Electronic prescribing is the electronic generation of medical prescriptions, instead of using the conventional paper copy. The system allows sending a new prescription or its renewal directly to pharmacies without the patient having to carry it with them. The system ideally consists of three components. The physician who is the prescriber, a transaction hub, and a pharmacy equipped with electronic prescribing software.
Some sources suggest almost a 30% callback to physicians due to doubts in the hand-written prescriptions. The system was included in the Medicare Modernization Act of 2003, and aims to prevent misunderstandings regarding drug dosage, brand or any such area in a medical prescription. The market is a major driver for the growth of electronic medical records (EMR) management.
The e-prescription market experienced a very high adoption rate of 45% in 2011 compared to 2007, wherein only 10% of office based physicians were reported utilizing e-prescriptions. It is estimated that the market holds excellent potential in developed regions due to the complex and expensive nature of the healthcare system which is expected to grow to over 85% in the next decade and cover most physicians and hospitals in North America and in major European countries. Many systems have cleared most regulatory requirements and are all set to receive approval for controlled substances by DEA.
The significant challenges for this market are the expensive nature of e-prescription software, non-availability of internet in many regions of developing nations in the world and ignorance of their advantages. There are some concerns over this system removing the ability of influencing generic drug sales, yet as it advances, the system is believed to extricate these skeins.
Rough estimates show that there are over 2,000 vendors in North America and Europe for e-prescription and well over half a million prescribers. Examples of large e-prescribing clearing houses in the US include RxHub, Surescripts, Allscripts, Practice Fusion, DrFirst, and Cerner ePrescribe.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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