Undoubtedly, being in the medical supplies industry is highly demanding. The challenges have amplified even more within the last couple of years.
From Covid-19 driven pressure on the industry to the multiple supply chain bottlenecks, the pressure on the medical supplies business is constantly increasing.
Thus, manufacturers must take proactive measures to thrive in these challenges and continue contributing to public health.
In this article, i95Dev’s eCommerce experts have outlined the top four challenges faced by the medical industry.
Also, we have covered the solutions that will help you emerge more robust and resilient as you continue to serve the healthcare front.
So, let’s get started:
Challenges faced by the medical supplies industry
Let us have a look at the biggest challenges faced by the contemporary medical supplies industry:
1. Complying with stringent regulations
With an average annual growth rate of 5.5%, the cost of healthcare in the United States is predicted to almost double from 2017 levels, from $3.5 trillion to $6.0 trillion by 2027.
This will also translate to an increase in the intricacies of the already stringent regulatory compliance in the US.
From issues such as linguistic inconsistencies in the legal frameworks to contradictory standards across different states, the overall landscape is extremely difficult for medical supplies manufacturers.
2. Dealing with the effects of increasing healthcare costs
It is no secret that medical expenses are among the biggest concerns of everyday Americans these days. Also, a substantial projected increase in healthcare spending is expected from 17.9% of GDP in 2017 to 19.4% of GDP in 2027.
On top of that, medicare’s projected yearly spending growth of 7.9% is predicted to contribute significantly to the rise in national health expenditure over the following decade.
These situations are creating immense pressure on the medical supplies manufacturers to reduce costs despite rising inflation.
3. Growing cyber security concerns
Cyber security risks are among the biggest concerns for the industry since an increasing number of manufacturers are opting for modernization.
Implementing IR 4.0 technologies and digitizing the entire manufacturing process leaves medical suppliers vulnerable to an increased risk of cyber security compromises, especially cloud security breaches.
This can also create legal hazards on top of severely jeopardizing the medical supplies manufacturing industry, thereby adding to its other challenges.
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4. Medical supply chain disruptions
The medical supplies industry is facing extensive distress as it has faced multiple bottlenecks since the Covid-19 pandemic.
The delays continue to jeopardize medical supply chains, causing hefty damages that ultimately reflect increased costs.
Furthermore, the shift in sourcing and shoring priorities is also reducing the visibility of the existing supply chain models, signaling the need to change the current ‘lean’ methodologies.
Integrated eCommerce solutions for the medical supplies industry
In this section, we will look at the integrated eCommerce-based solutions to the above challenges:
1. Digitize regulatory compliance through integrated eCommerce
Integrated eCommerce can help address regulatory compliance requirements by digitizing the record keeping of all core and non-core business processes.
For instance, it will help you digitally enforce and record quality management guidelines laid down by standards like ISO 13495.
Without digitization and automation, it becomes difficult to maintain records at par with ISO standards, while implementing SOPs without monitoring may leave your organization vulnerable to inefficiencies.
By automating data capturing, you can maximize your documentation efforts at all stages as well as eliminate work duplication.
Furthermore, integrated eCommerce solutions will help maintain records in case of any future queries and also aid in fixing any issues with the help of its end-to-end visibility.
2. Leveraging eCommerce automation to reduce medical supplies business costs
It is estimated that over 46 million adults in the United States cannot afford medical care due to financial constraints.
Integrated eCommerce automation can help manufacturers, distributors, and retailers to maintain optimal inventory levels, and make automated, cost-effective purchases.
Also, with the help of cross-docking and shared warehousing, further cost optimization can be achieved without risking the availability of medical supplies or their fitness to use.
Wish to how a modern integrated eCommerce solution reduces the overall cost for a medical supplies business?
3. Integrated eCommerce enhances cybersecurity
A modern integrated eCommerce solution helps your company bolster its cybersecurity. The solution connects directly to your ERP system, eliminating security gaps created otherwise due to complex connections. With integrated eCommerce cyberattacks become harder to execute and easier to block. It helps you react to malicious traffic quicker and inspect suspicious activity if any. Furthermore, leveraging an integrated eCommerce solution helps you make network security your number one priority. It strengthens your eCommerce ecosystem against cyberattacks and helps it flourish exponentially.
4. Commission flexible, digitized medical supply chain management
One of the most significant advantages of implementing an integrated eCommerce is digitizing your entire supply chain, making it more flexible and resilient. It will help reduce the pressure on your supply chain by helping you make informed decisions on diverting sourcing and logistics. Also, integrated eCommerce enhances your ability to respond to issues by providing real-time visibility and automating decision-making in areas where choices are limited and logical.
Integrated eCommerce is the need of the hour for medical supplies manufacturers because it provides the required infrastructure to survive in today’s market. In addition, right changing priorities, regulations, and business models serves as the foundation to stay relevant and competitive as a manufacturer in the medical industry. Is your organization facing similar issues and making your bottom line suffer?
Talk to our experts
We have a team of business process experts, medical manufacturing industry analysts, and technocrats at i95Dev, which will help you address your concerns and implement integrated eCommerce solutions.
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