The COVID-19 pandemic has helped us identify gaps in the Indian healthcare system, especially in the supply chain infrastructure space.
Purchasing organization of health groups based in Hyderabad StratMed seeks to solve this problem by building a platform for aggregation of suppliers and buyers on a large scale. Founded in 2019 by Dr. Sameer Ahmed Khan, Nishant Gopinathan and Dr. Vicky Kothari, StratMed aggregates industry demand and helps hospitals and clinics connect with the right manufacturers and negotiate preferred prices.
Talking to Your story, Says Dr. Sameer, co-founder and CEO,
“We started StratMed with a single approach: how can we consolidate the side of the demand and reduce the cost of the products. We are a group purchasing organization designed to reduce the cost of acquiring materials by working throughout the purchasing process using technology. “
Explain the group purchasing organizations group demand and supply on a large scale, thus reducing purchase costs.
[Illustration: YS Design]
Improving the supply chain process
According to the CEO, StratMed offers a proprietary data-based systemic approach to consumption planning and expense management.
“The StratMed team has created one of the largest networks comprising more than 50 hospitals and 300 pharmaceutical and medical device companies in 14 states and 29 cities in India. Today, StratMed is one of the largest data-based healthcare performance improvement companies in India that manages a total purchase value of 1 billion euros, ”he says.
Dr. Sameer adds that, in simple terms, StratMed connects hospitals and manufacturers for the purchase of medical supplies at reduced costs.
In the midst of a pandemic, StratMed has set up a covid working group that coordinates daily with hospitals to understand their requirements and help them secure supplies.
Implementation also helps client hospitals optimize products, enabling efficient use of products and minimizing waste.
Dr. Sameer says group purchasing organizations offer the advantage of mass purchasing or acquisition at better prices, leading to improved margins.
“StratMed offers an exhaustive database of pharmaceutical products, implants and consumables with more than 0.5 million entities of unique elements (SKU) with a rich set of more than 15 attributes. We also provide near real-time integration with the purchase and receipt of automated default alert alerts to classify contracts, ”he adds.
[Image Credit: StratMed]
Business and more
Speaking of the business model, Dr. Sameer explains the start-up charges hospitals a percentage of the savings the hospital makes when buying through StratMed.
“For example, if we help a hospital save 100 rupees, we charge a percentage of that savings. For manufacturers, we charge a transaction fee, ”he adds.
StratMed collaborates with several hospitals across the country, including Cloudnine Hospitals, Kerala Institute of Medical Sciences, Dr. Agarwal’s Eye and Meditrina Hospital, among others.
“We received initial funding from the HNIs. We are looking for growth capital funding to expand into new territories, acquire new customers and further improve our proprietary healthcare expense analysis platform, ”adds Dr.
GPOs are still a new concept in India. Globally, StratMed competes with prominent players such as Premier Inc, MedAssets, Cardinal Health and Intalere, among others.
Speaking about future plans, he explains that StratMed wants to expand its footprint in the UAE by the end of this year.