Bradley Merrill Thompson, a Member of the Firm in the Health Care and Life Sciences practice, in the Washington, DC office, was quoted in an article titled “Med Management Market to Pass $1.6 Billion by 2019.”
Following is an excerpt:
In addition to government initiatives driving more accountability in patient care, concerns around lowering medication errors and adverse drug events are steadily increasing the value of the global market for medication management, according to a new report.
Currently, the market is worth $845 million, according to the MarketsandMarkets.com report. By 2019, that number is expected to surpass $1.6 billion, thanks to compound growth of 14 percent annually. North America, predicted to be the largest market, will account for roughly 63 percent of that figure, the report notes.
Meanwhile, Brad Thompson–a health attorney with Epstein Becker Green who serves as general counsel for several groups, including the CDS Coalition and the CDS Consortium–has said potential future legislation of decision support technology could create mass confusion among industry stakeholders.
“With regard to getting [legislation] right, there are so many pieces of software out there right now that do very important job–such as assist a radiologist in evaluating whether images suggest cancer or not,” Thompson told FierceHealthIT. “You have software at the high end that does very important jobs and the task is to make sure that the stuff that is high-risk remains regulated. If they don’t get the legislation right, what they’ll do, unfortunately, is cause some high-risk software to not be subject to FDA regulation, and the risk is that it won’t work right and somebody gets hurt.”