Barcode solutions have been proven to generate measurable clinical and financial benefits to the healthcare industry. An FDA study of hospital adverse drug events (ADEs) found that medication error rates ranged from 2.4 percent to 6.5 percent per facility, resulting in an average cost of $2,257 per event. Based on this evidence, hospitals spend an average of $9,705 per 100 admissions in treating the effects of ADEs. A facility that averages 20 daily admissions could expect to incur $708,100 in annual expenses related to adverse drug events. The FDA analysis does not include the cost of liability or legal expense related to such events; an article published in the journal Legal Medicine reported that approximately 30 percent of all malpractice suits involve drug-related injuries.
In addition to the cost-avoidance aspect of patient safety that barcode solutions provide, barcode data can greatly improve the accuracy of charge capture, pharmaceutical inventory management, drug utilization, and best practice compliance.
In the pharmaceutical industry, counterfeit pharmaceuticals account for 6 percent to 10 percent of all medicines sold worldwide, according to the World Health Organization. The barcoding of pharmaceuticals establishes their pedigree, combats drug counterfeiting, and creates an audit trail through the value chain. Drug makers who implement barcode and RFID control systems can reduce diversion by 18 percent in the first year and lower inventory holding costs by 6 percent, according to a study by A.T. Kearney.
Learn more about the benefits of barcode solutions within the healthcare market, explained in detail by our partner Zebra Technologies.