INTERVIEW: This $144 Billion Industry Suffers From Antiquated Tech, But Now It Has Its Own "Amazon Marketplace" – Benzinga Sits Down With Its Creator

Want to invest in the future of the medical supply chain? Get started with iRemedy.

Jim Harding, the Chief Technology Officer (CTO) at healthcare supply firm iRemedy, is a renowned veteran in the technology sector with decades of experience finding innovative solutions for complex problems. iRemedy is a technology-driven healthcare and medical products distributor, and as CTO, Harding developed the AI-powered platform to find a “better way” for the $144 billion global medical supplies market. Harding sat down with Benzinga to discuss his background in advanced technology systems and the work he is doing with cutting-edge AI technology to change the medical supply market.

A Background In Microsoft And Amazon

With a background rooted in Seattle's culture of innovation, Harding tenured as a research assistant at the University of Washington before joining a startup called Seattle Computer Products (SCP) in Tukwila, Washington. This venture famously played a crucial role in launching the personal computer (PC) industry, as it created the early Quick and Dirty Operating System (QDOS) along with its own computer. This development ultimately led to SCP making the Microsoft Disk Operating System (MSDOS) deal with Microsoft and IBM – a deal that in many ways shaped the trajectory of the computer industry.

As well as co-inventing DOS and Microsoft databases, Harding was involved in leading the teams that developed the Amazon Merchants and Marketplace platforms. Now, he said, he’s applying his expertise “to create a platform that solves the big problems in U.S. medical supply.”

iRemedy’s Solution For The Medical Supply Industry

Harding crossed paths with Tony Paquin – now CEO of iRemedy – when they worked in the healthtech sector. They both wanted to address the antiquated architecture of the healthcare supply chain, and they decided to combine their expertise in an effort to fix the system. “My work in healthcare had exposed me to the problems of medical supply,” said Harding. “The timing and opportunity were both good, so we joined forces. There had to be a better way.”

The medical supply sector is plagued by unreliability and high costs, and a Deloitte study revealed the majority of supply chain leaders don’t believe their supply chains are highly resilient. iRemedy has a mission to combat these systemic weaknesses with AI-powered technology that infuses intelligence into the supply chain. 

iRemedy uses digital agents (bots) to automate the categorization and normalization of its vast product catalog. By continuously training the machines as new products are added, iRemedy ensures reliable and uniform results in searches across the platform while eliminating the need for human intervention in the catalog's maintenance.

Creating A More Efficient Supply Network?

Traditionally, access to pricing has been a major challenge in the sector, with supply chain functions accounting for 40% of a hospital’s total spending. In addition to its cataloging efforts, Harding believes iRemedy has solved the pricing problems in the medical supply chain. Its patented technology enables real-time price updates, optimizing choices for the consumer and keeping its catalog constantly updated. “Our technology finds the best price for our clients every time they order,” said Harding. “We’ve automated the building of our catalog through patented digital agents, giving us immense scale.”

Most medical supplies available in the U.S. are manufactured overseas, primarily in China, resulting in a fragile and unreliable distribution system characterized by high costs, slow delivery times, and scarcity. According to Harding, iRemedy’s bots efficiently search throughout the global supply chain for the best product sourcing. With millions of products and potentially billions of data points to manage, these bots enable the discovery of products at a scale only achievable by machine-powered solutions – using patented technology to get price updates in real-time and keep the company’s product catalog fresh.

Harding ended the interview on a note of optimism for the future of healthcare. He predicts a steady shift in manufacturing supplies to the U.S. and allied nations, with this gradual transition potentially making the supply chain more resilient and cost-effective. 

Furthermore, advancements in science and medical treatments hold promise for enhancements to overall health and wellness. iRemedy is focused on “giving these products a ‘go to market’ solution using our platform,” said Harding. “As we see new drugs, devices and treatments get approved for use, iRemedy plans to use our platform to get them in the hands of healthcare providers and consumers as quickly and efficiently as possible.” 

Find out how to invest in iRemedy’s innovative solutions. 

Visit iRemedy’s website to learn more about the company.

Featured photo by Tianyi Ma on Unsplash.

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