Vamstar, the data science based global B2B healthcare marketplace, wins new funding to create a sustainability and diversity procurement framework to guide post COVID-19 recovery
London, December 17th, 2020 -– Vamstar, the data science based global B2B healthcare marketplace, has won a second highly competitive project funding from Innovate UK, the UK’s innovation agency, which is part of the UK’s government’s £200 million fund for new projects focusing on sustainable economic recovery from COVID-19.
“Securing further funding reinforces Vamstar’s commitment to data science and its application in mission critical areas within healthcare, especially the automation of Environmental, Social, and Governance (ESG) data tracking and reporting in commercial contracts. Together with Aris Georgopoulos, University of Nottingham, and our commercial partners, Vamstar is accelerating sustainability and diversity in healthcare procurement to better prepare the NHS and other EU Healthcare services for the emerging COVID-19 waves and for post-COVID pandemic recovery”.
Dr Richard Freeman, co-founder and CTO of architecture and data science, Vamstar
Existing solutions for supplier selection use the global value chain framework, and just-in-time business model with subjective assessments of a narrow range of supplier variables and manual analysis of internal supplier data to guide selection decisions. This Vamstar project will ensure that the NHS and other EU Healthcare services have the capacity to manage the supply risks during COVID-19 using a more integrated framework while creating a sustainable pathway for post-COVID recovery.
“The recent pandemic demonstrated the vulnerabilities of established supply networks and the limits of public procurement regulatory frameworks even when they allow for a significant degree of flexibility, in the sense that flexibility alone cannot guarantee the desired outcomes. I am delighted to collaborate with Vamstar, a pioneering data science start-up with B2B capabilities in healthcare in order to create a novel assessment framework for procurement incorporating supplier diversity, supply chain security, and environmental sustainability criteria which will improve procurement capabilities in healthcare. The current juncture of post Brexit procurement reform, the introduction of social value procurement, combined with the lessons from COVID-19 procurement, underlines the timeliness of this project.”
Dr Aris Georgopoulos, Assistant Professor at the University of Nottingham
By incorporating environmental sustainability-related variables, such as emissions reductions, the UK government, the NHS and the EU will be able to provide the first working industrial framework to meet the net-zero emissions target while ensuring supply chain security, sustainability, diversity, and stability.
“In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy. Vamstar and the University of Nottingham, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.”
Innovate UK Executive Chair Dr Ian Campbell
Vamstar is a data science powered global B2B healthcare marketplace platform. They aggregate $2 trillion of demand for healthcare products and services using machine learning and providing real-time insights to buyers and suppliers to accelerate transactions.Vamstar’s enriched data on buyers, outcomes, and contracts (including tenders) reveal interdependencies across complex contracting markets. By seeing the big picture and all the connections, Vamstar provides healthcare stakeholders with valuable market insights and perspectives.Vamstar partners with leaders in the industry, academia, and government in 70 countries to apply higher-level thinking to daily tasks and strategic issues. They offer their customers solutions to make them more efficient and help them make data-driven informed decisions to secure their future. For more information, visit https://vamstar.io
