Pharmacy Information Systems Markets

Published by: Frost & Sullivan

Published: Sep. 10, 2004

Table of Contents

        2. Market Introduction
                1. Market Overview
                2. Market Drivers
                a. Rapid Prescription Growth to Boost Automation
                b. New X12 EDI Billing Standards will Increase ROI for Pharmacies
                c. Automated Prescription Filling can Reduce Increasing Wage Cost and Pharmacists Shortage
                d. ASP will Provide Better Opportunity to Reduce Operating Expenses
                3. Market Restraints
                a. Regional Level Variations in Legal Requirements for Pharmacies
                b. Lack of Integration among Vendors in Interdisciplinary Sectors
                c. Lack of Funding and Resources
                4. Market Challenges
                a. Providing an Integrated Pharmacy Workflow Management System
                b. Providing Value for Money Automation Systems
                c. Providing Solutions that Track Non-automated Prescriptions

2. Pharmacy Automation Systems Markets
        1. Market Profile
                1. Market Size and Forecast
                2. Growth Opportunities
                3. Demand Analysis
                4. Evolving Technologies
        2. Competitive Profile
                1. Competitive Profile of Pharmacy Automation Systems' Vendors
                2. Evolving Competitive Strategies for Sales
                3. Breakdown of Sales by Pharmacy Type

3. Pharmacy Management Systems Markets
        1. Market Profile
                1. Market Size and Forecast for Retail Pharmacies
                2. Market Size and Forecast for Hospital Pharmacies
                3. Growth Opportunities
                4. Demand Analysis
        2. Competitive Profile
                1. Competitive Profile of Pharmacy Management Software's Vendors for Retail    Pharmacies
                2. Competitive Profile of Pharmacy Management Software's Vendors for Hospital  Pharmacies
                3. Evolving Competitive Strategies for Sales
                4. Breakdown of Sales by Pharmacy Type

4. Frost & Sullivan Awards
        1. Frost & Sullivan Awards
                1. Technology Innovation Award for 2004
                2. Product Line Strategy Leadership Award for 2004
                3. Business Development Strategy Leadership Award for 2004
                4. Product Quality Leadership Award for 2004
                5. Best Bang for the Buck Award for 2004

5. Decision Support Database
        1. Decision Support Database Tables
                1. Number of Pharmacists - Global
                2. Number of Private Hospitals - Global
                3. Number of Government Hospitals - Global

• Pharmacy Information Systems Market: Market Drivers Ranked in Order of impact (U.S), 2003 –2007
• Pharmacy Information Systems: Market Restraints Ranked in Order of impact (U.S), 2003 –2007
• Pharmacy Information Systems: Market Challenges Ranked in Order of impact (U.S), 2003 –2007

Chapter 2

• Pharmacy Information Systems Markets for Automation Solutions: Market Revenue Forecast and Growth Rate (U.S), 2003-2007
• Pharmacy Information Systems Markets for Automation Solutions: Company Market Share by Revenue (U.S), 2003

Chapter 3

• Pharmacy Information Systems Markets for Management Software: Market Revenue Forecast and Growth Rate for Retail Pharmacies (U.S), 2003-2007
• Pharmacy Information Systems Markets for Management Software: Market Revenue Forecast and Growth Rate for Hospital Pharmacies (U.S), 2003-2007
• Pharmacy Information Systems Markets for Management Software: Company Market Share by Revenue in Retail Pharmacies (U.S), 2003
• Pharmacy Information Systems Markets for Management Software: Company Market Share by Revenue in Hospital Pharmacies (U.S), 2003

Abstract

Ability of Automation Systems to Provide Value for Money Spurs Adoption Rate

Automation is the key to managing the rapid increase in prescriptions and the shortage of trained pharmacy staff in the United States. Pharmacy automation systems (PAS) that manage space constraints and drug inventory, and lower the possibilities of errors in prescription management are becoming increasingly popular especially in retail stores such as chain pharmacy stores. Automated dispensers that enable centralized filling and processing of prescriptions allow vendors to meet the growing prescription filling demand. Further, providing cost-effective solutions and value-added services without affecting the layout of the pharmacy is expected to enable pharmacies to forge long-term customer relationships.

This research from Frost & Sullivan evaluates the current and future prospects of the U.S. pharmacy information system (PIS) in two main sectors: PAS and pharmacy management software (PMS). It reviews the potential for new technologies that are likely to enter the market and evaluates the competitive profiles of leading participants. Additionally, it assesses the principal drivers and restraints in each of these sectors influencing the industry, thereby enabling companies to formulate their sales strategies. Further, it provides strategic recommendations that are likely to enable participants to overcome the challenges confronting them.

Expansion Plans Curtailed Due to Regional Level Variations in Legal Requirements

Despite the growing interest on the part of retailers, the varying legal requirements among pharmacies in different states have restrained the development of small PMS vendors into multi-regional operators. While these smaller vendors wield some degree of clout in their own region, they are rendered ineffective while operating in geographical areas that come under the purview of different regulations.

"Many state pharmacy boards are yet to address central fill or central processing of prescriptions from a regulatory standpoint," says the analyst. "Vendors are trying to address the issue and aid multi-site pharmacies by evolving a PMS technology that is capable of pooling all the data into a centrally located database management system."

Rapid Growth in Prescription Contributes to Lowering Long-term Costs

The growing number of automated refills has popularized the uptake of central-fill facilities. As the economies of scale are reached, the cost per prescription is expected to reduce. Retailers with their own distribution networks and grocery chains with in-house pharmacy stores are also likely to contribute to the reduction of costs.

Further, fully supported robots that can substitute counting systems and perform additional activities are a viable option for pharmacies that generate more than 150 prescriptions a day. This would enable pharmacies to better utilize their time and resources in maintaining increased customer demand and equip them to meet the variations in demand. "Depending on the number of prescriptions, robots are capable of reducing the staff by at least two members," observes the analyst. "Costing about $10 to $14 per hour, they are expected to be instrumental in lowering the operational expenses in the long run."

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