Medikabazaar Inks a Deal of 1000 Crore With AHPI

Wednesday, February 27, 2019 General News
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NEW DELHI and MUMBAI, February 27, 2019 /PRNewswire/ --

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Taking Ayushman Bharat Yojana a step forward- Medikabazaar and AHPI build one-of-a-kind healthcare infrastructure network 

- Savings of 150-300 Crore for 2,500 hospitals under AHPI

 

- Convenient single window, on-time procurement to bring upto 30% cost saving 

Medikabazaar, India's leading hospital and medical supply platform, has signed a first-of-its-kind Value Procurement Organisation (VPO) deal with the Association of Healthcare Providers India (AHPI). With this agreement, 2500 hospitals under AHPI will benefit from professionally managed, centralised, cost-effective procurement of medical devices and utilities from hundred's of suppliers, manufacturers and distributors from multiple brands, all under one roof. The AHPI member hospitals will also have access to several value-added services from MedikaBazaar - warranty service, same day delivery, flexi finance options, artificial intelligence-based inventory prediction software tools, tier 2/3 cities coverage, warehouse support and inventory management. The VPO is expected to bring savings of upto 30 per cent or more for hospitals, a significant step towards the vision of affordable healthcare for all under the Ayushman Bharat Yojna. Medikabazaar already sells to more than 18000 medical establishments pan India, and this scale of procurement economies will add immense value to the AHPI network.

With MedikaBazaar's extensive catalogue of 1,50,000+ state-of-the-art medical items from domestic & international vendors, this deal covers an entire range of hospital requirements, including Medical Equipment, Consumables, Medical Furniture, Software and other basic and high-end medical amenities from simple needle & glove to CT & MRI machine. Hospitals have to talk to hundreds of different vendors & multiple brands which is time consuming and inefficient. This deal brings in a single window deal which proposes to simplify supply chain management and make it more transparent through AI/ML tools, offering multiple vendors under one roof, real time price updates, excess/shortage avoidance, reduction of expiration, multi-level coordination, limited product awareness, and demand forecasting.

Dr Girdhar Gyaani, Director AHPI said, "It is important for hospitals and medical facilities to focus on their core duty, which is treating patients and saving lives. With MedikaBazaar taking care of the procurement needs of the hospitals, the hospitals are able to focus on their core duty of patient care. We also envisage significant savings for all our member hospitals, which in turn will lead to lower cost to patients. While the Government is committed to ensuring healthcare at the grassroots level, it is imperative for hospitals to achieve greater all round efficiencies to deliver quality and affordability to realise that mission. Our main aim of signing the VPO is to bring in economies of scale and better management of resources."

Vivek Tiwari, CEO, Medikabazaar said, "We are addressing a major challenge of hospitals having to deal with hundreds of vendors and will function as a single point contact for them. Being an aggregator, it will also help decrease the value loss happening in the form of inefficiencies in procurement & additional margins that come into play when purchasing from different vendors. This will bring immense value for AHPI members by improving the bottom line, and ensuring the cost efficiency required to meet Ayushman Bharat's low reimbursements. While hospitals take care of patients health, Medikabazaar will take care of hospital's health."

The Value Purchase Organisation agreement, announced at the AHPI Global Conclave 2019 is in line with PM Narendra Modi's Ayushman Bharat Yojana of providing affordable care to all. The Ayushman Bharat Yojna aims to create a network of health and wellness infrastructure across the country along with providing numerous health benefits to the citizens of India, & Medikabazaar will be able to assist in providing single window convenience in setting up a cost efficient medical establish without the need for the establishment owners to deal with hundreds vendors. Medikabazaar will do the same for them in a more cost effective manner & timely manner. This agreement will empower hospitals to provide better medical services to the patients, across the network while still keeping economies of scale. Cost inefficiencies and reducing margins in healthcare operations was a much talked about topic by various industry leaders at the AHPI conclave and Medikabazaar addresses this issue through better procurement efficiencies.

To this end, MedikaBazaar will also offer an array of facilities and procurement solutions through its fulfilment centres, order accuracy, a host of well-grounded technical experts & medical professionals, and more who understand the procurement pain points of the hospitals. These methods include having a holistic system in place to ensure last mile delivery, presenting a convenient gateway to all medical equipment manufacturers, leading a robust B2B medical supplies platform, and maintaining complete transparency.

About MedikaBazaar 

Mumbai-based Medikabazaar was founded in 2015 by Vivek Tiwari, an alumnus of IIM-Calcutta and Ketan Malkan, a serial entrepreneur. Medikabazaar is revolutionising the way hospitals purchase their inventory and helps them save on procurement costs by upto 30%. The company connects with facilities in Tier 2, Tier 3 cities and rural areas of the country, apart from metros, to help them fulfil their healthcare needs. It has over 1,50,000 specialty medical products listed with them across a network of 1800+ supplier, manufacturers, distributors and importers, and is only growing.

Despite a young firm, the company has raised two rounds of funding, with the last one being of 5 million from HealthQuad. This has empowered them to strengthen their technology, streamline their supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year. It currently owns 10 fulfilment centres and aims to grow over 100 per cent to 20+ centres across India, including tier 2 and 3 locations.

Website: https://medikabazaar.com/

Media Contact: Parmpreet Kaur operations@communicateindia.com +91-9870390819 Communicate India



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