Global E-prescribing Market Is Set To Witness An Exponential Growth Rate Of 22% To Reach ~us$ 4 Billion By 2026

By Author: Tejashri
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The Global e-Prescribing Market is set to witness an exponential growth rate of 22% to reach ~US$ 4 billion in the next 5 years. The advantages of e-prescribing (such as enhanced patient safety, reduced prescription and medication errors, instant clinical alerts, prescription fulfillment tracking, etc.), Covid-19, favorable regulatory environment in select 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 some of the main factors propelling the Global e-Prescribing Market. However, limited technology awareness among end-users is likely to hamper the growth of the market.

Covid-19 Triggers Increase in e-Prescribing
Covid-19 harmfully impacted health services internationally and health care providers were forced to change their methods of service delivery. In the wake of the Covid-19 pandemic, e-Prescribing emerged as a significant tool in making a safe environment to avoid the spread of Covid-19, minimizing in-person consultations and paper prescription handling.

Favorable ...
... Regulatory Changes Across Countries Provides Impetus to the e-Prescribing Market
The Covid-19 pandemic has made it necessary to alter the e-prescription legislation so that people may quickly and effectively access a variety of healthcare services.

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.

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Benefits of e-Prescriptions Fuels the e-Prescribing Market Demand
Growing usage of technology across every aspect of healthcare has enabled the demand for e-prescription globally.

Some of the main advantages 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

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold
The e-Prescribing market is noticeable by the presence of both established and new players. Players operating in the market accept both organic and inorganic growth strategies such as new product launches, and acquisitions to gain 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 anticipated 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 of e-Prescribing Market
The global e-Prescribing market is marked by the presence of players such as Allscripts, NextGen Healthcare, AdvancedMD, MDToolbox, Practice Fusion, DrFirst, RXNT, Chetu, PrognoCIS, NewCrop, among others.

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