MedXchange is the, “world’s first blockchain platform for the global medical device and supplies industry"
Medical supplies and devices have a direct impact on the quality of patient care and account for a high proportion of health care costs. It is imperative that the right health sector goods (equipment and supplies) are available, in the appropriate places, and in the needed quantities. The medical equipment, supplies and distribution industry consists of companies engaged in the manufacturing and distribution of basic medical equipment and supplies.
To better understand medical devices and supplies are briefly described:
Medical devices encompass a large group of product types: diagnostic supplies, dialysis consumables, wound care consumables, radiology consumables, respiratory products, infection control, sterilization consumables, lab products, infusion products, intubation and ventilation supplies, hypodermic products, personal protection equipment –PPE and others.
Medical supplies includes forceps, surgical knives and gloves, bandages and dressings, syringes, stethoscopes, medical laboratory equipment, x-ray films, dental drills, and other related supplies. Medical supplies does not typically include retail sales of drugs and medical supplies, and manufacturing and distribution of high-tech medical equipment.
It was recently estimated that he global medical devices market will be worth $398 billion USD in 2017. And the revenues for medical device sales will continue to show growth for the next decade. Given the number of aging babyboomers that may need medical devices shows that there will be an ongoing demand for medical devices.
Medical device purchases will be a result of new innovative devices introduced into the market and also by the demand from illnesses associated with an aging global population. For example, cardiac and respiratory diseases predominantly affect people over the age of 65, and this demographic group will be near 1 billion people by 2020. As a result medical devices used in the treatment of age-related illnesses will likely have significant growth in their revenues
In MedXchange’s whitepaper they describe the innovative application of blockchain technology to medical supplies and devices. The platform is designed to manage transactions, data transfers, payments, and data storage of medical devices. The platform is also scaleable and flexible with the ability to add new categories of medical devices, medical supplies and even other regulated health care ecosystems, such as pharmaceuticals, laboratory equipment, and care providers.
The main benefits of using a permissioned blockchain are the cost savings with advantages to Sell-Side and Buy-Side Users (listed on page 37 in the whitepaper). The company gives four real-world examples of how MedXchange can benefit both sell- and buy-side users
The ICO and Token
MedXchange is developing its MedCash (MEDCASH) token for use on its platform. MEDCASH is an Etherium based (ERC-20) token used on the MedXchange platform as the exclusive cryptocurrency to conduct transactions, both in-country and globally.
The token and blockchain will meet strict global regulations for certain processes and data sharing ensuring data privacy, data access and data security in the global medical devices industry.
MedXchange’s ICO begins April 1, 2018 and runs until May 31, 2018 but may end earlier if the company’s hard cap is met ahead of time. 1 MEDCASH token costs $.50 USD or 2,000 MEDCASH tokens can be purchased for $1,000 USD.
MedXchange Limited incorporated is based in Hong Kong and MEDCASH is considered as a “Virtual Commodity” and not a security as defined by the Hong Kong Hong Kong Securities and Futures Commission
Summary
The medical devices industry faces a paradox of meeting increasing demand and increasing costs of production while countries have imposed price cost caps and device reimbursement caps as a way to reduce costs incurred by larger hospitals and other healthcare institutions. By setting reimbursement values lower than the cost of the medical device itself results in limited introduction of new advanced technologies and makes it difficult for medical products to be profitable in these markets. With steeply increasing medical device costs, a secure solution for transparency and cost savings can be realized by MedXchange’s blockchain and MEDCASH token. MedXchange is a promising transformative medical device blockchain application.
MedXchange website: https://www.medxchange.io/ico
MedXchange whitepaper: https://www.medxchange.io/white-paper
Social Media Links
Bitcointalk.org forum: https://bitcointalk.org/index.php?topic=3133117.0
Facebook: https://www.facebook.com/med.xchange.73
Telegram: http://t.me/medcash
Twitter: https://twitter.com/medxchange1
Youtube: https://www.youtube.com/channel/UCGs1K_ePjn9hRzEeJfMILwA