(PharmaNewsWire.Com, July 03, 2019 ) Various government initiatives and incentive programs, rising focus on the reduction of fraud & abuse of controlled substances, and increasing focus on reducing medical errors, and the need to curtail escalating healthcare costs are driving the growth of the market.
The increasing number of collaborations between software vendors and network providers and the vast untapped Asia-Pacific region are expected to provide significant growth opportunities for players in the market. The rising specialty prescribing, growing consolidation in the e-prescribing market, growing demand for cloud-based solution are the key trends in the market.
Epic Systems Corporation is a leading provider of e-prescribing solutions, specializes in interoperable solutions, and mainly focuses on the needs of mid-sized to large hospitals and integrated healthcare organizations. The company is notable for having secured more contracts with hospitals in 2014 than any of its competitors in this market. It also—along with athenahealth—did not lose any existing customers in that year. Its customers include U.S.-based hospital chains such as Johns Hopkins Health System, Duke University Health System, UNC Health Care, University of Utah Health Care, and Vanderbilt Health System.
Cerner Corporation is one of the major players in the global e-prescribing market. Cerner mainly focuses on acquisitions as its key business strategy. In line with this strategy, in February 2015, Cerner acquired Siemens Health Services (Germany) and its assets, client relationships, and associates. Furthermore, in December 2014, the company acquired InterMedHx, LLC (U.S.) a provider of health technology solutions in the areas of preventive care, patient administration, and medication history.
This acquisition strengthened Cerner‘s e-prescribing and other healthcare IT business.Cerner Corporation also focuses on expanding its business globally to strengthen its position in the e-prescribing market, particularly in high-growth regions such as Asia-Pacific and Latin America. Currently, the geographic segments of Europe and North America account for about 90% of the company‘s e-prescribing business. While Cerner is able to compete for major contracts within the U.S., it has also seen significant growth in the U.K., the Middle East, and Australia. Furthermore, the company has a strong product portfolio for e-prescribing, including e-prescribing solutions, ambulatory EHR, networking services, and standalone solutions.
Allscripts Healthcare Solutions Inc. is one of the major players in the e-prescribing and electronic health record market. It is a research-based HCIT company that provides innovative clinical software and services that deliver significant benefits to patients and healthcare professionals. The company focuses on R&D activities to enhance its service offerings. In 2015, the company invested USD 234.1 million—about 17% of its total revenue—on R&D activities.
The company expanded considerably in April 2016 post its merger with Netsmart Technologies, Inc. (U.S.). Another factor contributing to the major share of the company is its agreement with CoverMyMeds for the Allscripts eAuth software, to enable prescription providers to quickly authorize prescriptions electronically. CoverMyMeds is the largest electronic prior authorization (ePA) platform in the U.S., providing connectivity that impacts as much as 72% of all prescriptions circulated electronically in the country.
The key strategies adopted by major players in the global e-prescribing market are agreements, partnerships & collaborations; mergers & acquisitions; product launches; and geographic expansions. In this competitive market, global players aim to maintain their market position through continuous investments in R&D with a focus on developing innovative solutions or enhancing their existing solutions.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
