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.
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.