Press release

Press Release

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, 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.

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.

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.

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.
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
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 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.
ndian health care system is characterised by rising health care costs, as well as gaps in quality, safety, equity and access. Health care cost increases continue to outpace rise in wages, inflation, and economic growth. One approach to containing the growth of health care costs is to improve the efficiency of the health care delivery system. The Indian healthcare system is primarily characterised by a rural and urban divide. There has been a wide gap between the rural and urban healthcare systems in India, which worsens the problem to a great extent. An effective payment mechanism, with the rising burden of health care costs, the out-of-pocket expense of the population, is very high compared to other developed countries. Health insurance penetration is still very low, but the good news is that it has been increasing over the years. Our country also faces an acute need to fill in the gaps between primary and secondary healthcare infrastructure. For primary healthcare, the government only spends about 30 per cent of the total healthcare budget allocated , which is abysmally low compared to countries like the US or the UK.
Mumbai is India’s most populous city and is considered the cultural center of the nation. Formerly known as “Bombay”, the city is quite conscious of its ties to western culture—like New York, many also call Mumbai “the city that never sleeps”. It also shares characteristics with Los Angeles, given that it is home to “Bollywood”, the hub of the Hindi film industry.
But don’t let all this fool you: Mumbai is a city with a vision and a pride that is distinctly its own, and this is reflected in its multitude of businesses. Mumbai is the economic hub of India, accounting for over 6% of the country’s GDP. The city’s entrepreneurial spirit is reflected in each of its 5,600+ companies on Owler.
Medikabazaar is a tech enabled pioneering concept aiming at addressing a large segment of medical procurement & supplies. It is a complete ecosystem of medical supplies addressing the major challenges of the awareness, availability, ambiguity & affordability. Empowering medical institutions to deal with complex problem of procurement & regular purchases including supply chain & logistics planning.
In order to sustain higher growth and operational excellence, medical institution need to achieve higher efficiency for remarkable outcomes. In order to achieve better healthcare delivery model; optimizing the cost and efficiency of medical procurement is of paramount importance.
IBM Global Entrepreneur, in association with Manipal Hospitals and T-Hub has organised a challenge, IBM Smartcamp for HealthTech. Eight healthtech startups have been selected under the same.
The judges of the event were Sanjay Mehta, angel investor; Arihant Patni, Founder, Ideaspring Capital and Hive India; Nandkishore Dhomne, Group CIO, Manipal Hospitals; Mukul Mathur, VP, One Channel and CSI, IBM India and SA. Other judges include Sateesh Andra, MD, Endiya Partners; Padmaja Ruparel, President, Indian Angel Network; Seemant Jauhari, CEO, Apollo Research & Innovations; Dr. Guru Reddy, Chairman, Continental Hospitals; Seema Kumar, Country Leader, Startups and Ecosystem, IBM India and SA; and Deepak Natrajan, MD, Aarin Capital.
This startup offers the entire range of medical supplies in a marketplace model thus making buying and selling easier and efficient. Traditionally, organisations had to deal with a large number of vendors for procurement, leading to inefficiency and ineffectiveness. Medikabazaar provides a one stop solution, leading to better time and resource utilisation and increasing output efficiency. It empowers medical institutions to deal with the complex problem of procurement and purchases including logistics planning. The startup works on a pin code based GIS system so that order deliveries be made in the shortest possible time, with engagement of a local supplier wherever possible.