Drug Shortages, Soaring Costs Pose Significant Challenges For Hospital Pharmacies
Healthcare Brew
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Contributed by: Drex DeFord
Summary
Hospital pharmacies are facing significant challenges, primarily due to drug shortages, compliance issues, and soaring specialty drug costs. A Tecsys report indicates that 44% of surveyed executives view drug shortages as their top concern, collectively costing U.S. hospitals $900 million and 20 million labor hours each year. Despite a reduction in new shortages expected by 2025, drug spending continues to escalate, constituting about 9% of hospitals' budgets. To mitigate these issues, a growing number of hospital leaders are turning to AI and machine learning technologies to better forecast demand and manage inventory, highlighting the need for healthcare professionals to adopt innovative solutions in supply chain management.
