Global e-Prescribing Market is set to witness an exponential growth of 22% to reach $4 billion in the next 5 years

·4 min read
Medi-Tech Insights
Medi-Tech Insights

Medi-Tech Insights: Favorable regulatory environment in selected countries, accelerated use of telemedicine, growing focus on reducing the abuse of controlled substances, increasing adoption of EHR solutions, government initiatives and incentive programs are the key factors driving the growth of the Global e-Prescribing Market.

Brussels, Belgium, May 16, 2022 (GLOBE NEWSWIRE) -- Description:

e-Prescribing is the prescriber's ability to electronically send an accurate, error-free, and understandable prescription directly to a pharmacy from the point of care.

Covid-19 Triggers an Increase in e-Prescribing Usage

Covid-19 adversely impacted health services internationally and health care providers were compelled to change their methods of service delivery. In the wake of the Covid-19 pandemic, e-Prescribing emerged as an important tool in creating a safe environment to avoid the spread of Covid-19, minimizing in-person consultations and paper prescription handling.

Favorable Regulatory Changes Across Countries Provides an Impetus to the e-Prescribing Market

The Covid-19 pandemic has triggered the need to amend the e-prescription legislation so that people are able to access a range of healthcare services in a timely and effective manner.

For instance,

  • In order to curb the rise in drug-related deaths in the US, the federal government and several states including California, Indiana, Maryland, Michigan, Nebraska, New Hampshire, Utah, and Washington have mandated the e-prescribing of controlled medications in the US. The mandate requires clinical prescribers to write controlled medications electronically.

The original deadline for states to comply with federal EPCS mandates was January 1st, 2021. However, due to complications of COVID-19, the Centers for Medicare and Medicaid Services (CMS) has extended the enforcement of EPCS-certified E-Prescribing software for Medicare Part D until January 1, 2023. CMS is still urging adoption so that practices can avoid penalties for non-compliance.

e-Prescription Benefits Fuels It’s Global Demand

Increasing usage of technology across every aspect of healthcare has enabled the demand for e-prescription globally.

Some of the key benefits of e-prescribing that are driving its demand are:

  • Reduced Pharmacist Error: As compared to hand-written prescriptions, e-prescriptions are explicit and clear in terms of prescribing treatment and dosage. This leads to reduced prescription and medication errors as it requires less interpretation from pharmacists

  • Instant Clinical Notifications: e-Prescribing systems provide notifications to prescribers about allergies, potential drug interactions, duplicate therapies, pregnancy and other issues that would be contraindicated for a patient when taking a particular medication

  • Prescription Fulfillment Tracking: e-prescription systems help doctors/clinicians track whether or not patients are adhering to prescribed medication/treatment

Electronic Prescribing for Controlled Substances (EPCS) mandate in the United States allows clinical prescribers to write prescriptions electronically for controlled substances. More than half of the US falls under EPCS mandates. It is a vital tool to reduce unwarranted deaths caused due to drug overdose. Growing EPCS mandate in US states is likely to drive the e-prescribing market.” - Senior Director, Leading Electronic Prescribing Service Provider, United States

Growth Strategies Adopted by Key Players to Establish Their Foothold in e-Prescribing Market

The e-Prescribing market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as new product launches, and acquisitions to garner market share. For instance,

  • In March 2022, FDB (First Databank, Inc.), the leading provider of drug and medical device databases, launched FDB Vela, a new, cloud-native electronic prescribing (ePrescribing) network that enables the seamless flow of critical medication prescription information, benefits verification, and clinical decision support between prescribers, payers, pharmacies, and other constituents.

  • In May 2020, Therapy Brands, a leading software provider for the mental and behavioral health industry, acquired NewCrop, an integrated e-prescribing service provider. The acquisition of NewCrop gives Therapy Brands access to e-prescribe functionality, which is expected to become increasingly prevalent in the mental and behavioral health industry.

The e-Prescribing market is a booming market that is expected to gain further momentum in the coming years due to the benefits of e-prescribing, Covid-19 after-effects, favorable regulatory changes across countries, accelerated use of telemedicine, and growing focus on reducing the abuse of controlled substances.

Competitive Landscape Analysis: e-Prescribing Market

The global e-Prescribing market is marked by the presence of leading players such as Allscripts, NextGen Healthcare, AdvancedMD, MDToolbox, Practice Fusion, DrFirst, RXNT, Chetu, PrognoCIS, NewCrop, among others.

Explore Detailed Insights on Global e-Prescribing Market @ https://meditechinsights.com/e-prescribing-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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Ruta Halde
Associate, Medi-Tech Insights
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