Life Sciences Controlled Substance Ordering System Market Overview
The electronic pharmaceutical industry contains many organisations of differing sizes including controlled substance suppliers, purchasers, manufacturers, practitioners, pharmacies, federal agencies, retailers, distributors and service providers. Pharmaceutical companies within the supply chain wish to reduce costly paperwork like the paper Form-222 by shifting to electronic, centralised, cloud-based systems. This enables them to comply with DEA audit requests, while dramatically reducing implementation cost and time. They are adequately served by the Life Sciences Controlled Substance Ordering System Market.
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
A Controlled Substance Ordering System (CSOS) is a form of digital identity issued by the Drug Enforcement Administration’s CSOS Certification Authority, allowing electronic ordering of controlled substances under Schedule I, II, III, and IV. The CSOS certificate is the digital equivalent of identity information in the DEA Form-222. The Life Sciences Controlled Substance Ordering System Market mainly caters to individual buyers and it is a mandatory requirement for ordering Schedule I and Schedule II drugs. The CSOS certificate enables the power of attorneys and DEA registrants to order controlled substances electronically by providing identification and authentication details through digital signatures. While the paper DEA form-222 is still technically allowed, the CSOS certificate is the only way Schedule I and II drugs can be ordered today.
Life Sciences Controlled Substance Ordering System Market Drivers
The key drivers of the Life Sciences Controlled Substance Ordering System Market are –
- Improved customer service – Every organisation seeks to improve the service provided to drive customer engagement and improve customer retention and loyalty. CSOS allows pharmaceutical companies to order Scheduled drugs from a centralised location for all the stores owned by the chain.
- Streamlined operations and reduced redundancy – In the Life Sciences Controlled Substance Ordering System Market, a manually prepared Form-222 is replaced by its electronic equivalent. While a paper order form is limited to only 10 line items per order, there is no such limit in an electronic system.
- Error reduction – The Form-222 is prepared manually. Descriptions and other data need to be entered by hand which makes any operational mistake far more likely. Electronic orders identify products on the basis of their National Drug Code (NDC) and are less prone to any kind of
- Greater security – An electronic system is far more fool-proof than a manual, handwritten one and the chance of any data compromise or leak is quite low. This is critical in an industry as important as the life science and pharmaceutical one where any discrepancy or mistake can mean the difference between life and death.
Life Sciences Controlled Substance Ordering System Market Restraints
Some of the Life Sciences Controlled Substance Ordering System Market Restraints are –
- Insufficient co-ordination of organization subscriber roles – Each pharmaceutical company must have one principle co-ordinator registered with the DEA and each can only serve one role per registration like power of attorney or principle co-ordinator for example. This increases the bureaucracy of the organisation and can also cause enrollment delays.
- Poorly trained staff – While switching to CSOS will definitely benefit the organisation, in the long run, it will have to train its employees to use these systems at the outset. This will involve a significant training cost which may not be reimbursed by the government. The high initial outlay will make smaller firms seriously consider the benefits of these systems.
Life Sciences Controlled Substance Ordering System Market Key Market Players
Some companies involved in the Life Sciences Controlled Substance Ordering System Market are
- Axway
- Vormetric
- Legisym
- The Drummond Group
- Attain Med and Bound Tree Medical.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
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The report covers exhaustive analysis on:
- Market Segments
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.