Synthium Health, Inc

Synthium connects healthcare buyers with manufacturers/sellers by empowering them with tools that help them conduct business transparently and efficiently.

Atlanta, GA, US Medical Equipment & Supplies B2B Marketplace Live Beta
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Summary Problem Solution Industry Landscape
Synthium connects healthcare buyers with manufacturers/sellers by empowering them with tools that help them conduct business transparently and efficiently.
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.
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.
The US healthcare industry is currently in a phase of transition; and because of it, a number of market inefficiencies are being uncovered.

Medical supplies and the lack of transparency are areas in need of attention. The status quo is forcing manufacturing companies to sift through several intermediary channels - such as GPOs (Group Purchasing Organizations) and distributors - to purchase supplies. These profit-hungry middlemen not only negatively impact the manufacturers’ bottom lines, but they also provide very little in terms of product visibility and provider feedback. This hinders the healthcare industry performance as a whole - as the manufacturers are unable to optimize product development and innovation. Secondly, the increase in the number of fake or medical devices/products that are invading the market to help with the rising healthcare costs are also detrimental to the genuine manufacturers’ bottom line who in turn are unable to track the authenticity of the device/product and are losing credibility.

Problems also exist on the provider side. Thanks to the Affordable Care Act (and other government regulations), the healthcare supply chain market is surging in North America - growing at a CAGR of 8.3% while costing providers dearly. Because of this, hospitals, nursing homes, and other healthcare facilities are continuously on the lookout for better pricing on supplies; and to say it's been difficult would be an understatement. Prices, as a result, are being driven up - making it more difficult than ever to purchase medical supplies cost-effectively and not to mention the attraction towards lowering costs and settling for low quality or refurbished device/products.

Funding Overview

Series A
Current Funding Stage
$ -
Raised in Previous Rounds
$ -
Raised in Current Round
$ 5,000,000
Goal for Current Round
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