We believe in the promise of frictionless commerce, enabled by blockchain technologies, while maintaining strict adherence to regulatory and privacy compliance. We operate in highly regulated markets, and we provide tools for our platform users and token holders to be compliant. Our vision for MedXchange is to create a global marketplace that promises to:
• Match real time, available channel supplies with Buyers
• Regulatory compliance engine ensures up to date compliance and buyer confidence, and facilitates new medical products being introduced into the market.
What is Medxchange?
MedXchange is the trusted global marketplace for Personal Protective Equipment (PPE), medical devices, supplies and service, enhanced by Blockchain technologies. MedXchange is a distributed system that handles transactions, data transfer, payments, and data storage initially designed for PPE (globally critical and time sensitive) and medical devices, but sufficiently flexible and scalable to later add other categories of regulated health care ecosystems, such as pharmaceuticals, laboratory equipment, and care providers. Because of the sensitive nature and requirements of medical devices, existing blockchain distributed systems are not adequate.
The PPE market is rapidly changing, chaotic and highly inefficient, exacerbated by the global Coronavirus pandemic. Because of this, much needed, lifesaving PPE supplies (masks, gloves, Covid19 tests, ventilators, gowns, sanitizing supplies, and so forth) are not getting to end users fast, efficiently and cost-effectively. As a result, unnecessary lives are being lost. Post-COVID19, certain PPE items will continue to be in demand, while others will become commoditized – and some already have – creating a need for matching Buyer and Sellers of surplus inventory easily and quickly. Whatever stage the pandemic is in, MedXchange is here to help. In the future, other “Black Swan” events will come, and MedXchange will be there, ready to help save lives by helping lifesaving medical supplies flow to where they are needed easily and quickly, while facilitating compliance.
Beyond COVID19 generally, medical device markets are under major financial distress, in the United States but also globally. Many countries around the world are facing the same intensifying costs of medical devices and supplies and health care in general, as the United States and other countries are trying to address costs by reducing reimbursement rates, establishing price caps, requiring mandatory price reductions, using diagnostic related groups (DRGs), limiting funds available for medical device purchases and/or requiring inappropriate information about the product or pricing data from the manufacturer. Germany, France, Japan, Taiwan, Korea, China and Brazil are all examples of major markets where industry has reported that prices for medical devices and reimbursement rates have been potentially set lower than the value of the technology, thus limiting the introduction of advanced technologies and making 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 have a massive impact on global society.
Benefits for Buyers
Every Buyer gets a smooth, easy online transaction with a fully licensed escrow service. We ensure that the Buyer will receive their Personal Protective Equipment (PPE) or medical devices and supplies as described. The funds are securely held in trust until the transfer is complete, which minimizes the risk and protects the Buyer from fraudulent users. The escrow service allows the Buyer the opportunity to inspect the merchandise purchased before we release the funds to the Seller. Key elements and documents related to the transaction are immutably committed the blockchain for verification and audit purposes.
Benefits for Sellers
The escrow service verifies the Buyer’s payment, which protects the Seller from fraudulent Buyers. The escrow service ensures Sellers receive their funds if they deliver the PPE purchased to the Buyer. All shipments are tracked to ensure the Seller shipped and the Buyer received the merchandise. The Seller is also protected from unexpected chargebacks. Key elements and documents related to the transaction are immutably committed the blockchain for verification and audit purposes.
The Business Model
• We have been conducting PPE trading on an OTC basis since inception.
• Our online marketplace will go live in stages:
(i) Phase I – A minimally viable product (MVP) within three to six months after the sale ends
(ii) Phase 2 – Transition to a dual system platform utilizing a: (i) Blockchain protocol for transactions, identity and smart contracts, and (ii) a distributed hash table (DHT) for data storage, managed by a governance system
• Revenues streams include: Transaction fees, security token listing, and services fees (such as White Glove OTC service)