Redefining hospital procurement with the power of technology
Q1. Congratulations for an Excellent 2019, Please let us know your key Achievements in 2019?
At Medikabazaar, 2019 was a year where we successfully achieved all the major goals we planned for. One of the prime milestones was launching our proprietary AI-ML tool, VIZI. This cutting-edge and industry first AI application uses ML algorithms to provide accurate stock projections and reserve/safety stock alerts to enable hospitals to procure efficiently while getting an inventory devoid of stock wastage. We also established our pharmaceutical vertical in a bid to make Medikabazaar a single-point contact for all medical supplies encompassing both devices and medicinal requirements. We strategically established multiple fulfillment and central distribution centers to amplify our network across metro, tier 2, 3 cities and remote areas to make healthcare more accessible for all Indians. The feather in our cap was Medikabazaar raising Series B funding, thus laying the foundation stone for a successful future.
Q3. Please share few Disappointments in 2019.
One of the prime disappointments is that the eagerly-awaited Medical Devices Bill is still in contention and is yet to pass. Due to this, companies like Medikabazaar, who are operating in this industry are still looking forward to clear policy frameworks to navigate effectively as we don’t have clarity on the rules and regulations. Secondly, there’s another ambiguity with regards to the draft E-pharma rules and we are awaiting the final version of the guidelines which will help our foray into the pharma vertical.
Q2. Key Challenges to overcome in 2020?
Firstly, one of the challenges is that we want to scale MBGO and make it more prominent in multiple India cities for an amplified delivery network. Secondly, we also want to promote and scale up VIZI. The majority of 2019 was spent developing this tool as we strongly believe that AI is the technology which will dictate a lot of operations in the near future. In hospital procurement, VIZI can be a potential game-changer which can help them make significant savings, streamline the supply chain, manage inventories effectively and administer timely patient care. The challenge here which we need to overcome is to make Indian healthcare establishments aware about the importance of technology and how they can benefit from an AI-based application such as VIZI. Many of the establishments are still operating with a conventional (offline) procurement process and we need to connect with them on this hope to implement VIZI.
Q4. Way Forward for 2020?
In 2020, one of the foremost aspects we want to focus on is scale up our technological capabilities. As we are an e-commerce platform we have to ensure that our IT backbone is robust and consolidated. Next comes the strengthening of the supply chain infrastructure. If we are to help hospitals streamline their supply chain, we first have to establish a staunch framework ourselves. Additionally, we are looking to expand our team as well with thorough professionals. Medikabazaar is only as good as the people who are contributing to the mission and vision of our company.
Q5. Message for Healthcare Industry Stakeholders?
The age of technology is here. We are not at the doorsteps anymore, but have entered the room where technology is playing an integral role and especially in healthcare. MedTech is upgrading everyday where devices and equipment are being enhanced to counter serious medical ailments. Technology has proven time and time again that if implemented properly, it can bring efficiency and cost-effectiveness to any operation. I wish all healthcare stakeholders a very Happy New and looking forward to collaborate with you in a successful business relationship in the near future.