Medication Management System Market Industry Analysis and Insights Role Of Top Key Players Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Siemens Healthcare, Genoa Healthcare

Medication management system involves the use of different IT based services by retail pharmacies or hospitals to provide right dose torightpatient at right time. Medication management system is becoming an essential part of pharmacies across the globe to improve operational efficiency by avoiding situation of overstocking, understocking, increased drug cost, drug adversity, and dispensing error. This is done by utilizing automated software and robotics system, which aids in inventory management, efficient dispensing of medication and better patient tracking thereby improving productivity.

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Medication management system plays an important role in management of data, as number of complex therapies is increasing in clinical practice along with increasing length of prescriptions, and lack of structured decision making for selecting drug and doses. Physicians and nurses are facing complexity in their area of function such as large patient pool with requirement of chronic therapy, which can be eased with the help of medication management system. Managing bunch of information right from patient data, regulatory compliance to product related data is made easy due to medication management system.

According to the World Health Organization (WHO) report in 2017, medication error costs US$ 42 billion annually worldwide. This figures suggest increasing demand for medication management system as essential part of an overall healthcare infrastructure. As per the World Population Prospect, 2017, Revision report by United Nations, in 2017, around 962 million people under geriatric category, which would demand for rising primary healthcare and long term care. This population is likely to face adverse drug event due to likely chance of error made by them in administering medicine, which can be minimized by using medication management system. This would propel the growth for the global medication management system. 

In 2015, Becton, Dickinson and Company completed the acquisition of CareFusion Corporation at US$ 12.2 billion. CareFusion Corporation is specialized in reducing medication error. This acquisition would provide scale and depth to Becton and Dickinson and Company in medication management and patient safety solution. In August 2017, Swisslog Healthcare announced acquisition of Talyst, Swisslog Healthcare is leading company in medication and supply chain services and solutions. Talyst is market leader in pharmacy automation solutions for hospitals and long term care facilities. In November 2017, Swisslog Healthcare launched cloud-based data analytics platform called Pharmacy Analytics, which is designed to help hospital pharmacies to improve operational efficiencies.

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In August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash. In December 2017, Becton, Dickinson and Company launched BD ‘HealthSight’ platform, a comprehensive medication management for enterprise medication management, which offers a unique combination of connective technologies, analytics and expert services.

Key players present in the medication management system market includes Becton, Dickinson and Company, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Omnicell, Inc., Cerner Corporation, Siemens Healthcare, Genoa Healthcare Inc., Swisslog Healthcare, GE Healthcare, and QuadraMed Affinity Corporation.

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