"Reduction in inventory management costs"
Rising inventory cost is one of the biggest concerns faced by healthcare establishments across the globe. According to a study conducted by Stanley Healthcare it has been identified that the implementation of hospital inventory management systems enables organizations to reduce their inventory value by 15% to 35%. Additionally, inventory replenishment costs can be reduced by 95% with inventory reduction by 50%. These are further expected to reduce storage space by 22% which results in reduced storage costs and subsequent energy costs associated.
"Reduction in number of medication errors"
Increasing incidences of medication error deaths and government regulations are putting pressure on healthcare institutes and pharmacists to deploy advanced technologies to reduce medication errors. It is also found that medication errors affect one out of ten patients globally and turns into death or mental illness. Medication errors increases the medical cost for both healthcare providers and pharmacists. According to a survey conducted by Society of Actuaries, it was found that measurable medication errors cost USD 20 billion to the U.S economy while majority of these errors are easily avoidable. Increase in medication dispensing errors is a significant factor driving the number of adverse drug reactions which may lead to severe deterioration of the patient’s health and may also lead to death. For instance, in the U.S., the data published by the Institute of Medicine states that around 7,000 deaths each year are attributable to the medication errors. Approximately, 400,000 injuries related to drugs occur in hospitals and approximately 800,000 injuries due to drugs occur in the long- term care centers.
Moreover, in order to prevent the high costs in terms of repeated hospitalization due to ADR’s, wastage of medication, and delays in reimbursement claims, the hospitals and retail pharmacies are increasingly using the automated dispensing machines, and as a consequence of these factors the market is expected to grow with a lucrative CAGR over the forecast period.
In-depth report on global automated dispensing machines market by Grand View Research: