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Pharmacy management systems play a crucial role in assisting pharmacists with various tasks such as inventory management, dispensing medicines, and handling sales. These systems are not only effective but also user-friendly, enabling pharmacists to provide professional care tailored to patient needs. The pharmacy management system market is witnessing growth due to an increasing number of strategic initiatives, including new product launches, mergers & acquisitions, collaborations, and joint ventures.
An illustrative example of this trend is the launch of a digital hospital pharmacy system in Wales, UK, by CareFlow (US) in February 2022. This system focuses on enhancing the accuracy of computerized dispensing and medicine stock management. After a successful implementation in 28 sites across Wales over 12 months, the system is now available nationwide.
In response to the challenge of drug shortages, IBM (US) Watson Health and OrbitalRX (US) collaborated in September 2020. They integrated OrbitalRX's drug shortage management platform with IBM's Micromedex to create a unified solution named OrbitalRX and Micromedex. This integrated solution facilitates the evaluation of crucial drug information, comparative effectiveness, and clinical evidence, alongside analyzing the hospital's drug inventory, purchase history, and drug utilization data. This comprehensive evaluation empowers hospital providers, pharmacists, and pharmacy technicians to proactively manage drug shortages.
Furthermore, in June 2020, Change Healthcare (US) made strategic moves in the pharmacy management sector. It acquired PDX (US), a pharmacy IT firm, for USD 208 million. Additionally, Change Healthcare (US) acquired eRx Network (US) for USD 213 million and divested its analytics business to Kaufman Hall & Associates (US) for USD 55 million in May 2020. These acquisitions contribute to the rapid development and cross-selling opportunities for Change Healthcare's combined portfolio of the pharmacy network, software, and analytics solutions.
In summary, the pharmacy management system market is experiencing significant advancements driven by strategic initiatives. These initiatives, ranging from innovative product launches to collaborative efforts addressing healthcare challenges, are reshaping the landscape of pharmacy management systems, ensuring enhanced efficiency and improved patient care.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Benefits associated with pharmacy management systems |
| Market Dynamics | Growing applications of pharmacy management systems in healthcare Rise in the number of strategic initiatives |
Pharmacy Management System Market Highlights:
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