ICO Today Magazine News
In today’s competitive world, cutting the cost of operations is the key to survival in any industry, including healthcare. The supply chain has been a significant driver of healthcare costs, which in turn is increasing the prices of drugs, surgical implants and many other healthcare products. In addition, the medical devices market is getting even more complex as companies expand their portfolios to meet market demand. The Implantable Medical Devices Market was valued at $72,265 million, and is expected to reach $116,300 million by 2022, supported by a CAGR of 7.1%1 . The highly complex nature of the supply chain does indeed pose a set of challenges in its upgradation and development. There is also an outcry for transparency in the supply chain to which the Block Chain implementation is a highly welcomed feature. Now, more than ever, healthcare companies are focusing on efforts to increase efficiency and optimize costs in their supply chain operations. Stakeholders of the industry have been making significant technology investments for upgrading processes that include the use of digital commerce to bring suppliers and purchasers to the same platform. This ensures synchronization, transparency and automation of the supply chain and eliminates the need for middlemen. Cutting costs this way has the potential to make surgical and other medical supplies affordable, as well as to help increase the revenue of the companies that are struggling to survive the intense competition. According to industry research, there are opportunities to boost profits throughout the supply chain transformation, from about 6% in retail to 20% in hospital and medical device manufacturer settings.