E Prescribingis an emerging technology framework that diminishes the use of paper prescriptions by medical practitioners by sending prescriptions to pharmacists electronically thus reducing errors and illegible handwriting problems in prescriptions. The Global E Prescribing Market was valued at USD XXX Billion in 2013 and is expected to reach USD XXX Billion by 2019, at a CAGR of XX% between 2013 and 2019.
The framework consists of four major parts: the prescriber, the transaction hub, the pharmacy and the patient. The prescribes updates the record of the patent with a new prescription or updates the old one after studying his records and then this is transmitted to the transaction hub. From here the pharmacy is updated and a call is given to the patient. This not only has efficiency advantages over the handwritten prescription but also makes the medical care more reliable and effective.The end user of this technology include hospitals, patients, office based physicians and pharmaceuticals.
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The increasing government initiatives to make healthcare more efficient and error free combined with the overall improvement in healthcare system efficiency is what is driving E Prescription markets. Following are the driving factors for the market of this technology:
The implementation of Electronic Health Record (EHR’s) systems by the governments of many developing countries.
Growing need for improved and efficient healthcare systems in various countries at urban as well as rural levels.
Growing expansion of IT in healthcare also drives the market for this technology.
Targets to reduce healthcare and prescription costs.
The roadblocks faced by E Prescription are as follows:
Physician reluctance to accept the new technology in a sensitive matter like healthcare.
Data integrity and security against threats from making the system electronic.
High initial costs of the prescription system and threat to the privacy of patients data.
Low availability of broadband in many functional regions.
The market for E Prescription is segmented on the basis of product, end user, delivery mode and region as follows:
On the basis of Product type
E prescribing solutions
E Prescribing Services
Support & maintenance services
Training & education services
On the basis of delivery type
Licensed or on-premise delivery
On the basis of end user
In this segmentation, integrated solutions, web based delivery and hospitals constitute the largest share of the respective segmentation division.
Geographically the market is segmented into three different regions: North America, Europe, and Asia Pacific. Europe and North America dominate the market for E Prescribing owing to the various schemes and initiatives been taken up by the government in these countries. Europe however held the largest share of global E Prescription market in 2012. Itwill continue to hold this position owing to the large-scale adoption of European Patient Smart Open Services (epSOS) coupled with the Schleswig-Holstein Health Initiative which has fuelled the E health services in the region. North America will however represent the fastest growing regional market, attributed to higher adoption of electronic prescribing systems to support the increasingly changing healthcare infrastructure. On one hand the Patient Protection and Affordable Care Act has led to the restructuring of private insurance, Medicare, and Medicaid systems, the CMS incentive program reimburses physicians for using EHR (Electronic Health Records) on the other hand, which is encouraging the use of e-prescribing. Also schemes such as Health Information Technology for Economic and Clinical Health (HITECH) Act and National Council for Prescription Drugs Program are driving north American E prescription market.Lastly, the Asia Pacific market is increasingly adopting to this technology owing to the improved and developing healthcare facilities and infrastructure in this region.
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The key players who are driving the market of E Prescribing and determine its future are: E-ClinicalWorks (USA), HealthFusion, Inc., Henry Schein, Inc.(USA),Cerner Corporation(USA), Practice Fusion, Inc(USA), Allscripts Healthcare Solutions, Inc. (USA), Epic Systems Corporation (USA), Quality Systems, Inc. (USA), Athenahealth, Inc. (USA), RelayHealth, LLC (USA), GE Healthcare (USA), Computer Programs and Systems Inc. (USA), DrFirst, Inc. (USA), Surescripts-RxHub, LLC (USA), Medical Information Technology, Inc. (USA), Change Healthcare Holdings, Inc. (USA).
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