iRemedy, a technology-driven healthcare and medical products distributor, is looking to improve on the antiquated medical supply chain by using digital agents (bots) for artificial intelligence (AI)–powered product sourcing. These bots are capable of sorting through billions of data points to find the right medical product sourced at the lowest price available.
iRemedy claims that technology capable of sorting through all these billions of points of data all within the constraints of the highly specialized medical supply industry hasn’t existed until now. The company is leveraging the power of AI to solve this problem, and it is on a mission to develop a digital supply network (DSN) capable of supporting 21st-century medical needs.
A critical need for any medical supply chain is the need for an integrated system that can organize medical supply chain data. 67% of supply chain leaders say that data issues such as data availability, data quality and data integration are their most prevalent problem. This is why suppliers are beginning to turn toward DSNs. However, the amount of data required presents a high barrier to entry.
This is what iRemedy is looking to do, leveraging two integrated technology products to deliver on its mission of a modernized medical supply system. The company has created a digital marketplace powered by AI to finally deliver a DSN capable of supporting the medical supply chain. The company continues to build what it claims is the largest and smartest medical product catalog, featuring over 500,000 products. It is matching this catalog with its digital agents to provide an integrated supply chain solution supported by the latest in AI technology.
iRemedy’s Modern Solution For The Supply Chain
COVID exposed serious weaknesses that plague the medical supply chain. It caused global shortages and drove up prices across the industry, and revealed vulnerabilities in the system as a whole. The global medical supplies market was worth $144 billion in 2022 and is expected to reach $206 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.6% over 2022-2030.
The pandemic revealed how easily shortages can arise in the overworked medical supply chain. Typical medical suppliers are many decades old – with some even going back to the 1800s – and are not always able to adapt to the modern medical ecosystem.
A study by Deloitte found that only 10% of supply chain leaders thought their supply chain was highly resilient. Supplies of medicines are unstable, even for some generic antibiotic medicines. Even essential drugs like chemotherapy are experiencing critical shortages.
Problems in the supply chain also affect the cost of medical supplies. Overall, medical supply costs are among a hospital’s greatest expenses, after labor and administrative expenses. Supply chain functions account for the majority of a hospital’s external expenditure, and 40% of total spending. Disruptions to the supply chain are continuing to drive up costs for hospitals, giving rise to extortionate expenses for both hospitals and patients.
From 2017 to 2021, medical surgical supply costs increased by an average of 6% every year. iRemedy believes it can drive down the prices of medical supplies and built out a more resilient supply chain with its patented products. The company is currently taking investments toward this goal as it looks to grow its platform.
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