Transparency Market Research has just released a new report that details the projected growth of the telepharmacy industry. Based on current trends, Transparency Market Research expects telepharmacy to expand “at a significant rate” within the next few years.
Market analysts have found that telepharmacy is particularly popular in rural areas, where small health care facilities often can’t afford 24/7 onsite services. However, companies like PipelineRx have made it possible for low-budget medical facilities to have access to 24/7 pharmacy services through the use of remote assistance.
PipelineRx, a McKesson Ventures portfolio company based out of San Francisco, has a team of licensed clinical pharmacists who can process and receive computerized physician order entries (CPOEs) and fax orders from afar. PipelineRx pharmacists are capable of reviewing and verifying prescriptions in real time using virtual technology.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) allows pharmacists to monitor anywhere from four to six hospitals at a time provided it is done from a secure location. Because pharmacists are permitted to manage four to six hospitals at once, this reduces the cost for rural health care facilities, since the cost is now divided between several other health care centers.
But rural hospitals aren’t the only health care centers using this service. Long-term care facilities, military bases, prisons, naval ships, physician offices, and even urban hospitals are using telepharmacy to reduce cost and increase work flow efficiency. Transparency Market Research predicts that telepharmacy will eventually be a standard practice used across the globe.
To read more about current trends and predictions for the telepharmacy industry, check out the full report here.