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Hence, the e-prescription system has gained traction from these entities who are willing to induct it within the medical framework. Medical errors can have severe implications on life and health which makes it integral to reap the precise results. This is possible with the encompassing of e-prescription, which gives exact and comprehensive information. These factors are expected to fuel the global market for e-prescription and sprout new avenues of growth. Another revolutionary idea in the medical circles is the implantation of electronic health record systems (EHRs) which would further ascend the global market for e-prescription.
Infrastructural Advancements Push Market Growth
Cumulating the opportunities that lie across various regional pockets, it becomes evident that the scope of development for the global e-prescription market is phenomenal. Various health initiatives including the Schleswig-Holstein service across Europe, coupled with the effective adoption of the European Patient Smart Open Services (epSOS), offer huge growth space for the global market for e-prescription. Besides this, a majority of the regions in the developing nations are propagating the need for a more inclusive and sophisticated healthcare infrastructure. Owing to increased penetration of infrastructural advancements in Asia pacific, the Asian market is expected be a safe haven for the key players to bid on opportunities. In North America, there is scaling emphasis on state-of-the-art infrastructure for healthcare which makes e-prescription an indispensable avenue. This contributes to the net scope for development in the global market. The various players within the market for e-prescription can utilize the current trend for infrastructural development across the medical circuit to attain greater market share.
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Regional Disparities Slack Progress
Despite the effectiveness of e-prescription systems in bettering the medical infrastructure, the developing nations are still reluctant towards it due to the high costs of implementation. Moreover, some of regions in the third world countries are entirely deprived of elementary medical facilities where e-prescription seems like an unachievable target. In developed nations where the global e-prescription market could potentially magnify, security breaches hamper the affluence of the market. Moreover, the vulnerability of patients’ personal information blocks the prospects of e-prescription, thus, slackening market progress. Obsolete IT infrastructure and feeble speed of internet devices are amongst other factors that hinder the market.
American Medical Association (AMA) Takes a Step Forward
The American Medical Association has taken an ambitious step towards the induction of e-prescription systems by petitioning hassle-free implantation of these systems to the federal, legislative, and state bodies. The move was intended to reduce the paperwork required for medical practitioners to electronically transmit the medicinal information. The AMA is also negotiating with national pharmacy networks to enable universal transmission of prescriptions. Furthermore, it aims to allocate financial resources and incentives encouraging the adoption of e-prescription by hospitals and practitioners.
The presence of few huge players in the market makes it largely oligopolistic. They are expected to make efforts to synchronize with the changing trends and needs in the medical circles. The prominent market players include Cerner Corporation, eClinicalWorks, Cerner Corporation, HealthFusion, Inc., athenahealth, Inc., DrFirst, Practice Fusion, Inc., and Henry Schein, Inc. among others.