Pharmaceutical revenues worldwide totaled 1.25 trillion U.S. dollars in 2019. The Saudi Arabian pharmaceutical drugs market was estimated to be worth $10.19 billion in 2020 and is expected to grow at an annual rate of 7.3 percent over the next six years. The global medical devices market is projected to grow from $455.34 billion in 2021 to $657.98 billion in 2028 at a CAGR of 5.4% in the forecast period. The local Saudi market size was valued USD 2.250 billion in 2017 and Is expected to reach USD 3.870 billion at a CAGR of 9.5% by 2023. The market sizes of both industries are remarkable. However, this should not offset the challenges and difficulties facing manufacturers and distributors. Some of the main challenges being faced are limited reach, high competition, high costs among many other challenges.
MedBasket aims to bridge the gap between suppliers and clients by establishing a unique marketplace that specifically caters to medical procurement. The marketplace has been locally customized to provide healthcare providers with a one-stop shop for all their procurement needs including; pharmaceuticals, medical devices, consumables and disposables. MedBasket provides easy-to-use user interfaces for both suppliers and healthcare providers to efficiently manage their procurement activities as well as provide funding options for clients that would like facilitated payment plans for their purchases.
Most of MedBasket clients will be from the increasingly growing private health sector in KSA. The government sector can also be served under their direct purchasing policies and the marketplace is flexible enough to accommodate their standard policies and procedures.
The project has many elements in its design and execution. The main ones are related to the suppliers, the clients, the payment, financing facilitation and shipping interfaces. The interaction between these elements is huge and rather complex due to the nature on the industry and the fact that it is B2B platform that could be handling orders with large quantities. This means some form of flexibility in the interactions between sellers and buyers have to be allowed. So far, the area of suppliers, clients and shipping have been done and some suppliers are uploading their products into the platform. We are awaiting bank and Sadad approval to finish the payment side.