The healthcare industry has changed significantly over the past few years, with much of this affecting the medical supply niche. Companies, therefore, have been forced to adapt rapidly.
Medical Supply Trends
While some of the trends may affect the industry in the short term, the majority will have long-term consequences. Both technology-related and non-tech-related trends have been making an increasing impact. Technology trends in particular are seeing such a large impact, they are being split into different categories. Below are the top trends to monitor:
Rising Tariffs
The United States has been engaged in something of a trade war with various countries for the past several months. This has meant that several tariffs have been placed on products and materials on imports and exports.
While little of this has been directed toward the medical supply industry, most sectors have seen the effects. This has driven costs up, especially costs associated with production and development, leading to some companies looking to change strategies.
These tariffs show no sign of going away anytime soon. As a result, companies with an international presence will be increasingly affected, and their margins will show this clearly. While talks to reduce or remove tariffs are ongoing, management shouldn’t rely on this.
Increased Use Of Artificial Intelligence
Artificial intelligence and machine learning have enhanced various areas across the industry. Much of this has been seen in data collection both within and outside a company. For example, a medical supply company will see much more detailed and actionable insights into the market, which allows for hospitals and medical supply firms to improve their current processes.
Alongside improved processes, AI will be able to fill the gap between information and its implementation. Using devices and products that connect using Bluetooth and to the internet, AI will continue to grow in the coming years. This results in more informed and reliable strategies that could reap dividends for most medical supply firms.
On-Demand Freight
The supply chain is one of the most significant costs associated with the medical industry, with transportation playing a substantial role. To keep up with the demand for on-demand freight, logistics medical supply firms are being established. As more logistics medical supply firms open, the increased competition has led many companies to try to differentiate themselves. This trend offers hospitals a way to pick a cost-effective option and shop around for the logistics company that fits them best.
Big Data
Traditionally, big data was solely the realm of large multinationals, although it has become increasingly accessible to most companies. There are a few advantages to this for medical suppliers, with enhanced supply chain management being one of the more prominent areas.
Skills Shortage
The increased use of technology in the medical supply industry has meant that more technically skilled workers are needed. Finding workers who are specialized in the computer industry is not as common as the demand is calling for. This means that many healthcare companies have employee shortages in key areas.
Due to this worker shortage, employees who are skilled in the tech field are about to demand high wages, thus driving up workforce costs. The worker shortage has also been seen with analytical skills related to big data. While some medical supply companies try outsourcing as a way around this, it may not often be possible for some.
In order to find the right people, especially for those unable to outsource, hospitals and medical supply companies need to make themselves as appealing as possible to potential workers. The best ways to do this, include offering an attractive salary, offering considerable benefits, and offering training to any current employees to allow them to move up in their fields.
Internet Of Medical Things
The Internet of Things (IoT) has been making a significant impact across almost every industry. The medical supply world is no exception to this, with the Internet of Medical Things (IoMT) becoming an increasingly common phrase.
There have been a few reasons for this, with its aim to improve health and safety at the forefront. More connected devices, such as powered carts, can help improve
Implementing IoT in the medical industry offers more than just improved health and safety of patients and staff. It also offers lowered costs in relation to labor and production mistakes. With the savings IoT brings, the extra budget can be used to increase the overall capacity to help patients for hospitals and offer better margins for suppliers.
Cost Reductions
There are a few areas, with labor and operations-related costs being more prominent. Alongside this is a reduction in repairs, as many advancements have made predictive maintenance increasingly common.
Much of this is seen through IoT-connected devices, as each will monitor their performance, which encourages a data-driven approach to repairs. This could prevent the need for much more extensive repairs in the future.
Orion Medical is here to help and guide you every step of the way, from delivering medical supplies at the most cost-effective pricing, to information regarding courses and training with regards to new technology. Contact Orion Medical for more information.
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