May 6, 2013 Issue
The Most Powerful Name In Corporate News and Information
Using an Open and Interactive Platform, MediPx provides a Free, Easily-Accessible Online Portal where Buyers and Sellers of Medical Supplies can meet and Transact in an Open Environment
MediPx.com is an online marketplace that matches buyers and sellers of medical supplies and equipment. The site is free to join and does not charge users any membership fees or service charges.
MediPx provides a central community for its registered buyers and sellers to interact and transact in a range of medical supplies and equipment. The site caters to a variety of medical logistics needs, from individuals at home looking to buy medical supplies at affordable prices, to businesses that want access to a steady base of customers, to healthcare providers that want to develop a network of trusted suppliers. The site’s hallmark is transparency-buyers and sellers can interact and leave reviews and feedback.
Peer- to- Peer Networking
Snellville, GA 30039
Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, Published – May 6, 2013
CEOCFO: Mrs. Jeremiah, would you tell us the concept of MediPx?
Mrs. Jeremiah: The MediPx concept was to create a free, easily-accessible online portal where buyers and sellers of medical supplies could meet and transact in an open environment. The marketplace is made up of registered users. Sellers sign up as “Vendors,” and customers sign up as “Buyers.” The concept was inspired by a personal dilemma. I take care of my mom at home, and whenever I purchased medical supplies online, I had a lot of questions--specific questions that I could never get answers to: "How long does this really last?", "Is this durable?" or “Is there a better alternative?” MediPx is designed for people who need to reach out and ask questions, instead of just relying on an anonymous rating system. We wanted to promote transparency through interaction. MediPx allows buyers to make more informed decisions by: (1) communicating directly with sellers and asking questions about particular products, and (2) referring to feedback and reviews for products left by other buyers. This empowers the buyer and gives them the peace of mind that the products they purchase actually work.
CEOCFO: How does MediPx’s offer differ from what may be out there now?
Mrs. Jeremiah: We want to deliver an effortless shopping experience to our users, and the website layout, interface, and transaction environment have been designed to be as seamless as possible. MediPx.com is free to join, and will always be free. Buyers never have to pay anything and sellers only pay when they make a sale. For vendors, we offer a free online store where they can easily upload their inventory to showcase their products to our registered buyers. Vendors can also advertise their store for free on the site. We make it easy for businesses to collaborate and form industry alliances. We are in the process of developing a system whereby Healthcare Service Providers can create Group Purchasing Organizations and negotiate large block purchases with medical suppliers. This same system would also allow smaller medical supply companies to partner with each other to form larger selling entities and attract more buyers. Perhaps the most unique feature is the open and interactive nature of the platform. We encourage interaction and allow buyers and sellers to connect with other members of the site before entering into a transaction.
CEOCFO: Has this concept been tried before in the medical field?
Mrs. Jeremiah: I have not seen the “interactive” concept applied similarly on any other site. When I used to shop online for medical supplies for my mother, I became frustrated with the lack of options when it came to finding, comparing and purchasing medical products. There was not a single comprehensive, all-in-one solution I could turn to for reliable information, be it reviews from other buyers or specific answers from a seller. I turned the frustration into inspiration. We decided to create a marketplace where buyers have all the information they need before making a purchase. I believe the MediPx concept is unique in that way.
CEOCFO: How does the process work--are companies signing up to display on MediPx?
Mrs. Jeremiah: Yes, the vendor base is growing steadily. Currently, we are marketing directly to medical supply companies to sign up as “sellers.” Those companies that do sign up can create their own online store and upload their inventory. The products become immediately visible to our registered buyers.
CEOCFO: What is MediPx’s business model?
Mrs. Jeremiah: When a vendor makes a sale through the MediPx platform, we charge a fee to the vendor based on the price of the product. This includes all applicable taxes. We charge 8% per sale the first year, and then 10% for the life of the account. This is our main source of revenue.
CEOCFO: What was the hardest part of the technology to put in place?
Mrs. Jeremiah: Having the concept understood, and the online presence developed in an intuitive and user-friendly way was difficult. For instance, the first developer we worked with did not understand the concept at all. They were not able to develop the kind of interface we were looking for. Fortunately, we were able to partner with a very skilled and competent team at Hudson Horizons. They took the time to understand the concept and what we were trying to create. They provided end-to-end support for the development of the site, and for branding and marketing.
CEOCFO: How does MediPx emphasize the aspect of user friendliness?
Mrs. Jeremiah: The design and layout has been designed and optimized for user-friendliness. We wanted a simple and easy-to-use interface that catered to all types of users. We were able to achieve this partly because of our own ideas and partly because of the developer’s e-commerce insights. The challenge was to create something that our diverse groups of users could relate to. MediPx.com targets health care professionals as well as ordinary people taking care of their loved ones at home, such as mothers, caretakers and caregivers, and even pet owners. We wanted to create a site that ordinary people and professionals would be comfortable using—something that people could understand on all levels and navigate effortlessly to make the most of the site’s features. I believe we have been able to do that.
CEOCFO: What is MediPx’s marketing strategy?
Mrs. Jeremiah: Ultimately, the goal is to create a thriving marketplace where sellers have a steady customer base and buyers have a rich and diverse product selection. As a young company, right now the most important thing is to expand the vendor base. We have only launched the site on April 4th 2013, and our projected sales over the next two years are less than $100,000 per year. For a small business with $66,000 in assets, it would not be cost-effective to have an elaborate strategy at this point. Keeping our goal in mind, and the size of the business, our marketing strategy is quite straightforward. Right now, we are trying to connect with vendors directly and help them set up an online store on the MediPx platform. We are reaching out and marketing our services to hospital suppliers, doctors’ offices, veterinary suppliers and all kinds of general medical suppliers. As more vendors join and display their offerings, the range of products should broaden as a result, and attract more buyers. That is the marketing strategy for now.
CEOCFO: What are some of the steps MediPx is going to be taking?
Mrs. Jeremiah: We are working with a marketing firm, Hudson Horizons. They are helping us fine-tune our marketing strategy and social media efforts. At the moment, we are focusing on connecting with more business partners through social media channels such as Facebook, Twitter and LinkedIn. We will continue to reach out and partner with more businesses until we’re an established brand in the medical logistics industry.
CEOCFO: What makes MediPx stand out to investors and people in the business community?
I personally believe MediPx stands out in the medical logistics industry due
to its unique benefits. As a registered buyer, you can purchase top-quality
medical supplies from many different vendors from one location. You also
have the opportunity to interact with other users for feedback and
information on a particular product. This results in a transparent
environment that reduces risk and gives buyers the tools to make informed
decisions. As someone who tends to ask a lot of questions before making a
purchase, I realize the importance and convenience of having peer reviews
and feedback. A site like MediPx gives you specific information about the
product you need, so you do not have to deal with complicated return
procedures. And for vendors, the site gives you a free virtual storefront.
It is a very cost effective avenue to push your products to more customers
and drive more sales. Vendors only pay when they sell, and that is only a
nominal amount. I would say the unique benefits to both buyers and sellers
make MediPx so different. At the moment, no one else has the features or can
offer the same benefits as MediPx.
“Perhaps the most unique feature is the open and interactive nature of the platform.”- Lisa Jeremiah
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