SpendEdge, a leading procurement intelligence firm, has recently announced the completion of their latest Q&A article on the investment prospects in the current US healthcare industry. In this article, Tridib Bora, Assistant Manager Custom Research, shares his views on the investment scenario in the US healthcare industry at this time and some of the revenue-generating procurement strategies for this industry.
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Tridib Bora shares his views on the investment scenario in the US healthcare industry (Graphic: Business Wire)
Key Excerpts from the Q&A Session on the US Healthcare Industry
What are the challenges that can be expected in the US healthcare industry?
Tridib The ongoing trade war between China and the US will claim the medical devices sector as a casualty. This sector is an important part of the US healthcare industry. The imposition of tariffs on US imports of medical devices from China will increase the price of the procured devices significantly. This increased procurement price will result in a rise in the price of their services. For the medical device manufacturers, this will imply a significant increase in their manufacturing costs, which will be reflected in the price of end-products in the US healthcare industry.
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In my opinion, the health insurance sector is one of the higher revenue-generating segments of the US healthcare industry. This sector will be the worst-hit after the implementation of the 'Medicare For All' Act. Currently, this segment adds a value of USD 1,048 billion to the overall US healthcare industry.
What are the chances of the potential investors and how do they mitigate challenges faced in the US healthcare industry?
Investment in the economically precarious US healthcare industry is still not an impossibility. The recent approval of a record 59 novel pharmaceutical products by the US FDA's CDER will increase the availability of novel medicines, thus boosting sales in the US healthcare industry. Meanwhile, the patent expiries of branded drugs will encourage the governing bodies to issue their approval for generic drugs. This will further augment medicine sales and create a favorable investment platform in the US healthcare industry.
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"Recent procurement market intelligence reports by SpendEdge have enlisted sets of procurement best practices that are typically attuned to the imposing challenges faced in the current US healthcare industry," says Tridib Bora.
Tridib offers some of the key procurement insights that characterize the reports mentioned above. For instance, considering the increasing price of raw materials that are shooting the prices of medical devices, Tridib stresses on choosing an ideal distribution channel which can open opportunities to save costs. In this context, he states that engaging with suppliers within their geography will empower buyers with a better negotiation power which will usher more scope for discounts while reducing delivery time. He also states that the usage of medical components such as disposable syringes requires other auxiliary objects. Procuring all these objects separately will entail a skyrocketing expenditure. To avoid this expenditure, Tridib advises buyers to consolidate their procurement requirements by engaging with suppliers that have a portfolio of diverse products to cater to the buyer's diverse needs.
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