Recent Developments in the Global ePrescribing Market:

# In April 2020, DrFirst (US) partnered with ID.me (US) to help users of the company’s e-prescribe app to verify their identities within a few minutes. This is expected to speed up the process for clinicians to prescribe drugs.

# In July 2019, NextGen Healthcare(US) announced its partnership with Optimize Rx (US) to provide real-time access to critical financial information, allowing providers to help patients choose appropriate medication plans, as per their cover and budgets. This tool has been integrated with the company’s ehr workflow.

# In june 2019, Allscripts (US) acquired ZappRx (US) to help Veradigm’s e-prescribing solutions by integrating it with the automate prior authorization platform, thus adding value to its existing platform.

Major Growth Boosting Factors:

Factors such as the increasing adoption of EHR solutions, government initiatives and incentive programs, rising focus on reducing the abuse of controlled substances, increasing focus on reducing medical errors, and the need to curtail the escalating healthcare costs are driving the growth of the e-prescribing market. Additionally, the onset of the COVID-19 pandemic has accelerated the use of telemedicine modules and telehealth consultations. This is further driving the adoption of e-prescribing solutions.

Restraint: High cose of deployment

Despite their benefits, end users remain hesitant to adopt e-prescribing solutions mainly due to the high costs involved. The costs are not limited to the one-time purchase of a system, but also include recurrent expenses such as those incurred by implementation services, maintenance and support services, integration of e-prescribing with EHR/EMR, and, in some instances, training and education. This restricts smaller hospitals and office-based physicians from investing in e-prescribing solutions, especially in the emerging APAC and Latin American markets.

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COVID-19 Impact on ePrescribing Market

The COVID-19 pandemic will not directly impact the e-prescribing market; however, its impact on the healthcare IT and the EMR markets will drive the demand for e-prescribing solutions during and after the global pandemic. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR, telemedicine, and e-prescribing functionalities aid prescribers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. In addition, recommendations by the CDC to use telemedicine services and the Drug Enforcement Administration (DEA) regulations for the electronic prescription of controlled substances have increased the number of electronic prescription transactions.

Strategies adopted by EHR and EMR vendors during COVID-19:

# Cerner Corporation (US) integrated its EHR platform with telehealth capabilities, which would help improve patient access to healthcare from home.

# eClinicalWorks (US) integrated its EHR solution with TeleVisits to help with virtual patient care. TeleVisits is a secure platform that uses existing equipment and webcams to diagnose patients remotely.

# Allscripts (US) implemented telehealth solutions through its EHR patient engagement platform, which would enable its clients to access virtual care services. In March 2020, Allscripts had provided telehealth services to over 100 customers.

Challenges: Lack of technology awareness among end users

E-prescribing solutions operate at maximum efficiency only when integrated with EHRs and a complementary suite of other HCIT solutions. However, most physicians and end-users lack the knowledge and technological expertise to understand how to make full use of e-prescribing. For instance, it may be difficult for end-users to select the most effective combination of hardware and software components while implementing any e-prescribing solution. This aspect carries weight, as using complementary components can help reduce overall costs incurred, while increasing workflow efficiency.

Opportunities: Increased adoption of integrated telehealth solutions due to COVID-19

Even before the onset of the global pandemic, players in the EHR market had started integrating the telehealth feature with their existing solutions, due to advantages offered by telehealth consultations such as increased patient engagement in remote monitoring and reduction in overhead costs. However, the adoption of this feature increased significantly during the COVID-19 crisis.

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Geographical Growth Dynamics:

APAC will grow at the fastest rate during the forecast period.

The ePresciribng market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Currently, a number of healthcare organizations in the Asia Pacific region are actively moving towards digitization with a focus on streamlining their entire workflow and ensuring patient safety. Japan, Australia, Taiwan, South Korea, India, and China are the major countries in this region that are actively adopting e-prescribing solutions. In addition, government initiatives for the adoption of EMR solutions, the large volume of COVID-19 patients, the growth of the geriatric population, the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing purchasing power of consumers are also impacting the growth of this region in the coming years.