Improve the Efficiency and Accuracy of Prescriptions with E-Prescribing Market

Improve the Efficiency and Accuracy of Prescriptions with E-Prescribing Market

E-prescribing is familiar to the entire pharmacy world. However, it has rapidly developed over the last decade to adapt to the evolution and complexities of health care. Did you know that the global e-prescribing market was valued at USD 1,944.44 million in 2022 and is expected to grow to USD 16,069.01 million at a CAGR of 23.5 % during the forecast period of 2032.

Yes, due to the rising use of electronic health records and the demand for more effective healthcare systems, the e-prescribing industry is expanding quickly. This expansion is anticipated to continue as more healthcare professionals use e-prescribing software.

In this blog, let's look at e-prescribing, its benefits, and market insights into the industry.

What is E-Prescribing?

E-prescribing, often known as electronic prescribing, is how healthcare clinicians create digital prescriptions using web-based or cloud-based systems. This computer-based procedure precisely generates and sends prescription orders to a hospital-based or independent pharmacy.

Additionally, medication management based on patient history, automated refills, and interaction with electronic medical record (EMR) systems are all made possible by e-prescription software.

Powerful Benefits of Electronic Prescribing

Electronic prescribing delivers numerous benefits for everyone, right from the prescriber to the drugstore employee who gives the patient the prescription. Here are some of the benefits that are increasing the e-prescribing market demand.

  • Prevents prescription drug errors
  • Monitors controlled substance prescriptions
  • Access to prescription records
  • Instant clinical alerts
  • Cost savings and healthcare quality

Which Factors are Driving the Market Growth?

Over 70% of pharmaceutical errors reported by hospitals and public practice sets are due to prescription errors, a major concern for medical practitioners globally. These mistakes can harm patients' health, frequently leading to legal and medical malpractice claims against healthcare providers.

Healthcare practitioners increasingly rely on electronic prescribing solutions to address this problem since they give them access to drug information, patient medical histories, and diagnoses. Also, the e-prescribing market size is rising as it increases patient safety by getting rid of or drastically lowering medication errors. It is anticipated that the adoption of electronic prescribing systems will be significantly influenced by the increased prevalence of medical errors and adverse medication events worldwide.

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North America is Witnessing the Significant Market Growth

The market in North America is expected to expand dramatically in the coming years due to a number of factors, including advantageous government efforts, rising acceptance of healthcare IT solutions, and the presence of well-established healthcare infrastructure.

Moreover, enhanced medication management and improved patient safety are other aspects driving the adoption of the e-prescribing market in North America.

Recent Developments in the Market

  • Doxper, an e-prescription platform specializing in health record management and patient interaction solutions, was acquired by Indian health startup Meddo in August 2021.

The Bottom Line

In conclusion, electronic prescribing is affordable, convenient, and safer for physicians, drugstores, and patients. Yes, the e-prescribing market is growing as it offers various advantages to everyone and improves medication compliance helping everyone involved!

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