Supply chain manages the transportation and handling of resources that need to be delivered to the customer. In healthcare system managing the supply chain is a tedious process. It includes ordering the requirement of the people electronically, confirming the validity of product and perfect trading information. Medical supplies costs for 30% -40% of a hospital's bill for patient. Billions of dollars are lost annually due to absence of transparency, wasted resources and economical inefficiency. Proper healthcare supply chain management can help save much of the time and will give better transparencyin the financial transactions.
Market for Healthcare Supply Chain Management
The Global Healthcare Supply Chain Management Market was evaluated at USD 1.45 Billion in 2016 and is expectedtogarner USD 2.22 Billion by 2021, while registering at a CAGR of 8.9% during the forecast period. Market driving factors for the healthcare supply chain management arethe demand for better management systems, demand for better patient care, increasing use of cloud technology, hospitals’ efforts to improve their efficiency and their tendency to increase profits. However, high costs of software and technology needed to employ better management methods and long delays in the installation of such systems are hindering the growth of market to some extent.
Benefits of Healthcare Supply Chain Management
Getting all medical facilities to agree on a centralized system such as a healthcare supply chain is the key to optimize and improve the healthcare system. To achieve this, the providers need to work together, to reduce costs and waste resulting in increased efficiency.