LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pharmacy management system market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global pharmacy management system market for 2017-2021. The report also lists cloud-based and on-premises as the two major segments based on deployment models, of which the cloud-based model accounted for 55% of the market share in 2016.
“The pharmacy management system includes robust perpetual inventory management systems to track the movement of medications. The adoption of the pharmacy management system by small and ambulatory hospitals and large hospitals will help drive the market during the forecast period. Small and medium-sized pharmacies that need to store and analyze their confidential data, such as patient personal details and medical records, adopt the pharmacy management system due to its low-cost feature,” says Amrita Choudhury, an industry expert from Technavio for enterprise application research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global pharmacy management systems market:
- Rising need to automate process
- Adherence to compliance of pharmaceutical industry
- Growing demand for optimization
Rising need to automate process
With the expansion of the healthcare service portfolio, pharmacies need to streamline their workflow. The pharmacy management system providers provide pharmacies with an online e-commerce platform, pharma cycle, connecting them to the main drug suppliers in the region or area they operate. The pharmacy management systems have become a vital component of any pharmacy that wants to be competitive in the market, and deliver better care to their customers through an efficient and automated process.
“The pharmacy management systems aid pharmacies to customize and streamline their workflow with a range of functions and features that improve efficiency, safety, and profitability,” says Amrita.
Adherence to compliance of pharmaceutical industry
The healthcare industry pushes toward a system based on compliance, quality of care, and a value-based revenue model. Furthermore, the pharmaceutical industry faces the task of meeting all FDA regulatory compliance requirements such as 21 Code of Federal Regulations, part 211, part 210, part 820, and 21 CFR Part 11, and European Commission's or EU's or ISO's regulatory compliance standards.
The pharmacy management systems must facilitate both information exchange with external systems, such as EHR systems, and processes, such as electronic prescribing, and at the same time preserve the confidentiality and security of all personal health information processed.
Growing demand for optimization
Retail pharmacy outlets are aware that the pharmacy management system helps to increase productivity and keeps the entire office running smoothly. The pharmacy management system helps in optimization, reducing patient waiting time, reducing operational cost, and increasing profits through developing IT infrastructure. The pharmacy management system improves organizational processes by improving quality and productivity of processes in pharmacies and hospitals.
The pharmacy management system helps manage information on vital parameters such as valuation analysis, inventory management, overheads, suppliers, costs, account balances, patient analysis, and regulatory and compliance information. It also generates reports on the clinical and administrative performance, which can be used for practice improvement plans.
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