Medication management is a service provided typically by pharmacists that aims to improve outcomes by helping people to better understand their health conditions and the medications used to manage them. This includes providing education on the disease state and medications used to treat the disease state, ensuring that medicines are taken correctly, reducing waste due to unused medicines, looking for any side effects, and providing education on how to manage any side effects. The process that can be broken down into five steps: medication therapy review, personal medication record, medication-related action plan, intervention and or referral, and documentation and follow-up. The medication therapy review has the pharmacist review all of the prescribed medications, any over-the-counter medications, and all dietary supplements an individual is taking. This allows the pharmacist to look for any duplications or dangerous drug interactions. This service can be especially valuable for people who are older, have several chronic conditions, take multiple medications, or are seen by multiple doctors.
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COVID-19 scenario analysis:
Coronavirus disease 2019 (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide, wherein developed countries are expected to cause economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2020. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth.
The major factor affecting the industry includes increase in the number of technological innovations at a positive pace. The key provision for medication management services under healthcare reforms is anticipated to propel the industry in the next few years. The surge in the growth in aging population and increased number of incidences of chronic illness are expected to fuel the demand for medication management systems over the forecast period. Furthermore, it helps to reduce the healthcare costs, which is the need of the hour; hence, it would help the industry flourish in the coming years. However, higher maintenance cost may hinder the market growth.
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Surge in number of chronic diseases to propel the market
According to the data published by the World Health Organization – the World Health Report 2002, reducing risks and promoting healthy life indicate that the mortality, morbidity, and disability attributed to the major chronic diseases currently account for almost 60% of all deaths and 43% of the global burden of disease. By 2020, their contribution is expected to rise to 73% of all deaths and 60% of the global burden of disease.
Key segments covered:
- Clinical Decision Support Systems
- Computerized Physician Order Entry Systems
- Assurance Systems
- Inventory Management Systems
- Administration Software
- Automated Dispensing Systems
- Adverse Drug Effects Surveillance
- Medication Analytics
- Point-of-Care Verification
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