Synthium Health

Atlanta, GA

Series A stage Full Build Healthcare » Medical Product Distribution
About
Synthium is an intelligent, blockchain enabled healthcare technology platform that addresses supply chain participants in the Health Industry.

Video

The
Problem

The healthcare supply chain depends heavily on the intermediaries such as GPOs and distributors, and these middle layers not only eat into the profits of the manufacturers, but also the lack of product visibility and feedback is said to hinder innovation and product development for the manufacturers due to restricted communications. As for the providers, they are constantly looking for better pricing on supplies in order to abide by Affordability Care Act and rising government regulations. Supply chain represents 40 to 45 percent of hospital/healthcare system operating cost[1]. Using a calculator developed by the Strategic Marketplace Initiative (SMI), a number of leading healthcare organizations project that supply costs will supersede labor costs as early as 2022. The idea to launch Synthium Health stemmed from observing the inefficiencies currently present in the healthcare industry. Synthium Health’s platform is built to resolve the pain points and elevate the state of healthcare organizations’ supply chain management. The company helps such organizations conduct business with ease by reducing dependencies on intermediaries, optimizing budgets and increasing their bottom lines.

The
Solution

Synthium Health is the first end-to-end cloud based, blockchain enabled, eCommerce platform built to serve/streamline healthcare providers and suppliers procurement needs/processes. The platform comes with tools such as inventory tracking system, sales rep management and more. The Synthium Health team has built this platform during the last four years and is continuously enhancing its features. It has over 200 existing customers and the platform is ready for market. There are few interested in synergistic partnerships, and is poised for accelerated growth. Synthium Health also introduced a new solution called the Smart Contract Management Platform (SCMP). By leveraging Block chain technology, this solution can provide both physical and virtual visibility from the Manufacturer through GPO, Distributor and 3PL, all the way to the Point of Care. Optionally, commissions and rewards can be disbursed automatically by using Synthium’s own utility tokens (SHP) via smart contract option. This end-to-end feature will be especially useful for healthcare providers (such as hospitals, surgery centers, physician offices etc.) manufacturers, GPO’s and others.

Business
Model

Synthium generates revenue from seven segments 1. Transactions through the platform Synthium will charge a nominal transaction fee for facilitating the transaction 2. Membership fee Membership fee is a nominal for members to be on the platform. This is primarily designed to track inactive members and promote engagements 3. Smart Contract Management Solution 4. Synthium plans to charge a monthly fee for different levels of providers in order to subscribe to the Smart Contract Management Platform (SCMP) to gain visibility. 5. Business Reports Synthium will provide tailored Business Reports to its members to explore profitable segments and demographics and achieve supply chain efficiencies 6. Advertising on the platform The ecommerce platform and all future platforms support advertising. Revenue is generated by charging members a fee from suppliers to promote their product on the platform 7. Private label products Synthium aims to capitalize on industry trends and become launch private label products for healthcare industry