StratMed sets up operations in UAE
StratMed is now expanding its presence in UAE after unlocking the value of planned consumption and supply chain management for large hospital chains in Asia. According to Global Soft Power Index 2021, UAE is highest ranked nation across MENA and 15th globally on the COVID response metric.
StratMed plans include setting up a manufacturing base in UAE for white labelling consumable products; onboarding 40,000+ hospital beds in UAE and India and managing purchase volumes of USD 500 Million by end of this fiscal year.
In a statement from the company, StratMed claims to use a proprietary data-driven, systemic approach towards intelligent consumption planning and spend management to deliver cost savings for partner hospitals across different categories. StratMed plans to enable similar efficiencies for hospitals in UAE and plans to do so by leveraging global best practices and benchmarking to address healthcare needs that are specific to the UAE region.
In the UAE, the company is aiming to improve cost of consumables by 8-12 percent, cost of implants and pharmaceuticals by 6-10 percent and improvements up to 8 percent in formulary design and monitoring as well as wastage and process optimization.
UAE's private healthcare sector's positive growth indicators on the supply side include the emergence of medical universities in Emirates coupled with pharmaceutical partnerships with US Majors for setting up of manufacturing facilities in Emirates. However, “cost of quality care delivery” still continues to impact hospitals and they grapple with challenges such as pricing and procurement regulations, unstructured medical practices, untapped medical wastage and “limited healthcare infrastructure”. As a consequence, cost of healthcare is increasing at an alarming rate of 15 percent per annum resulting in high out of pocket expenses.
Dr Sameer Ahmed Khan, Founder and CEO, StratMed, pointed out that it has partnered with reputed hospital chains such as KIMS Health, Dr. Agarwal Eye Hospital, Dr. Rela Institute and Medical Centres, Cloud Nine etc. delivering quality care to patients across the globe.
He added, “Our teams work closely with the clinical teams at our partner hospitals to design effective formularies and move beyond traditional "bulk purchasing". With a focus on commercial, process and consumption optimisation, they ensure that clinical outcomes are not adversely impacted due to a reduction in the cost of care delivery.