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Global e-prescription market to increase at a CAGR of 26%

Industry Sector

Healthcare and Medical

Published

17 January 2013

Author

Matt Bodimeade

Type of News

Market

The global e-prescription market has been forecast to increase at a compound annual growth rate (CAGR) of 26% over the next five years, increasing from a valuation of $170 million in 2012, to hit a market value of $794 million by 2017.

Electronic prescribing or e-prescribing (e-Rx) is the computer-based electronic generation, transmission and filling of a medical prescription, taking the place of paper and faxed prescriptions.

E-prescribing allows a physician, nurse practitioner, or physician assistant to electronically transmit a new prescription or renewal authorisation to a community or mail-order pharmacy.

It outlines the ability to send error-free, accurate, and understandable prescriptions electronically from the healthcare provider to the pharmacy. E-prescribing is meant to reduce the risks associated with traditional prescription script writing.

This is of key importance because in 2000, the Institute of Medicine identified medication errors as the most common type of medical error in health care, estimating that this leads to several thousand deaths each year.E-prescription

The developed world is increasingly seeing e-prescribing as a standard within hospitals and office-based prescribers. E-prescription (eRX) is beginning to empower prescribers by giving them relevant information about formulary, elegibility and medication history at the point of decision making.

The healthcare industry is plagued by the issue of privacy and maintaining security of patient data. This has been a roadblock for the entry of any new technological solution in the healthcare industry which involves patient data or patient medical records.

Moreover, the limited access for experts opinion and technically trained IT professionals is expected to negatively impact the market because there is lack of awareness among end users mainly prescribers, pharmacist and associated staff regarding the working and function of applications, best vendors available in the market, cost of software and long term service provision.

Key players in the global e-prescription market include Cerner Corporation, Allscripts, Quality Systems, Inc, Emdeon, and Athenahealth.

For more information on the global e-prescription market, see the latest research: Global E-Prescription Market

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