirement.
- In September 2019, The ACT Health Directorate awarded software-as-a-service provider TechnologyOne a four-year, USD 3.2 million contract to replace its on-premise inventory management system. The integrated solution is designed to help the directorate improve user experience, simplify administration and enhance inventory processes.
North America to Occupy Major Share
- With the introduction of new healthcare acts and reforms, the US healthcare industry is undergoing significant transformations driven by new technology. Almost every aspect of healthcare is changing, from insurance coverage to healthcare data analytics for effective treatment plans.
- Illinois-based Best Rx offers pharmacy management software which prevents prescription drug abuse by synchronizing patient pickups of their medications on or around the same day every month.
- Texas-based Epicor Software Corporation helped Zitomer Pharmacy in New York to cut inventory by 15 % which improved their cash flow. It also improved billing operations, and helped in better management of nearly 3,500 house-charge accounts.
- In October 2018 Refill management system of North America-based Micro Merchant Systems PrimeR interfaced with Retail Management Solutions' Star-Plus (and Star-Lite) POS System. This bi-directional interface with PrimeRx and Star-Plus allows for scanning the RX at the POS, stores the details of the person who picked up the Rx, and signature capture of HIPAA and the Rx.
- In February 2019, USA-based SRS Pharmacy Systems partnered with STRAND Clinical Technologies to innovate clinic building services. STRAND helps pharmacies to launch clinic services within their community.
The studied market is highly fragmented with small and ambulatory hospitals as well as large hospitals adopting pharmacy management softwares.
- August 2019 -- GE Healthcare launched India-based startup collaboration programme, Edison[X] will work with startups in India to develop solutions on the Edison platform for some of the healthcare challenges existing today such as improving patient outcomes and pharmacy practices as well as efficiency of clinical practice.
- June 2018 -- To improve evidence-based care in free and charitable clinics using point-of-care testing results, Becton Dickinson and Company, partnered with Heart to Heart International (HHI) and the National Association of Free and Charitable Clinics (NAFC), to announce six grants to select clinics in the United States.
- March 2018 -- Allscripts Healthcare Solutions revealed its new electronic health record (EHR), "Avenel", at the annual HIMSS conference. The mobile-first, cloud-based Avenel creates a community-wide shared patient record and uses machine learning, to reduce the time required for clinical documentation.
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