How MedzExchange Works: A Seamless Pharmaceutical Procurement Platform

This is how it works:

Step 1

Both sellers and buyers can enjoy free registration on the platform without any charges

Step 2

Sellers are required to hold valid pharmaceutical wholesaler licenses from Europe. This ensures that sellers are authorised and compliant with the necessary regulations for the distribution of pharmaceutical products.

Step 3

During the validation process, the regulatory team verifies whether sellers and buyers possess the necessary licenses. New registrants are then assigned an account manager who guides them through the platform, provides training on its usage, and offers ongoing support. This personalised assistance helps ensure a smooth onboarding experience and facilitates effective utilisation of the platform's features.

Step 4

Once sellers have completed their training, they gain the ability to list their products on the platform. Buyers, in turn, have the opportunity to respond with offers for the specific products they require. Similarly, buyers can list their specific requirements, prompting sellers to respond with offers for the products they have available.

Step 5

To facilitate efficient communication and transactions, email alerts are utilised. Buyers receive notifications when new stock offers become available on the platform, ensuring they are promptly informed. Similarly, sellers are notified via email when buyers express interest in specific products, allowing them to respond accordingly.

Step 6

Once negotiations have concluded, the buyer sends a purchase order to Medzexchange, prompting an automatic issuance of a purchase order by Medzexchange to the seller.

Step 7

Upon the availability of the stock for collection, sellers provide batch details, packing information, and FMD reports. These are then verified to ensure accuracy and compliance. Once the buyer confirms the stock, the seller generates an invoice and Medzexchange pick up the stock from the seller's location. Upon receiving the stock, Medzexchange processes it at their warehouse. Once the stock is processed for the customer's pickup, an invoice is generated and sent to the customer.

Step 8

Sellers contributes towards the costs associated with transportation, with the specific amount varying depending on their location. Additionally, a fixed percentage is applied to cover processing costs. Buyers, on the other hand, are required to pay a procurement fee, which is determined based on factors such as the value of the products, the product mix, payment terms, and the frequency of collection.

Step 9

Sellers are rated based on their performance which serves as a powerful incentive for maintaining high-quality service. This rating system is designed to assist buyers in making informed decisions when choosing sellers for future transactions.