Medical Supplies Industry Trends
In the last forty-years the Medical Supply Industry has undergone significant changes that have left it nearly unrecognizable to a provider of the 1980’s. The technology has been truly transformative, the regulatory environment is totally different, and more information is at the fingertips of suppliers, providers, and patients alike than ever before. But those are the very obvious factors that have transformed the industry. They only scratch the surface of what has become an entirely new industry compared to what many of our most experienced colleagues started with. These are the trends transforming the Medical Supplies Industry in 2021.
Affordability
In the post-Affordable Care Act world, the affordability and accessibility of medical supplies and overall medical treatment has become prominent in the cultural zeitgeist. Even with something as fundamental as COVID vaccination, more political buzzwords like ‘equity’ are entering the conversation. Therefore, maintaining the affordability of medical supplies will continue to be front and center in the industry for years to come, long beyond 2021.
According to Science World Report, “In order to prevent such people from walking away from their services, many suppliers try to keep an eye on whether their products are affordable or not. Otherwise, their clients might start looking for a better deal elsewhere.”
Wearable Fitness Technology
Wearable fitness tech, typically referred to as “wearables” like an Apple watch or a Fitbit, even your Bluetooth headset applies, insulin pumps and wrist-worn continuous glucose monitors are some of the biggest leaps forward in the medical supply field. The interoperability and monitoring capabilities cannot be overestimated in their value to long term treatment and wellness.
Linchpin writes, “The technology is used to help medical professionals optimize the quality of care provided to patients, and this trend will continue in 2021. For instance, doctors can monitor a patient’s blood pressure and heart rate. Even if a person doesn’t have a medical condition, wearables can be used to promote overall health and wellness.”
That interconnectivity dovetails nicely into our next transformation:
The Internet of Medical Things (IoMT)
While the Internet of Things (IoT) began with industrial applications and later moved to consumer needs such as home thermostats for heating and air conditioning, remote camera and security systems and even remote door locks the next leap forward is the interconnectivity through 4G, 5G, WiFi and Bluetooth of wearable medical devices which can be managed in a comprehensive fitness or wellness platform and could potentially provide early diagnosis and treatment of illnesses before noticeable symptoms manifest. IoMT analyzes data in real-time as it is shared. This enables providers to make more sound and expeditious decisions. IoMT apps and devices help to lower the overall cost of medical services by revolutionizing preventative medicine, optimizing patient outcomes, and improving operational efficiency, thereby allowing more patients to be seen and treated for acute issues.
On-Demand Healthcare
One segment of the medical supply industry that received an unexpected jump start through the global pandemic response is the rise of telemedicine or “On-Demand Healthcare”. Who could’ve predicted that webcams, headsets, mobile phones with high megapixel cameras and video calling platforms would be some of the most critical pieces of medical infrastructure of the 21st century? It’s the return of the house-call but you don’t need a stylish black Doctor’s bag.
Digital Authority Partners wrote, “According to DMN3, consumers are going online to obtain medical information for the following reasons:
- 47% research doctors
- 38% research hospital and medical facilities
- 77% book medical appointments
But on-demand healthcare is also driven by the growth of the ‘gig economy, in which freelance professionals in various industries hire themselves out per job or ‘gig,’ instead of tethering themselves to one company.”
But we’re moving way beyond scheduling now, medical professionals are making full consultative visits that fall just short of diagnostic capability remotely through tele-visits. Basic needs which can be diagnosed through visual observation and patient inquiry can be satisfied without the patient ever setting foot in an office. If your practice didn’t have a video-calling suite before, you should consider one now.
Finally, Consumer-Centricity
The medical supply field may be late hitting the same ground that retailors have had to treat for almost two decades but the time has come for customer-centric business models. Hospitals and practices spend billions on medical equipment and supplies annually. They must spend as little as possible in order to meet staffing and other operational costs. Like all other markets the medical supply market is evolving to meet its’ customers needs. Some are evolving faster than others and that is where Apotheca can help your business to grow by providing you top-quality equipment in a reasonable price range. The biggest winners will be those practices, hospitals and providers who can provide the most value to the end-user: the patient at the lowest cost with the most consistency.
Apotheca Wholesale Pharmaceuticals is well equipped and stocked to help your business navigate the rapidly transforming medical supply market in 2021.
Contact us today at Customerservice@apothecainc.com or call us at 602-252-5244.