Medikabazaar, India’s largest and pioneering online B2B platform for medical supplies, today announced a Press Meet at Hotel Hindustan International, Kolkata on Wednesday, 27th November 2018. The event will take place from noon onwards.

The agenda of the Press Meet is to announce expansion of our setup in Kolkata and also share how Medikabazaar has brought about disruption in the medical supplies space in the country and how we have been successful in servicing a huge portfolio of hospitals all across India.

Kolkata is a major hub for Medikabazaar from the perspective of not just fulfilling medical supplies needs in West Bengal but also for reaching out to the north east region. With positive government policies, West Bengal is witnessing a boost in the setup of new healthcare institutions which will definitely address the current issue of poor doctor-patient ratio (1:1,850). Medikabazaar with its catalog of 100,000+ products will help the existing and new hospitals/medical establishments in getting world class medical products and high-quality consumables at the most competitive prices at their doorstep. This will help them incur significant savings on the supply chain operations.

Medikabazaar works with a vision of improving the medical ecosystem of the country by making healthcare more affordable and accessible. Using our powerful online platform, hospitals and clinics can make informed purchases which can lead to a reduction in their OPEX. Our efficient last-mile delivery systems can connect to healthcare facilities in tier 2, 3 cities and remote locations and provide a steady and consistent supply of medical requirements. We have also added flexible payment options such as zero-cost EMIs and interest-free rolling credit which are especially beneficial for medical facilities. We are poised to create a positive impact on the healthcare industry in digital India.

Medikabazaar recently received $5 million (₹37 crore) Series A funding from one of the leading healthcare venture capital, Healthquad, this October.

At the press meet, we look forward to an interactive and informative session to share our concept, future roadmap, and most importantly hear from the healthcare establishments in West Bengal. Let’s work hand-in-hand towards the advancement of the Indian healthcare industry.

About Medikabazaar:

Medikabazaar is India’s leading online medical supplies platform with a vast customer base across the country. With a product catalog of 100,000+ products, Medikabazaar offers hospitals and medical establishments a single point-of-contact for a wide variety of medical equipment and medical consumables. We equip them to search, choose and order medical supplies and get doorstep delivery anywhere across India. At the moment, Medikabazaar has 7 fulfillment locations and a direct presence in over 20 locations across India. The organization recently received $5 million Series A funding from leading healthcare venture capital Healthquad.

Medikabazaar, India’s pioneering and largest online B2B platform for medical supplies, is thrilled to announce our participation at the 5th edition of the revered Medical Expo India, taking place at the Scientific Convention Center, King George Medical College, Lucknow from 22nd-24th November.

At the exhibition, we will be eagerly looking forward to engaging in networking sessions and interactions with leading medical establishments, manufacturers of supplies, and prominent personalities from the Indian healthcare industry. The hospital boom has taken tier 2, 3 cities, and remote locations in its fold. The real challenge starts when such cities do not get quality and timely supplies because of a fragmented distribution system. At Medikabazaar, we are working with a vision of making healthcare more affordable and accessible by ensuring seamless availability of medical supplies in PAN India including tier 2, 3 towns and far-flung areas by leveraging technology-based supply solutions.

Dr. Akash Rajpal, EVP, Marketing and Product Management at Medikabazaar, will be addressing the distinguished audience at the event on effective hospital management operations hospitals and especially shedding light on how hospitals can procure efficiently and reduce operational cost.

We hope to have a successful event where we can contribute to overcoming the challenges faced by the Indian medical sector.

Visit us at Stall No. C40 and C41.

Founder & CEO of Medikabazaar, Vivek Tiwari said, “Medikabazaar provides an excellent platform to showcase manufacturer’s products and reach out to customers online 24/7*365 days. Medikabazaar keeps adding new features in its platform to make it convenient for the hospital buyers to manage their entire medical supplies purchase online. This way we are trying to streamline the supply chain and improve the healthcare ecosystem in India.”

About Medikabazaar:

Medikabazaar is India’s leading online medical supplies platform with a vast customer base across the country. With a product catalog of 100,000+ products, Medikabazaar offers hospitals and medical establishments a single point-of-contact for the wide variety of medical equipment and medical consumables. We equip them to search, choose and order from a wide range of products and get doorstep delivery across India. At the moment Medikabazaar has 7 fulfillment locations and a direct presence in over 20 locations in India. The organization recently received $5 million Series A funding from leading healthcare venture capital Healthquad.

About the event:

Medical Expo India is a joint initiative of Medmedia and Swastik Projects and is one of India’s largest medical exhibitions which showcases healthcare innovations and facilitates discussion among various stakeholders of the Indian medical industry.

Medikabazaar is revolutionizing the way hospital purchases their inventory and helps them cut procurement costs by 15-20%. The company connects with healthcare facilities in tier 2, 3 cities and rural areas apart from urban cities to help them fulfill their healthcare needs.

Medikabazaar, an online aggregator for medical supplies, has raised $5 million in Series A round of funding led by HealthQuad, a leading healthcare venture capital fund. Other investors in this round include Elan Corporation, Sasaki Foods, CBC Co., Limited, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and existing investors Sunil Kalra, Arun Venkatachalam & Rebright Partners II Investment Partnership.

Vivek Tiwari, founder, and CEO of Medikabazaar said, "We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry. Our goal of providing affordable, accessible and quality healthcare services is mirrored by HealthQuad."

Mumbai-based Medikabazaar plans to use this funding to strengthen technology and increase its team size including senior leadership. Soon the company is shifting its corporate office to a new location in Mumbai. The fund will also be used to streamline its supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next financial year. It also plans to increase its fulfillment centers from existing 7 to 20+ across India including tier 2 and 3 locations.

Medikabazaar is revolutionizing the way hospital purchases their inventory and helps them cut procurement costs by 15-20%. The company connects with healthcare facilities in tier 2, 3 cities and rural areas apart from urban cities to help them fulfill their healthcare needs. Apart from hospitals and clinics Medikabazaar's target customers include manufacturers, distributors, and re-sellers of equipment & consumables who list their products on the online aggregator's site for sale." Our goal is to work towards a breakthrough when hospitals and clinics will log in to our portal to place orders for their entire procurement needs. Our intuitive AI based procurement tool will also help them reduce overall inventory costs," Tiwari added.

By Vivek Tiwari, CEO & Founder, Medikabazaar.com

In India, the healthcare sector is witnessing the most technology disruption. The reason is that the healthcare ecosystem in India is the most complex due to multi-layered architecture that covers public or private hospitals, rural or urban locations, demographic divide, lifestyle and other diseases, etc. This complexity brings in many challenges and also opens up opportunities to overcome them with the use of technology to enable a connected healthcare ecosystem.

In the past few years, technology in healthcare has touched almost all facets of life. The result is both doctors and patients are benefiting from such advanced medical technology and applications. Doctors are able to better diagnose, understand patient history and assess a patient’s medical needs and plan for proper treatment based on detailed medical insight. Technological advancement for better clinical outcomes and hospital management is at the center stage.

Talking from the standpoint of patients, technology has provided them access to healthcare facilities from the comfort of their homes. Online services ranging from telemedicine, booking doctor appointments online, home delivery of medicine, online electronic medical record repository to conducting technical, medical and rural eLearning sessions have brought about a revolution in terms of healthcare accessibility.

One such disruption which is helping to improve the bottom line of healthcare delivery is the adoption of online procurement of healthcare supplies. Hospitals and medical institutions have realized that it is not just capital cost, but the total operational cost (TCO), constituting from salaries of staff and doctors, medical supplies, to debt expenses and many more categories is also exceptionally high. Medical supplies in the form of daily consumables constitute the second largest cost in the hospital’s total operating expenses. Due to such high TCOs, the patients who are taking the services of such hospitals, end up paying high medical bills for the treatment and not everyone can afford it.

A country like India where more than 70% of the hospitals are private and medical expenses are still an out-of-pocket expenditure, making healthcare affordable for masses should be the focus of healthcare providers. Other burning challenges in the industry are doctor-patient ratio soaring to 1:1596 (WHO recommends 1:1000) and a huge disparity between healthcare accessibility in urban and rural India.

The idea of online procurement of medical supplies is gaining traction in the urban healthcare space but tier 2 & 3 cities, and remote areas are not able to leverage this. The need is to scale up new or existing healthcare providers in such locations for more adoption. Internet-based medical supplies procurement system is helping hospitals in urban India lower the total cost of ownership. It is also bridging these gaps in the ecosystem by connecting hospitals in tier 2 & 3 cities and remote locations to a bigger marketplace for procuring medical supplies.

Digital or Internet-based medical supplies procurement has the capability to make a radical shift from complex offline supply chain systems to an efficient and transparent online platform. The hospital gets access to the huge product catalog, brand choice, price range etc. This helps them to make informed decisions. Visibility into procurement status and purchase history helps to take quantity decisions based on data resulting in overall lower supply chain costs for hospitals. Online procurement also enables more efficient deliveries to hospitals in Tier 2 & 3 cities and remote locations in India which otherwise struggle to get doorstep delivery of regular medical consumables required by the hospital or end up paying a huge cost on procurement. This is unlike conventional business practice where even for a single product, numerous quotations are called from multiple vendors, rates are negotiated and even then the purchaser is not sure if he is getting the right product at the right price. And once it's negotiated it becomes an annual rate contract so even if prices decrease, benefits are not realized by the buyers. Geographically also, offline procurement systems are restricted while the Internet-based procurement system is global. This has led to a more equal distribution of healthcare throughout the country and not just in the urban areas.

Being organized and direct in nature, online medical supply procurement platforms which are a bridge between manufacturers and hospitals also give added services to the hospitals such as specialized product consultations to evaluate and recommend products alongside purchase managers thereby saving a huge amount of time spent by physicians in helping hospitals procure the right medical products.

The primary concern of hospitals is quality healthcare delivery and that’s why they cannot compromise on salaries but can always bring in huge savings by blocking leakages like excess inventory, expiries, wrong purchases, etc. in the medical supplies space with the use of online procurement. Small savings under this head can bring down operating costs of the hospitals substantially and will be the driver for a value-based healthcare system.

The Indian healthcare industry underwent a growth of 18% from 2010-2016. During this phase, the industry size increased from $59 billion (2010) to $160 billion (2016). It is estimated that the industry will reach a size of $280 billion by 2020 financial year. Considering this, it is important that the majority of healthcare providers should adopt advancements in the medical supply procurement sector. This, in turn, will result in lower cost of operations for the hospital contributing to decreased medical expenditures and making healthcare more affordable for the patients.

Mumbai – 08th May 2018 - Medikabazaar, an online B2B marketplace for supplies of medical products to hospitals and medical establishments, today announced that they have tied-up with Capital Float for online purchase finance in Mumbai, India. This tie-up is a significant step for Medikabazaar to tap into a customer segment that is looking for finance options for online purchases for medical devices and equipment.

Capital Float will help Medikabazaar customers to easily finance their purchases through an unsecured loan with easy documentation and instant approval. Now it will be possible for doctors and medical professionals to get working capital finance without pledging collateral and at competitive interest rates. By availing Doctor Loans from Capital Float, the borrower can receive funds up to INR 20 lakhs. This finance option will be available for customers in metro cities like Mumbai, Bengaluru, Delhi NCR, Kolkata, Hyderabad and Chennai. It will be available in other cities over a period of time.

Mr Vivek Tiwari, Founder and CEO of Medikabazaar stated ‘We are delighted to announce that we have partnered with Capital Float to help our customers get collateral-free finance with easy documentation. This partnership will help strengthen our foothold in the healthcare industry.’

“We have entered into a strategic partnership with Medikabazaar because we see immense potential in this seemingly unorganized sector,” said Mr RN Murthy, Chief Sales Officer, Capital Float. He further added “Doctor Loans is a highly customized product for a fragmented segment seeking tailor-made credit solutions. With industry-leading turn-around-times for loan disbursement and our proprietary underwriting algorithms, we believe that this product can have an immediate impact on a high-potential but under-served borrower segment.’”

About Medikabazaar: www.medikabazaar.com is India’s largest online marketplace of medical products and medical supplies. It offers a host of services beyond product procurement to the hospital and medical establishments. Medikabazaar is a one-stop destination for all medical products and supplies needs. It helps its customers in choosing the right medical products, ensuring seamless and timely supply and post-sales services to help them start using products instantly. Medikabazaar brings vast experience in providing medical product consultation and supply. Hospitals, nursing homes, clinics across India and beyond can conveniently browse through and purchase from the website. Medikabazaar is owned and operated by Boston Ivy Healthcare Solutions Pvt. Ltd., Mumbai.

About Capital Float: Capital Float is the pioneer of digital lending in India. The company leverages technology and big data analytics to deliver innovative credit products to businesses and individuals across the country. Through its proprietary digital loan underwriting and origination model, it has been able to deliver financing solutions to large sections of the economy traditionally underserved by large financial institutions. It has also developed partnerships to finance SMEs across various ecosystems such as e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances.

Founded in 2013, Capital Float is the trade name for Zen Lefin Private Limited, a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. The company has raised funding from marquee investors such as SAIF Partners, Sequoia India, Aspada Investments, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon. Capital Float is headquartered in Bangalore, with offices in Mumbai, Delhi NCR and other cities.

For more information: www.capitalfloat.com

Mumbai, 23rd March 2018 – Medikabazaar, an online marketplace for purchase of medical products and medical supplies by hospitals and medical establishments, today announced that they have signed a Memorandum of Understanding with the prestigious Kalam Institute Of Health Technology (KIHT) based in Vishakhapatnam, India. The MoU states that Medikabazaar will showcase innovative technologies ready to be purchased for industrial manufacturing by medical products manufacturers. This will be the first ever e- auction where medical technology can be bought or auctioned. This partnership will help support MedTech transfers and facilitate rapid industrial promotion.

Kalam Institute of Health Technology has collaborated with Medikabazaar for the e-auction of technologies related to medical devices developed by members of the cluster. In a major knowledge transfer boost, KIHT will assist members of Medikabazaar with appropriate information on important domain expertise and available facilities for focused R&D on medical devices.

Medikabazaar will work with KIHT towards technology transfers and improving technology market access, production, and competitiveness from their members. It will also actively promote the e-auction portal of KIHT on its website for enabling medical product manufacturers to participate in the online bidding of technology transfer.

Mr. Vivek Tiwari, Founder and CEO of Medikabazaar stated ‘I am proud to be associated with Kalam Institute of Health Technology and would like to announce that we are the first portal in healthcare space to facilitate e-auction for technology transfer. Now anyone looking at buying or bidding for innovative medical technology in medical devices can do so simply through www.medikabazaar.com website.’

Mr. Vivek Tiwari, Founder and CEO of Medikabazaar stated ‘I am proud to be associated with Kalam Institute of Health Technology and would like to announce that we are the first e-commerce portal in medical supplies to have technology e-auction enabled. Now anyone looking at buying or bidding for medical technology can do so simply through the Medikabazaar website.’

About Medikabazaar: It is India’s largest online aggregator of medical supplies owned and operated by Boston Ivy Healthcare Solutions Pvt. Ltd., offering a host of benefits and services to hospitals, medical establishments, and consumers. They provide consumers with a digital platform for procurement and purchase of medical supplies beyond geographical boundaries.

Dr Jitendar Sharma, Managing Director & CEO, Andhra Pradesh MedTech Zone, stated, “Partnership between Medikabazaar and KIHT brings the academia one step closer to the medical industry. Medikabazaar has an impressive list of medical devices manufacturers on-board and they can explore acquiring these innovative medical technologies developed in research labs funded by Government of India. By acquiring license of technologies, manufacturers can significantly save time on R&D and GoToMarket”.

About Medikabazaar: www.medikabazaar.com is India’s largest online marketplace of medical products and medical supplies. It offers a host of services beyond product procurement to hospital and medical establishments. Medikabazaar is a one-stop destination for all medical products and supplies needs. It helps its customers in choosing the right medical products, ensuring seamless and timely supply and post-sales services to help them start using products instantly. Medikabazaar brings vast experience in providing medical product consultation and supply. Hospitals, nursing homes, clinics across India and beyond can conveniently browse through and purchase from the website. www.medikabazaar.com is owned and operated by Boston Ivy Healthcare Solutions Pvt. Ltd., Mumbai.

About KIHT: Kalam Institute of Health Technology aims to facilitate focused research on critical components relating to medical devices by supporting institutions involved with R&D, industry, policy makers and knowledge repositories. Their cell for Technology transfer aims to support MedTech transfers (e-Auction) and facilitate rapid industrial promotion and setting up of scientific facilities for developing and pre-market approvals and bring about improved access to affordable health technologies.

Medikabazaar awarded for digital innovations at healthcaresummit by the honourable minister of health and family welfare , Anupriya Patel in presence of Mr Chandramouli, former secretary, Govt of India

Andhra Pradesh MedTech Zone (AMTZ), India’s 1st Integrated Medical Devices Manufacturing Park which is being setup in Visakhapatnam, has signed a Memorandum of Understanding (MoU) with Medikabazaarfor enabling access to demand-supply of medical equipment through digital channels. The MoU was signed by Dr.Jitendar Sharma, Managing Director &CEO, AMTZ and Mr. Vivek Tiwari, CEO,Medikabazaar.

This MoU enables manufacturers at AMTZ with access to the Medikabazaar platform which is an online aggregator of medical supplies enabling procurement and purchase of medical supplies beyond geographical boundaries. The MoU which was signed during the Medicall Mumbai 2017 event facilitates manufacturers at AMTZ with access to demand and supply transactions of medical equipment through the digital medium.

Medikabazaar is India’s largest online aggregator of medical supplies, offering a host of benefits and services to hospitals, medical establishments and consumers. Medikabazaar not only offers medical supplies but also provides the customer with easy access to newly developed technologies all over the world as well as comparison options based on product features and prices.

Vivek Tiwari, Founder and CEO received the award for Medikabazaar

Medikabazaar was recently awarded for the excellence in e-healthcare initiative at ‘The Healthcare – Pharma & Medical Devices Summit And Excellence Awards 2017′. Medikabazaar is a tech-enabled pioneering concept aimed to address the large segment of medical procurement and supplies. Vivek Tiwari, Founder and CEO received the award for Medikabazaar.

‘The Healthcare – Pharma & Medical Devices Summit And Excellence Awards 2017′ was organised by Legal League Consulting in Mumbai. The inaugural address was given by the Chief Guest, Ameera Shah, Promoter and MD, Metropolis Healthcare.

Vivek Tiwari, Founder and CEO, Medikabazaar receiving the award from Faggan Singh Kulaste, Minister of State for Health

The event was organised by Medgate Today

Medikabazaar recently received ‘Healthcare IT Company of the Year’ at the 7th MT India Healthcare Awards 2017, which was organised by Medgate Today. The event was attended by many healthcare professionals across India. The award ceremony was held in the presence of Minister of State for Health, Faggan Singh Kulaste, who was the chief guest. The Guest of Honour was Dr Jagdish Prasad, DGHS.

Medikabazaar is a tech-enabled pioneering concept aimed to address the large segment of medical procurement and supplies. It empowers medical institution to deal with complex problem of procurement and regular purchases including supply chain and logistics.   Read more...

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