Supply Chain

According to a study released Tuesday by the Health Industry Distributors Association (HIDA), hospitals see substantial cost savings and greater employee and time efficiencies by maximizing their spend through a distributor, particularly in the areas of product ordering and receiving.

Driven by an increased incidence of respiratory disease and an aging population, the respiratory device market reached $44.2 billion in 2011, according to a new report from healthcare market research firm Kalorama Information.

First announced May 2, the $156 million acquisition is aimed toward emerging accountable care organizations (ACOs) and will see Omnicell and MTS working to integrate medication management across the broader spectrum of care.

Opposition to the legalization of medicinal marijuana in the absence of scientific studies that demonstrate its safety and efficacy led the list of resolutions adopted by physicians of the Massachusetts Medical Society (MMS) at the organization's annual meeting of its House of Delegates on May 19 in Boston.

As economic pressures continue to increase and the ability to efficiently manage costs is emphasized, organizations are looking wherever they can for financial relief. That's why it's no surprise many are turning to group purchasing organizations for smaller administrative fees, more transparent transactions and a general partner in healthcare reform.

The Healthcare Supply Chain Association (HSCA) launched a new web portal last week aimed at helping small medical device suppliers gain information about the healthcare group purchasing organization (GPO) contract process and aiding them with bringing their products to the marketplace.

The global market for clinical chemistry, valued at $11.1 billion in 2011, is forecast to grow at a compound annual growth rate (CAGR) of 6.5 percent, to reach $17.3 billion in 2018, said medical intelligence company GlobalData in a new report.

The outlook for the global pharmaceutical industry remains negative as any potential revenue over the next 12-18 months is likely to be offset by losses from the upcoming expirations of major patents -- known as the patent cliff -- according to a new industry report by Moody's Investors Service.

As the industry remains at a crossroads, many are looking to their supply chains to help drive change. And by turning their supply chains into a "strategic asset," organizations can have success controlling costs and increasing business efficiencies, according a recent whitepaper by healthcare management company GHX. Teran Andes breaks down six additional keys to seeing supply chain success.

Banner Health, one of the largest nonprofit hospital systems in the country, cut $41.5 million from its supply chain costs in 2011. Doug Bowen, Banner’s vice president of supply chain management, spoke recently with Healthcare Finance News Editor René Letourneau about how they achieved such big results in just one year.