Telepharmacy Market - Competitive Landscape & Growth Opportunities 2024
There is no doubting the exponential surge of the telemedicine and telehealth market. The market is poised to expand at a significant rate in the next few years. Additionally, the advent of telepharmacy is expected to substantially impact the telemedicine and telehealth market in terms of enhancing its rural reach as well as worldwide penetration.
Telepharmacy includes the delivery of pharmaceutical care and performing medication order verification via telecommunications from a remote setting. Using telepharmacy, pharmacists are able to provide pharma care to patients at a different geographical location than theirs. This state-of-the-art technology ensures easy access to quality health care, primarily in rural and medically backward areas.
Remote pharmacists are benefiting from the latest technology launched by San Francisco-based PipelineRx. Apart from making pharmacists’ task simpler and more efficient, the platform is also designed to receive orders from computerized physician order entry (CPOE), fax orders, and others. This remote pharmacy program has been providing hospitals located in rural areas with 24x7 access to services of licensed clinical pharmacists. The technology also enables virtual medication review and verification in real time.
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The innovative telepharmacy solution launched by PipelineRx has been significantly gaining momentum in the market. The solutions are tailor-made to help hospitals manage their pharmacy operations better. The report presents an overview of the potential impact of these technologies in simplifying the prevalent hospital and pharmacy operations. Their contribution in enhancing patient care and treatment administered has been examined in detail. The influences of recent advances in technology on the overall telemedicine and telehealth market are also studied.
Global Telepharmacy Market: Key Opportunities and Threats
A pharmacist is not always present for a good percentage of the day on site to review and modify medications ordered by other pharmacists and administered by nurses. The situation is same in a significantly large number of hospitals worldwide. This has marked the genesis of telepharmacy programs. Hospitals and health care centers located in rural regions could neither find nor afford pharmacists in the community to be onsite. PipelineRx’s telepharmacy solutions fulfilled this requirement.
As with the majority of telehealth solutions, telepharmacy practices have since expanded from rural health care centers to hospitals, long-term care facilities, military bases, prisons, naval ships, physician offices, etc. The latest telepharmacy systems employ novel technologies to seamlessly communicate with pharmacy management systems and ensure the best possible experience. This has encouraged the deployment of telepharmacies across numerous locations to provide more convenient access to patients and health care units.
Telepharmacy also helps pharmacists to work from home or from a secure location, as identified by the Health Insurance Portability and Accountability Act of 1996 (HIPAA) in the U.S., and monitor four to six hospitals at one time. Thus, multiple hospitals can split up the cost incurred on telepharmacists on a labor sharing basis. This, in turn, will enable small and rural hospitals to save significant costs. Furthermore, the turnaround time of reviewing and monitoring medication order verification using telepharmacy is way lesser. Thus, the time spent on reading prescriptions and delivering them to patients’ rooms is significantly reduced. Increasing awareness about such intrinsic benefits of telepharmacy is also boosting the penetration of the market, particularly in rural regions. Implementation of telepharmacy has been impressive in the U.S.
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Global Telepharmacy Market: Competitive Insight
PipelineRx is one of the leading medication management service platforms. The company focuses on clinical telepharmacy. It recently announced US$ 9.1 Mn round of funding by Mitsui & Co. (U.S.A.) Inc., McKesson Ventures, and AMN Healthcare. The investment will be used by the company to strengthen its technology offerings such as integrated delivery network (IDN) and expand workflow models for better patient care. Currently, PipelineRx is available across 200 hospitals; it helps them improve patient care, medication efficacy, and satisfaction.
Other companies operating in the market include Medication Review, Inc., Telepharmacy Solutions Inc., and North West TelePharmacy Solutions.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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