A digital age has brought with a certain kind of need. A need which is calling for companies and businesses to shift operations to an online platform to cater to an audience which has also moved towards their laptops and mobile phones rather than entering their nearest brick and mortar stores. According to a report by Nielsen Smartphone Insights, an average Indian smartphone user spends around 106 minutes on the phone every day. Economic Times stated that the number of internet users in the country will grow to approximately 627 million with an estimation of 251 million users in the rural areas. This shows the high penetration of the internet PAN India which has allowed industries to reach across to customers via various online channels.
In the healthcare industry, hospitals still majorly work through offline channels. They have to dedicate a lot of time in communicating with multiple suppliers and deal with innumerable paperwork as well. They also have limited channels of information which detriments their purchase decisions. This not only leads to a financial difficulties for the medical establishments but also patient care. On top of that, there are also inconsistencies in delivery times from suppliers which can hamper patient care.
Similarly to the customers who are accessing online websites to search for their desired items, consumers in the healthcare industry are also starting to adapt this digital behavior. Doctors, hospital procurement managers are accessing the internet, searching for medical supplies, and manufacturers.
This is where Medikabazaar comes in with a perfect solution for efficient procurement. We work with an aim to enhance the healthcare industry by devising supply chain solutions for hospitals where they can procure their supplies in a streamlined and cost-effective manner, save on operational costs, and deliver the best patient care. In short, we enable medical establishments to achieve operational efficiency.
How do we do that?
Medikabazaar’s website is a single-point contact for hospitals when it comes to procuring medical equipment, consumables, disposables, furniture, and specialty supplies. The website enables the customers to search for their required supplies, compare their specifications and prices and then make an informed purchase decision. We cover almost all the essential product categories which are required by medical establishments of various sizes and by some who are planning to setup their own clinic. With Medikabazaar, hospitals don’t have to contact multiple suppliers, handle numerous quotations and GSTs which occupies ample working time. Instead they can just log into Medikabazaar, choose the products, order and pay via multiple payment options.
In a country where the offline supply chain and distribution lines are broken, Medikabazaar’s last-mile and same day (MBGO) delivery services are connecting hospitals in tier 2, 3 cities, and rural areas, delivering their required supplies at their doorstep thus making healthcare more accessible.
When medical establishments reduce their procurement costs, it’s not only the hospitals who are the beneficiaries. They are then able to provide cost-effective medical care to the patients. India is a country where 70% of the medical expenses are borne by the patients’ own pocket, an expenditure which is known as out-of-pocket expenditure. Therefore, a streamlined procurement system can indirectly lead to a patients paying an affordable amount for medical services.
We understood that artificial intelligence (AI) was one of the technologies which is and will have a major bearing on not only the healthcare industry but on the world, in the near future. So we decided to use AI coupled with ML technologies and came out an application known as VIZI. It is a tool which provides accurate stock projections to hospitals based on which, they can procure the right quantity of supplies and that too at the right time. Additionally, the tool also keeps a track of hospitals’ reserve/safety stock and notifies them accordingly so that they can purchase the stock at the right time.
Medical establishments has a lot of expenditures with medical supplies constituting the second-largest expense in their total cost of operations (TCO). VIZI helps them curb this expense by hospitals procure timely. Due to timely procurement, hospitals are able to avoid the excess, shortage, expiry of stock keeping units (SKU) and stock-out situations. This way they don’t have to postpone or cancel surgeries and administer effective patient care.
Just like the customers, the sellers who are partnering with Medikabazaar are also beneficiaries of certain value-added services. On associating with us, medical supplies manufacturers can connect to our large and constantly-growing national and international client database which can help them expand their business. We also provide them with online and offline marketing services via which their products will get maximum visibility. Talking about visibility, we are always participating in medical events where their products can be displayed in front of the medical fraternity. Some value-added services also include market tracking where vendors will know the demand patterns of their products from all over the country and position them accordingly. This is done by various technologies which we provide at Medikabazaar. We have a very easy seller registration process as well. They just need to just register on the website, submit the relevant documents, and upload their products.
Although the Indian healthcare market is looking good in terms of valuation, we understand that there must be a consolidated effort from all relevant industry stakeholders towards making healthcare accessible and affordable for all. With schemes such as Ayushman Bharat, it seems that the country is taking a step in the right direction. Medikabazaar with the above-mentioned technology-based services is and will play a vital role in working for the betterment of Indian healthcare.
Vivek Tiwari
Founder & CEO, Medikabazaar
BW Young Entrepreneur 2017, ASSOCHAM Best Medtech 2018, YESBANK BW Digital Innovations 2017, IIM Calcutta
