Global Pharmacy Management System Market 2017-2021
About Pharmacy Management Systems
Pharmacy management system helps to improve and automate every major pharmacy process. Developed for ease-of-use, the solution features accessibility in just a click, thereby, increasing the speed of transaction processing and profitability. The pharmacy software enables easy processing of new prescriptions and keeps a track on the stock of drugs available at the pharmacy and the physician. Additionally, it manages purchase orders, tracks the inventory requirement efficiently, maintains the entire supply chain, and the drug order maintenance. It upholds the purchase indents, quotation entry, stock audit, and connectivity with retail store.
Technavio’s analysts forecast the global pharmacy management systems market to grow at a CAGR of 10.93% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global pharmacy management systems market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of pharmacy management system across the globe.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pharmacy Management Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global pharmacy management systems market: Allscripts, Epicor Software, Cerner Corporation, and McKesson Corporation.
Other Prominent Vendors in the market are: ACG Infotech, Clanwilliam Health, Datascan, Foundation Systems, GlobeMed, Health Business Systems, Idhasoft, Liberty Software, LS Retail, MedHOK, Mobile MedSoft, Panama Technologies, PioneerRx, Safe Care Technologies, and ScriptPro.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is introduction of new features in the pharmacy management system. Vendors in the market are competing very intensely by introducing new features to the pharmacy management system. The first touch-screen pharmacy management system was announced in 2015 by SharpRx. It provides an efficient way to fill prescriptions and bill third-party payers more easily. SharpRx features a touch-screen for easy navigation and is user-friendly.”
According to the report, one driver in market is rising need to automate process. The pharmacy management system providers also 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. Some of the features that automate the work process of hospitals and individual physicians are barcode verification, inventory management, electronic prescriptions, and electronic signature capture. Hence, to stay competitive in the healthcare services industry and provide enhanced patient experience, physicians and retail pharmacies are likely to adopt the pharmacy management systems during the forecast period.
Further, the report states that one challenges in market is selection of vendors according to specific needs. The availability of outsourcing vendors that are not solely focused on the healthcare segment makes the selection of the right vendor difficult. For deploying the pharmacy management system, prior experience in the healthcare sector is mandatory. Vendors with broad insurance experience that are not specific to the healthcare sector take up hospital contracts. These service providers are unlikely to grasp the particulars of the healthcare functions, placing hospitals at a risk of underperformance or even regulatory compliance violations.
Allscripts, Epicor Software, Cerner Corporation, McKesson Corporation, ACG Infotech, Clanwilliam Health, Datascan, Foundation Systems, GlobeMed, Health Business Systems, Idhasoft, Liberty Software, LS Retail, MedHOK, Mobile MedSoft, Panama Technologies, PioneerRx, Safe Care Technologies, and ScriptPro.
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