MonarchFx: Optimizing Supply Chains for Better Healthcare
By Benjamin Patipa, MD
Vice President of Healthcare Strategy, MonarchFx
Benjamin Patipa, MD, Vice President of Healthcare Strategy
Today, the rise in e-commerce is affecting businesses across all markets and ushering in an era of rapid service delivery. One of the industries that is extensively influenced by the surge in e-commerce is healthcare. Consequently, with the healthcare industry spending billions on e-commerce and web services annually, smart sellers of healthcare products that provide digitally oriented purchasing experiences are performing better than the ones that do not. Therefore, in order to keep up with the growing influence of e-commerce, healthcare product companies are looking for an answer to their supply chain-related challenges. Delivering a solution that resolves the security, time-sensitivity, and compliance tracking in a healthcare product business’ supply chain, MonarchFx, a North Carolina-based logistics company, is assisting organizations to reinvent typical healthcare product purchasing.“MonarchFx ecosystem integrates the offline, online, and logistics data across a single unified supply chain to assist healthcare companies to fulfill their organization-specific needs to safely and securely deliver in two days or less” says Benjamin Patipa, MD, Vice President of healthcare strategy at MonarchFx.
Over the past few years, the prices of healthcare products and services have quadrupled. This has led to an increase in the number of health product sellers seeking solutions that will assist them in integrating their supply chains to curb organizational spending. MonarchFx’s solution addresses this challenge by eliminating the requirement of upfront capital for the delivery of products. Further, the company offers an all-inclusive unit pricing ecosystem to ensure that no incremental fees are added to the final cost of delivery. Other unique features offered by MonarchFx include their ability to deliver products in two days or less, and the elimination of all operating costs for direct-to-consumer services and store replenishment. “With MonarchFx, health product companies can deploy an innovative and smart logistics solution focused on delivering cost-effective services with trusted, high service level performance,” explains Patipa.
MonarchFx categorizes its clientele into three segments that include companies manufacturing medical supplies, diagnostic equipment, and pharma. With the rising population of geriatric patients and the increase in chronic diseases, the medical supplies market is projected to reach $132 billion by 2022.
MonarchFx integrates the offline, online, and logistics data across a single unified supply chain to assist healthcare product sellers to fulfill their organization-specific needs
Another key focus in the company’s market strategy is the diagnostics industry wherein MonarchFx assists businesses and laboratories that offer diagnostic and analytical services to optimize their supply chain management strategies.
With regard to the pharma industry, MonarchFx further classifies the market segment into two parts—phase I and phase II. Phase I involves assisting the manufacturers of dietary supplements, vitamins, and functional foods. In phase II, MonarchFx will work with organizations that manufacture final medicines and formulations that are sold directly to the consumer. To achieve phase II, the company is enhancing its operational capabilities to meet the QC requirements put forth by the FDA. Additionally, phase II also includes collaborating with producers of bulk drugs—active pharmaceutical ingredients and other chemicals that are used in the production of medicines.
Highlighting the uniqueness of MonarchFx, Patipa explains how the company is based on three principles—awareness, credibility, and trust—in order to deliver a state-of-the-art solution to the ever-changing healthcare space. In addition, Patipa believes that today, stakeholders in the healthcare industry are reconsidering the traditional supplier-provider relationship, and MonarchFx’s innovative solution is perfectly poised to assist these investors in making the right decisions. “We constantly keep our finger on the pulse of the healthcare marketplace and strategize to deliver solutions that are based on the demands of our customers,” concludes Patipa.