29 July 2020
Visiongain has launched a new report Pharmacy Inventory Management Software Market Report 2020-2030: Forecasts by Mode of Operation (Centralized Dispensing Systems, Decentralized Dispensing Systems), by End-user (Independent Pharmacies, Hospital Pharmacies, Long Term Care Centers), and by Region (North America, Europe, Asia Pacific, Latin America & MEA), Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Pharmacy inventory management software are used to track order and monitor usage of stored medication. Pharmacies and other health care systems use these software to track retail documentation and information, better handle and dispense drugs, and reduce costs and medication wastage. These software can be integrated with utilization management software to better determine drugs that need to regularly re-ordered. These solutions are found either as standalone software or modules within comprehensive pharmacy management systems.
Pharmacy inventory management software help to record the drugs that are stored and dispensed to patients and track shipments and deliveries. These software also help in centralizing inventory data, identify trend in drug usage, and provide a trend for the expected demand versus reality. The independent pharmacies is the dominant segment in the pharmacy inventory management software market owing to the rise in number of retail pharmacies globally and the need to reduce the operational costs.
The increase in pressure to reduce healthcare costs and rise in incidence of medication errors are the major factors promoting the high demand for pharmacy inventory management software. As more than 50% of the budget for the pharmacy department is used to manage medication inventory, the use of these software will help to reduce the cost incurred for excess inventory. In addition, the use of automated dispensing systems helps to reduce the risk of manual medication errors. The need to track the storage and dispensing of controlled substance and increase in use of high volume medication dispensing further driving the growth of the pharmacy inventory management software market. However, the lack of skilled professionals to manage these software in developing countries is expected to hamper the market growth.
The Visiongain report analyst commented “The increase in prevalence of non-communicable diseases worldwide has led to an increase in demand for prescription medications. This has led to an increase in workload on pharmacist and need for better patient counselling. Moreover, the need to track the storage and dispensing of controlled substance to reduce the possibility of misuse of drugs further drives the growth of the pharmacy inventory management software market”.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Omnicell, Inc., Liberty Software, Inc., DATASCAN, Oracle, Supplylogix LLC, ARxIUM, Talyst, LLC, Health Business Systems, Inc., Becton, Dickinson and Company, and McKesson Corporation.
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