New Delhi: As Medikabazaar raises money in keeping with its high growth trajectory, it also raises hopes of substantially bringing down healthcare cost.
Healthcare cost is jacked up by over 20 percent, thanks to the presence of intermediaries in medical supplies chain. Medikabazaar, India’s leading B2B online aggregator for medical supplies is all set to bring down healthcare cost by eliminating these go betweens.
Talking to Medicare News on the sidelines of 3 day National Health Writers and Editors Convention in Delhi preceding month, Vivek Tiwari, Founder and CEO of Medikabazaar, said, ‘We are pioneer in creating B2B digital platform for efficient movement of medical supplies. We are making healthcare affordable and also serving as a vehicle to make Universal health coverage a reality. The government should promote us because we are aiding in its mandate of Universal Health Coverage.’
Mr Tiwari further said, ‘Efficient non pharma medical supplies are a must for care continuum. We are adding up latest technologies including Artificial Intelligence so that supply and demand could accurately be matched. Venture capitalists from India and abroad have lined up to invest which speaks a volume about the need of such platform for medical supplies. We have already raised 5 million dollars and the aim is to make it to 25 million dollars. We have covered 20,000 pin codes and, in 2 years time, aim to make it 35,000 pin codes. There are thousands of non pharma products that need to be made available just in time.’
Medikabazaar, the Mumbai based marketplace has used raised finance for augmenting its technology, increasing team size and hiring people for senior leadership positions. It has set target to cater to 50 thousand hospitals and clinics till the end of year 2020. The company is increasingly boosting its supply chain and logistics. Medikabazaar claimed that it cuts procurement costs of medical supplies by 15-20% for hospitals. Medikabazaar’s target customers are hospitals and clinics, manufacturers, distributors and resellers of equipment & consumables.
Businesses can sell on its platform without paying any fee and there is also a bidding arm on its website. The company began operations in April 2015, and was founded by Vivek Tiwari and Ketan Malkan. In 2017, it raised $1 million in a Series A round by Rebright Partners II Investment Partnership, Sunil Kalra & Arun Venkatachalam and an unnamed angel investor from Japan.
Medikabazaar is India’s first B2B (Business to Business) & B2C (Business to Customer) comprehensive platform for all medical and surgical needs. The company was established in the year 2014 by IIM alumnus who came up with the idea of forming one stop destination for all healthcare requirements.
Medikabazaar help buyers to search, compare and buy from 10,000+ medical devices and consumable options for all health and wellness needs. Over 5,000 medical establishments are there to help sellers to post and sell their products online. Customers can also take part in live chat or call us to share their views and ideas.The safe, effective and affordable products and services are designed to meet healthcare challenges and industry requirements.