Accelerating the Evaluation of New Supplies

Due to the enduring supply chain crisis created by COVID-19, it is expected that the evaluation time for new and replacement supply will be permanently shortened from months to weeks. This was mentioned as a recent comment in the GHX forum, but has been on the cards for a long time. The pandemic has presented deeper, long-term issues for health systems, with one major issue being supply chain challenges. It has been said that procurement policies for many health systems are too focused on price and not enough on supply chain resilience. Such short-term cost savings are causing more damage in the long run.

So how can healthcare procurement professionals ensure that price, quality, and outcome expectations are still accomplished?

Step 1: Include clinicians in the supply chain

This is sometimes referred to as clinician-driven sourcing, or a clinically integrated supply chain. Among the benefits of having clinician support are: streamlining communication about the efficacy of alternative products, ensuring the right products are available at the point of care, minimizing complications, and establishing partnerships across physicians, procurers, and vendors. At a time when supply costs are rising, whilst procurers are still expected to find savings, partnerships with clinicians can better aid understanding of Total Cost of Ownership (TCO), consumables utilization, and the structuring of value-based purchasing agreements with clear language, regarding supplier accountability. It is important to start thinking about non-traditional cost saving strategies.

There has already been some success with clinician-driven sourcing, specifically within interventional cardiology. In the UK, October 2021, the NHS led a trial where they used a clinical council to decide what stents should be procured. The cardiologists gave key insight into which products were best for safe patient care and would save money. As a result, five NHS trusts found substantial savings. This amounted to savings of more than 30% of total spend for the area, an estimated £1.3m per year.

Step 2: Get access to AI-based sourcing data and a centralized supplier management platform 

Using these tools is like flipping the light switch on to all the supplier opportunities you have been missing. Previously, procurement teams were focused on supplier relationships and negotiating contract bids. Now, they must focus on improving the efficiency of their procurement processes and consolidation of data. To do this, they can use machine learning and AI.

A strong data foundation is key to ensuring that efficiency can be maintained, despite various stakeholder demands. This is where Vamstar has been focusing its efforts for buyers – on confident data-driven sourcing using our AI, to strengthen supplier selection and contract development through high-quality, aggregated supplier data from billions of sources. Plus, you can automate your supplier related workflows and transaction processes into Vamstar’s Exchange platform. This enables you to import, organize and collaborate with your suppliers in one place.

Step 3: Start searching and validating

Discover new suppliers and gain insights through Vamstar’s supplier search function which includes curated profiles of over 167,000 suppliers developed by analyzing 18 million contracts, with $2Tn of aggregated contract value (for the purchase of pharmaceuticals, medical devices and supplies, and services). By analyzing these data insights, you can ensure that the right suppliers have been chosen to meet your requirements.

Step 4: Optimize supply-demand connections with cost effective sourcing operations

With our AI, you can save time and money while ensuring compliance, tracking overall demand, and managing risk. We scan millions of buyer platforms, in 109 languages, from different sources. Data is processed and made accessible to supplier commercial teams, with contract documentation in one place and pre-checked for compliance with buyer terms and conditions. Checking compliance includes analyzing and identifying ongoing supply chain risk. Our AI also provides insight into market trends, helping clients to make informed decisions about their next moves. Thus, our clients can ensure their requirements will be successfully fulfilled, whilst simultaneously using our marketplace data to shape their progress.

Facilitating essential changes in healthcare procurement

Changing healthcare procurement for the better is not an easy task. There are, however, solutions for procurement professionals and steps they can take to begin this transformation. With the intention to save costs while retaining quality and outcomes, the healthcare industry cannot underestimate the value of AI.

In 2019, with the intention of addressing the problems in the healthcare industry, Vamstar was founded. Spreading across 3 continents, with bases in India, UAE, the UK and the US, we have global reach. By increasing visibility, automating sourcing and procurement processes and providing invaluable insights, we are creating more efficient healthcare procurement. Vamstar is paving the way for essential improvements in the healthcare industry.

Medical Technology | COVID-19 Pandemic | Cardiology | Cardiac care | Forecasting Models | Healthcare Data | Machine Learning | Real-time Market Intelligence | Contract Bids | Medical Equipment | Procurement Softwares | Value-Based Procurement | Artificial Intelligence | NHS | Supply Chain