business plan for medical equipment supply

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Medical Supply Business

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How to Start a Medical Supply Business

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on April 11, 2022 Updated on June 5, 2024

Investment range

$12,050 - $25,100

Revenue potential

$104,000 - $312,000 p.a.

Time to build

1 – 3 months

Profit potential

$52,000 - $94,000 p.a.

Industry trend

The pandemic and our ageing population have sharply increased the need for medical supplies, spurring 50% market expansion in the last decade. You could start a medical supply business by partnering with a manufacturer and selling the medical supplies at resale prices either online, in-person, or from your own store. If you sell online or directly to healthcare facilities, you can run the business from home, and make some good money while making sure that caregivers and patients have the life-saving tools they need.

Before you get started, however, you need to understand how to launch a business. Fortunately, this step-by-step guide lays out all you need to know to start a successful medical supply business. 

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting a medical supply business has pros and cons to consider before deciding if it’s right for you. 

• To people and facilities that need them
• Good Money – Profit margins on medical supplies are high
• Flexibility – Run an online business from home, set your own hours
• Partner Needed – Finding a quality manufacturer can be difficult
• Crowded Market – Competing with established firms will be tough

Medical supply industry trends

Industry size and growth.

• Industry size and past growth – The US medical supplies wholesaling industry is worth $279 billion in 2022 after annual 2.5% growth the last five years. In the last decade the industry has grown 50%.(( https://www.ibisworld.com/industry-statistics/market-size/medical-supplies-wholesaling-united-states/ ))
• Growth forecast – The US medical supplies wholesaling industry is projected to grow nearly 4% in 2022. 
• Number of businesses – In 2021, 14,067 medical supplies wholesaling businesses were operating in the US.(( https://www.ibisworld.com/united-states/market-research-reports/medical-supplies-wholesaling-industry/ )) 
• Number of people employed – In 2021, the US medical supplies wholesaling industry employed 255,219 people.

Trends and challenges

Trends in the medical supply industry include:

• Therapeutic devices, which includes anything from walkers to hearing aids to catheters, represent 90% of the medical supply industry. 
• The number of elderly Americans is expected to double by 2060 to 95 million, becoming nearly one-quarter of the total population. This will significantly increase demand for high-quality medical supplies. 

Challenges in the medical supply industry include:

• Regulations surrounding medical supplies are constantly evolving and it’s crucial that medical supply businesses stay up to date.
• Continuing healthcare supply chain issues are making it difficult for medical supply businesses to keep inventory stocked. 

Demand hotspots

• Most popular states – The most popular states for medical sales representatives are Ohio, West Virginia, and New Jersey.(( https://www.zippia.com/medical-sales-representative-jobs/best-states/ ))
• Least popular states – The least popular states for medical sales representatives are Montana, Oklahoma, and Louisiana.

What kind of people work in medical supply businesses?

• Gender – 46.9% of medical sales representatives are female, while 49.5% are male.(( https://www.zippia.com/medical-sales-representative-jobs/demographics/ ))
• Average level of education – The average medical sales representative has a bachelor’s degree.
• Average age – The average medical sales representative in the US is 46.7 years old.

How much does it cost to start a medical supply business?

Startup costs for a medical supply business range from $12,000 to $25,000. The largest cost is your initial stock of inventory.

How much can you earn from a medical supply business?

Prices for medical supplies vary greatly based on the item. These calculations will assume an average price of $100, although some items could be significantly higher. Your profit margin should be about 50%. 

In your first year or two, you could work from home and sell 20 items per week, bringing in $104,000 in annual revenue. This would mean $52,000 in profit, assuming that 50% margin. As you ramp up your marketing, sales could climb to 60 items per week. At this stage, you’d rent a commercial space to store your inventory and hire staff, reducing your profit margin to around 30%. With annual revenue of $312,000, you’d make a tidy profit of $94,000.

What barriers to entry are there?

There are a few barriers to entry for a medical supply business. Your biggest challenges will be:

• The startup costs of inventory and a website
• The massive competition in the industry
• Finding a manufacturing partner

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Step 2: hone your idea.

Now that you know what’s involved in starting a medical supply business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research medical supply businesses in your area and online to examine their products, price points, and what sells best. You’re looking for a market gap to fill. For instance, maybe the local market is missing a company that sells durable medical equipment, a medical device company, or a hospital bed supplier. 

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as medical products for nursing homes or therapeutic devices for health care providers.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your product offerings

There are literally thousands of items you could sell. It’s probably best to specialize in a certain type of supplies. 

With thousands of potential items, focusing on a specific category of medical supplies can streamline your business and make it more manageable. Here are some targeted areas to consider:

• Home Health Care Supplies: Target the growing market of aging individuals or those with long-term health conditions, providing daily-use items that enhance their quality of life.
• Specialized Medical Equipment: Focus on products that require detailed knowledge for use, such as orthopedic supports or advanced respiratory devices, catering to specific medical needs.
• Disposable Medical Products: Essential for hygiene and safety in medical environments, these include items like gloves, masks, and syringes that are in constant demand.
• Diagnostic Tools: Equip medical professionals and patients with necessary tools for regular health monitoring, such as blood pressure cuffs and glucose meters.
• Emergency Medical Supplies: Offer essential products for immediate medical responses, including first aid kits and emergency response gear, vital for urgent care settings.

How much should you charge for medical supplies?

Prices will vary by item. Check market prices to make sure that you’re competitive. After your cost to purchase from the manufacturer, you should aim for a profit margin of about 50%. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

If you choose to sell to clinics, hospitals and care facilities, find them on LinkedIn and Google Maps. If you decide to sell directly to your customers, they will likely be an older demographic and on Facebook. 

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out a storage facility for your inventory. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Medical Business Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “medical supplies” or “medical products”, boosts SEO
• Name should allow for expansion, for ex: “Care Connectors” over “Diabetic Supplies Direct”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Medical Supply Business Plan

Here are the key components of a business plan:

• Executive Summary: A brief summary of the medical supply business plan, highlighting its key points and objectives.
• Business Overview: An introduction to the medical supply business, including its mission, vision, and key facts about its establishment.
• Product and Services: A description of the medical supplies and services the business offers, emphasizing their features and benefits.
• Market Analysis: An examination of the medical supply market, including its size, growth potential, and target customer demographics.
• Competitive Analysis: An assessment of competitors in the medical supply industry, identifying strengths, weaknesses, and opportunities.
• Sales and Marketing: A plan for how the business intends to promote and sell its products and services in the market.
• Management Team: An overview of the individuals responsible for leading and managing the medical supply business.
• Operations Plan: Details on how the business will operate, including logistics, suppliers, and day-to-day processes.
• Financial Plan: Projections and analysis of the business’s financial performance, including revenue, expenses, and profitability.
• Appendix: Supplementary information such as market research data, resumes of key team members, or other relevant documentation to support the business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to medical supply businesses. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your medical supply business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a medical supply business. You might also try crowdfunding if you have an innovative concept. 

Step 8: Apply for Licenses and Permits

Starting a medical supply business requires obtaining a number of licenses and permits from local, state, and federal governments.

Some states require a special license to sell certain types of medical supplies. Check with your state for requirements.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your medical supply business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as DME Works , acctivate , or arbimed , to manage your leads, inventory, invoicing, and payments.

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using website builders . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Here are some powerful marketing strategies for your future business:

• Professional Branding — Establish a brand that communicates trustworthiness, reliability, and expertise in the medical field through a professional logo, business cards, and an informative website.
• Website and SEO — Develop a comprehensive website that catalogs your medical products with detailed descriptions and optimize it for SEO to rank for relevant search terms.
• Social Media Engagement — Utilize LinkedIn for B2B networking and Facebook to connect with a broader audience, share product updates, and post industry news.
• Content Marketing — Run a healthcare blog with articles on the latest in medical supplies and technology, and distribute regular email newsletters with updates on new products and offers.
• Video Demonstrations — Create videos that demonstrate the features and benefits of your medical supplies, enhancing product understanding and engagement.
• Trade Shows and Expos — Participate in medical trade shows and expos to display your products, meet potential customers, and strengthen industry connections.
• Product Training Sessions — Provide training for complex equipment, adding value to your offerings and enhancing customer satisfaction.
• Manufacturing Partnerships — Establish strong relationships with manufacturers to ensure access to the latest medical technologies and a reliable product supply.
• Healthcare Provider Collaboration — Work closely with healthcare providers to understand their needs and tailor your product offerings accordingly.
• Loyalty and Referral Programs — Implement loyalty programs offering discounts to regular customers and create a referral program with incentives to encourage customer-driven growth.
• Targeted Advertising — Engage in targeted advertising through online platforms and medical journals to reach healthcare professionals and industry decision-makers.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your medical supply business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your medical supply business could be: 

• The best therapeutic devices to help you live to the fullest 
• Discount medical supplies for your assisted living facility
• The most advanced medical supplies and equipment for your patients 

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a medical supply business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in medical supplies for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in medical supplies. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a medical supply business include:

• Distribution Center Workers – prepare items for shipping
• General Manager – ordering, inventory management, accounting
• Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Medical Supply Business – Start Making Money!

The medical supply industry is huge and expected to grow in the coming years as the population ages. You can get a share of the market by starting your own medical supply business. It’s not a difficult business to start, and you can run it from home and make a good living. You just need a manufacturing partner, and you can sell to local health care providers and facilities or offer your products online. 

Now that you know what you need to know about the business, you’re ready to get to work and start your entrepreneurial journey to building a successful medical supply business!

• Medical Supply Business FAQs

Yes, profit margins on medical supplies are high. The key is to specialize in a certain type of supplies and target a specific market for the products you offer.

Prices will vary by item. Check market prices to make sure that you’re competitive. After your cost to purchase from the manufacturer, you should aim for a profit margin of about 50%. Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

The biggest distributor of medical supplies may vary depending on the region and industry, but some major players in the global medical supply distribution market include Cardinal Health, Medline Industries, and McKesson Corporation.

The top 10 medical consumables can vary based on specific needs and healthcare settings, but some commonly used medical consumables include gloves , syringes , needles , bandages , surgical masks , gowns , catheters , wound care products , IV sets , and disposable medical instruments .

Medical supplies generally refer to consumable items used in healthcare settings, such as gloves, syringes, and bandages, that are single-use or have a limited lifespan. Medical equipment, on the other hand, refers to durable devices or machines used for diagnosis, treatment, or monitoring, such as X-ray machines, ultrasound systems, and hospital beds.

To differentiate your medical supply business from competitors, you can focus on factors such as competitive pricing, superior product quality, exceptional customer service, fast and reliable delivery, a wide product selection, personalized solutions for specific healthcare needs, establishing strong relationships with manufacturers and suppliers, and emphasizing your company’s reliability and reputation.

To expand your medical supply business and reach more clients and markets, consider the following strategies: diversify your product offerings, explore new geographical regions or markets, establish partnerships with healthcare facilities, clinics, and hospitals, leverage e-commerce platforms for online sales, attend industry trade shows and conferences, and invest in targeted marketing campaigns.

Thanks for sharing your expertise and providing such a valuable resource. Your article is not just informative but also motivational for those looking to make a difference in the medical supply industry. Looking forward to more business insights from your platform. Keep up the fantastic work!

please email the me the full step by step plan

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Medical Business Name
• Create a Medical Supply Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Medical Supply Business - Start Making Money!

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Medical Supply Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Medical Supply

Are you about starting a medical supply company and need to write a plan? If YES, here is a detailed sample medical supply business plan template & FREE feasibility report.

If the idea of owning a medical related business sounds good to you, then this is indeed the time to start your own medical supply business, create financial freedom, and be your own master.

Any known medical practitioner needs specific supplies to do their duties and these equipment need to be manufactured and supplied by a firm.

Businesses that supply these equipment are growing on a daily basis. Below is a sample medical supply business plan template that will help you successfully write yours without much stress.

A Sample Medical Supply Business Plan Template

1. industry overview.

Players in the Medical supplies wholesaling industry purchase medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver them to medical practitioners, clinics and hospitals.

A close study of the Medical Supplies Wholesaling industry reveals that revenue has increased steadily as the number of age-related non – elective procedures performed in the united states has increased. Rising product prices have also supported industry growth.

Revenue is projected to rise over the five years to 2022 as healthcare providers continue to invest in new equipment to keep up with growing demand for healthcare services. New product development by medical device manufacturers will also contribute to industry growth by offering new solutions to health issues.

The Medical Supplies Wholesaling industry is indeed a thriving in most countries of the world. In the United States of America, the industry generates over $194 billion annually from more than 13,223 medical supplies wholesaling companies.

The industry is responsible for the employment of over 218,294 people. Experts project that the industry will grow at a 1.9 percent annual rate between 2012 and 2017. The establishments in this industry that have dominant market shares in the United States of America are Cardinal Health Inc. and Owens & Minor Inc.

A recent report published by IBISWORLD shows that the barriers to entering the Medical Supplies Wholesaling industry are moderate. The importance of brand identity is minimal, because customers are concerned more with quality and price.

The low cost of customer switching will further ease the entry of new companies into the market. Switching costs are incidental and associated with changing transportation and communication systems.

Low switching costs encourage greater industry competition because new companies can more easily entice customers away from existing operators. The report also stated that, however, operators experience stringent regulatory controls and relatively high fixed costs , including warehousing technology, transportation equipment and complex machinery.

If you are contemplating starting your own medical supplies business in the United States, you should ensure that you carry out a thorough market survey and feasibility studies. If you get some key factors wrong before starting your any business, then you are likely going to struggle to stay afloat.

2. Executive Summary

Phil Jason® Medical Supplies, Inc. is a registered medical supplies wholesaling business that will be located in one of the busiest streets in Cape Coral – Florida. We settled for Cape Coral because it is one of the top 50 markets in the country for the coveted millennial renter.

An appreciable percentage of current tenants are millennials because of close proximity to employment, retail and recreation hubs.

We have been able to lease a facility that can fit into the kind of standard medical supplies wholesaling business that we intend launching and the facility is located in a corner piece property close to the largest commercial hub in Cape Coral – Florida.

Phil Jason® Medical Supplies, Inc. will supply a wide array of medical and surgical equipment, instruments and supplies from different manufacturers (brands) from the United States and abroad. We are set to services a wide range of clientele in and around Cape Coral – Florida.

We are aware that there are several medical supply wholesaling businesses all around Cape Coral – Florida, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to compete with our competitors.

Phil Jason® Medical Supplies, Inc. will ensure that all our customers are given first class treatment whenever they do business with us. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they grow to. We will ensure that we get our customers involved in the selection of brands that will be in our supply chain.

Phil Jason® Medical Supplies, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.

Phil Jason® Medical Supplies, Inc. is owned by Phil Jason and his immediate family members. Phil Jason has Degree in Pharmacy and an MBA, with over 15 years’ experience in the medical supplies industry, working for some of the leading brands in the United States.

Although the business is launching out by concentrating only in Cape Coral – Florida, but there is a plan to engage in supplies all around major cities in the United States.

3. Our Products and Services

Phil Jason® Medical Supplies, Inc. is in the medical supplies business to service a wide range of clients and of course to make profits, which is why we will make available a wide range of medical and surgical equipment, instruments and supplies from top manufacturing brands in the United States and other countries of the world.

Our product offerings are listed below;

• Nonelectronic medical, surgical, dental and veterinary instruments and apparatus, such as syringes, anesthesia apparatus, blood transfusion equipment, catheters, surgical clamps and medical thermometers, electromedical and electrotherapeutic apparatus, X-ray apparatus
• Surgical appliances
• Surgical instruments
• Hospital beds and other specialized hospital furniture
• Personal safety equipment

4. Our Mission and Vision Statement

• Our vision is to become one of the leading brands in the medical supplies line of business in Florida and to establish a one stop medical supplies wholesaling company in Cape Coral – Florida and other key cities in the United States of America.
• Our mission is to establish a world-class medical supplies wholesaling business that will make available a wide range of medical and surgical equipment from top manufacturing brands at affordable prices to businesses in and around Cape Coral – Florida and other key cities in the United States of America.

Our Business Structure

Our intention of starting a medical supplies wholesaling business is to build a standard company in Cape Coral – Florida. Although our company might not be as big as Cardinal Health Inc. and Owens & Minor Inc. et al, but will ensure that we put the right structures in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Store Manager
• Human Resources and Admin Manager

Merchandize Manager

Sales and Marketing Manager

• Accountants/Cashiers
• Sales Agents/Customer Services Executive

Truck and Van Drivers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversee the smooth running of the daily office activities.

Warehouse Manager:

• Responsible for managing the daily activities in the warehouse
• Ensures that proper records of medical and surgical equipment are kept and warehouse does not run out of products
• Ensure that the warehouse facility is in tip top shape and goods are properly arranged and easy to locate
• Control medical equipment and instrument distribution and supply chain inventory
• Supervise the workforce in the warehouse.
• Manage vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Help to ensure consistent quality of medical and surgical equipment from different manufacturers are purchased and retailed in good price
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Model demographic information and analyze the volumes of transactional data generated by customer purchases
• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Document all customer contact and information
• Represent the company in strategic meetings
• Help increase sales and growth for the company

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
• Find out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
• Make suggestions and encourage purchase of products
• Provide information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
• Assists in loading and unloading goods/medical supplies
• Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
• Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment, such as hazardous material placards.
• Assists the transport and logistics manager in planning their route according to a pick – up and delivery schedule.
• Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
• Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
• Reports defects, accidents or violations

6. SWOT Analysis

We are quite aware that there are several medical supplies wholesaling businesses all over Cape Coral and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.

Phil Jason® Medical Supplies, Inc. employed the services of an expert HR and Business Analyst with bias in distribution to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Phil Jason® Medical Supplies, Inc.;

Our business is located in a city with heavy medical activities and also, we can boast of having good business relationship with top manufacturers in the medical and surgical equipment manufacturing industry in and around Cape Coral – Florida.

A major weakness that may count against us is the fact that we are a new medical supplies wholesaling business in Cape Coral – Florida and we don’t have the financial capacity to compete with multi – million dollars medical supplies wholesaling outlets like Cardinal Health Inc. and Owens & Minor Inc. when it comes to supplying at a rock bottom prices.

• Opportunities:

The fact that we are going to be operating our business close to the largest commercial hub in Cape Coral – Florida provides us with unlimited opportunities to sell our medical and surgical equipment to a large number of hospitals and other medical facilities.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they contact us; we are well positioned to take on the opportunities that will come our way.

A major threat that we are going to face as a medical supply business operating in the United States of America is uncertainty in government policies as it relates to price control and influx of medical and surgical equipment manufactured outside the United States of America.

When the prices charged by manufacturers to wholesalers’ declines, wholesalers typically have to reduce their selling prices to retailers. This results in subdued revenue growth for wholesalers, even if demand expands.

7. MARKET ANALYSIS

• Market Trends

If you are conversant with medical supply business, you will quite agree that most medical supply businesses usually locate their warehouse close to medical facilities; it enables them make quick sales.

So also, the need to meet up with international best practices and conforming with the regulatory authority will result in revenue growth, but profit margins will stagnate as medical supplies wholesaling businesses keep prices low to attract more sales amid growing competition.

A close watch on the medical supplies business activities reveals that the industry has indeed done pretty well due to the strong demand for latest and efficient medical and surgical equipment, instruments and supplies. As part of marketing strategies, medical supplies wholesaling companies engage in massive clearance sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

8. Our Target Market

We have positioned our medical supplies wholesaling business to service businesses in the healthcare industry in and around Cape Coral – Florida and every other location where franchise cum supplier will be located all over key cities in the United States of America and Canada.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to supply a wide range of medical and surgical equipment, instruments and supplies to the following customers;

• Medical laboratories
• Medical colleges
• Dental clinics
• Optical centers
• Medical and surgical equipment retailers

Our Competitive Advantage

A close study of the medical supplies wholesaling industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiff competition and we are well prepared to compete favorably with other leading businesses in Cape Coral – Florida.

One thing is certain; we will ensure that we have a wide range of medical and surgical equipment, instruments and supplies from leading manufacturers available in our showroom and warehouse at all times. It will be difficult for customers to visit our showroom and warehouse and not see the type of equipment they are looking for.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and objectives.

We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Phil Jason® Medical Supplies, Inc. is in business to retail a wide range of medical and surgical equipment, instruments and supplies in and around Cape Coral – Florida. We are in the industry to maximize profits and we are going to ensure that we achieve our business goals and objectives. Phil Jason® Medical Supplies, Inc. will generate income by supplying the following products;

10. Sales Forecast

One thing is certain when it comes to medical supplies wholesaling business, if your showroom and warehouse are stocked with various types of medical and surgical equipment and is centrally positioned, you will always attract customers cum sales.

We are well positioned to take on the available market in Cape Coral – Florida and we are quite optimistic that we will meet our set target of generating enough income/profits from our first six months of operation and grow the business and our clientele base.

We have been able to examine the medical supplies wholesaling industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Phil Jason® Medical Supplies, Inc. it is based on the location of our business and other factors as it relates to medical supplies wholesaling startups in the United States;

• First Fiscal Year (FY1): $450,000
• Second Fiscal Year (FY2): $950,000
• Third Fiscal Year (FY3): $1.850 Million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for Phil Jason® Medical Supplies, Inc. we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for hospitals and healthcare facilities in and around Cape Coral – Florida.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the medical supplies wholesaling industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Cape Coral – Florida.

In summary, Phil Jason® Medical Supplies, Inc. will adopt the following sales and marketing approach to win customers over;

• Introduce our medical supplies wholesaling by sending introductory letters alongside our brochure to hospitals, dental clinics, optical centers, medical laboratories, medical and surgical equipment retailers and key stakeholders in Cape Coral – Florida
• Ensure that we have a wide range of medical and surgical equipment, instruments and supplies from different brands at all times.
• Make use of attractive handbills to create awareness and also to give direction to our showroom
• Position our signage / flexi banners at strategic places around Cape Coral – Florida
• Create a loyalty plan that will enable us reward our regular customers
• List our business and products on yellow pages ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing and sales
• Encourage the use of Word of mouth marketing (referrals)
• Join local chambers of commerce and industries to network and market our products

11. Publicity and Advertising Strategy

Despite the fact that our medical supply showroom is well located, we will still go ahead to intensify publicity for the business.

Phil Jason® Medical Supplies, Inc. has a long-term plan of opening outlets in various locations all around Florida and key cities in the United States, which is why we will deliberately build our brand to be well accepted in Cape Coral before venturing out. Here are the platforms we intend leveraging on to promote and advertise Phil Jason® Medical Supplies, Inc.;

• Place adverts on community based newspapers, radio and TV stations.
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Cape Coral – Florida
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Contact hospitals, dental clinics, optical center, medical laboratories and other health facilities by calling them up and informing them of Phil Jason® Medical Supplies, Inc. and the products we sell
• Advertise our medical supplies wholesaling business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and distribution vans and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to a medical supplies wholesaling business, which is why big players like Cardinal Health Inc. and Owens & Minor Inc. and co will attract loads of clients.

We know we don’t have the capacity to compete with market leaders in the industry, but we will ensure that the prices and quality of all the medical and surgical instruments and supplies that are available in our supply chain are competitive with what is obtainable in the industry.

• Payment Options

The payment policy adopted by Phil Jason® Medical Supplies, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Phil Jason® Medical Supplies, Inc. will make available to her clients;

• Payment via bank transfer
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for their purchases without any stress on their part.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have come up with a detailed budget for establishing a standard medical supplies business and here are the key areas where we will spend our start-up capital;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Phil Jason® Medical Supplies, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring business consultant – $2,500.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
• The cost for warehouse remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for start-up inventory (stocking with a wide range of medical and surgical equipment, instruments and supplies from different manufacturing brands) – $550,000
• The cost for the purchase of distribution trucks – $29,500
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of launching a website: $600
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our medical supplies wholesaling business in Cape Coral – Florida.

Generating Funds/Startup Capital for Phil Jason® Medical Supplies, Inc.

Phil Jason® Medical Supplies, Inc. is a private registered business that is solely owned and financed by Phil Jason and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

Part of the plans we have in place to sustain Phil Jason® Medical Supplies, Inc. is to ensure that we continue to make available a wide range of medical and surgical equipment, deliver quality services, and improvise on how to do things faster and cheaper. We are not going to relent in providing a conducive environment for our workers.

We are quite aware that our customers are key component to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better and the products they want to see in our supply chain. We will not waste time in adopting new technology, best practices and diversifying our services.

Phil Jason® Medical Supplies, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Compilation of our list of products that will be available in our supply chain: Completed
• Purchase of supply trucks and vans: Completed .
• Establishing business relationship with vendors – manufacturers and suppliers of medical and surgical equipment, instruments and supplies : In Progress

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How to Start a Medical Supply Business

Starting a medical supply business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful medical supply business.

Importantly, a critical step in starting a medical supply business is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .

Download our Ultimate Business Plan Template here

14 Steps To Start a Medical Supply Business :

• Choose the Name for Your Medical Supply Business
• Develop Your Medical Supply Business Plan
• Choose the Legal Structure for Your Medical Supply Business
• Secure Startup Funding for Your Medical Supply Business (If Needed)
• Secure a Location for Your Business
• Register Your Medical Supply Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Medical Supply Business
• Buy or Lease the Right Medical Supply Business Equipment
• Develop YourMedical Supply Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Medical Supply Business
• Open for Business

1. Choose the Name for Your Medical Supply Business

The first step to starting a medical supply business is to choose your business’ name.  

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your own medical supply business:

• Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
• Think about marketing . Come up with a name that reflects the desired brand and/or focus of your medical supply business.

2. Develop Your Medical Supply Business Plan

One of the most important steps in starting a medical supply business is to develop your business plan. The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

Your business plan should include the following sections:

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your medical supply business.
• Company Overview – this section tells the reader about the history of your medical supply business and what type of medical business you operate. For example, are you a medical equipment retailer, wholesale distributor, or online medical supply store?
• Industry Analysis – here you will document key information about the health care industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products like the ones you will offer?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
• Product : Determine and document what products/services you will offer 
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your medical supply business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
• Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What are the startup costs?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

Finish Your Business Plan Today!

3. choose the legal structure for your medical supply business.

Next you need to choose a legal business structure for your medical supplies business and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole proprietorship

A sole proprietorship is a business entity in which the owner of the medical equipment business and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start a medical supply business together. The partners share in the profits and losses of the business. 

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a medical supply business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a medical supply business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your medical supply business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

4. Secure Startup Funding for Your Medical Supply Business (If Needed)

In developing your medical supply business plan, you might have determined that you need to raise funding to launch your business. 

If so, the main sources of funding for a medical supply business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a medical supply business that they believe has high potential for growth.

5. Secure a Location for Your Business

There are a few things to consider when looking for a location for your medical equipment business. First, you’ll want to make sure the location is accessible and convenient for your customers. You’ll also need to have enough space to store your inventory and equipment. Finally, it’s important to find a location that is affordable. 

6. Register Your Medical Supply Business with the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

7. Open a Business Bank Account

It is important to establish a bank account in your medical supply business’ name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information
• Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your medical supply business to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

You will need a business license, a permit to operate as a medical supply business, and a permit to sell medical supplies. You may also need a sales tax permit. Check with your local business licensing office to find out what licenses and permits are required in your area.

10. Get Business Insurance for Your Medical Supply Business

The type of insurance you need to operate a medical supply business depends on the scope of the operation. 

Some business insurance policies you should consider for your medical supply business include:

• General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
• Auto insurance : If a vehicle is used in your business, this type of insurance will cover if a vehicle is damaged or stolen.
• Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
• Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
• Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
• Professional liability insurance : This protects your business against claims of professional negligence.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs. 

11. Buy or Lease the Right Medical Supply Business Equipment

Medical supply companies need essential office equipment, such as computers, phones, printers, and fax machines. You may require other equipment depending on the scope of your operation. For instance, if you operate a warehouse for wholesale distribution, you may need a forklift to move inventory around. If you deliver medical supplies, you’ll need a vehicle for transport. It’s important to research the specific equipment you need to run your business.

12. Develop Your Medical Supply Business Marketing Materials

Marketing materials will be required to attract and retain customers to your medical supply business.

The key marketing materials you will need are as follows:

• Logo : Spend some time developing a good logo for your medical supply business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
• Website : Likewise, a professional medical supply business website provides potential customers with information about the products you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts : establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your medical supply business.

13. Purchase and Setup the Software Needed to Run Your Medical Supply Business

To run a medical supply business, you need software to manage inventory, track sales, and manage customer relationships. You’ll also need accounting software to manage finances. There are many options available for medical supply business software. Some software companies offer all-in-one programs made specifically for medical supply stores. So, with a bit of research, you should be able to find one that suits your needs. 

14. Open for Business

You are now ready to open your medical supply business. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

How to Start a Medical Supply Business FAQs

Is it hard to start a medical supply business.

No, it’s not too difficult to start a medical supply business. However, it does require some basic knowledge and understanding of the industry. The most important thing you'll need to get started is a good business plan.

How can I start a medical supply business with no experience?

The best way to start a medical supply business with no experience is to do some research. Learn about the industry, what products are in demand, and what prices to charge. You can also join an industry organization or attend trade shows to learn more about the business. You may want to consider working for a medical supply company and network with medical professionals before starting your own business. This will give you a chance to learn about the industry and gain some experience. Finally, create a business plan and secure financing before starting your business.

What type of medical supply business is most profitable?

The most profitable type of medical supply business is one that manufactures and distributes disposable medical supplies. These large medical supply companies can be exceptionally lucrative because there is a constant demand for their products and they typically have low overhead costs.

How much does it cost to start a medical supply business?

To start a small medical supply business, it will cost you approximately $5,000-$10,000. This includes the cost of setting up your business, getting inventory, and marketing your new business. Costs will be greater for a larger operation.

What are the ongoing expenses for a medical supply business?

Medical supply businesses have a few common ongoing expenses. The most significant expense is the cost of the supplies themselves. This can include anything from bandages and gauze to surgical equipment. Medical supply businesses must also account for the cost of delivering or shipping their supplies. In addition, these businesses often pay for ongoing advertising and marketing to make sure their products are seen by potential customers.

How does a medical supply business make money?

Medical supply businesses make money by selling products to hospitals, doctors' offices, and other medical facilities. They also make money by providing services such as equipment rentals and repairs. Some business owners also earn by taking their medical supply business online.

Is owning a medical supply business profitable?

A medical supply business can be profitable because it meets a fundamental human need. People will always need medical supplies, whether it is for themselves or for a loved one. Additionally, the demand for medical supplies is growing as the population ages and more people require treatment for chronic illnesses.

Why do medical supply businesses fail?

There are many reasons medical supply businesses can fail. A common one is that the company doesn’t understand the needs of its target market and lacks the right products and services to meet those needs. Additionally, many businesses do not have a clear marketing plan or strategy, which can doom them to fail.

Other Helpful Business Plan Articles & Templates

Small Business Trends

How to start a medical supply business, the market for medical supplies.

Why Start Your Own Medical Supply Business?

Medical supply sales are among the top healthcare business ideas today. Starting a medical supply business comes with a range of benefits, particularly in the current global context, where demographic shifts and policy changes are influencing market dynamics. Here are some key advantages:

Initial Steps to Starting a Medical Supply Business

Developing a medical supply business plan.

A business plan represents a comprehensive roadmap for launching and growing one of these businesses. It needs to have several detailed categories, including:

Legal Requirements and Compliance

Funding and initial investment, building relationships with manufacturers and suppliers.

Establishing good connections with outstanding suppliers is critical. It’s also a good idea to schedule performance reviews to discuss delivery timelines, product quality, and other areas that need improvement. 

How to Start a Medical Supply Business: Step-by-Step

Choosing your medical supply business model, identifying your market segment within the medical business, setting up your medical supply distribution network, stocking your inventory.

This is an excellent way to reduce redundancies and leverage bulk purchasing. Creating a preferred product list and focusing on supplier reliability and quality is essential.

Marketing Your Medical Supply Business

Marketing strategies for medical supply business online, launching your medical supply business idea.

Personalized email campaigns are a great way to start reaching out. You can also use a website startup guide to create an online presence that will help you gain customers. Remember to add a clear Call to Action (CTA). 

FAQs: How to Start a Medical Supply Business

Is selling medical supplies profitable, how do medical supply companies make money, how do i choose the right vendors for medical supplies , how has the healthcare industry changed since the pandemic.

The healthcare industry has been evolving since the pandemic. There’s been more of a focus on worldwide preparedness for infectious diseases. Innovators are taking advantage of digital innovations like telehealth. 

• Sample Business Plans
• Medical & Health Care

Medical Equipment Business Plan

If you are planning to start a new manufacturing business, the first thing you will need is a business plan. Use our Lanzor – medical equipment manufacturing business plan example created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new medical equipment manufacturing business, spend as much time as you can reading through some examples of manufacturing business plans.

Reading some sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this medical equipment business plan example for you to get a good idea about how a perfect manufacturing business plan should look like and what details you will need to include in your stunning business plan.

Medical Equipment Business Plan Example Outline

This is the standard medical equipment manufacturing business plan outline which will cover all important sections that you should include in your business plan.

• Market and Opportunity
• Commercialized Products
• Products Under Development
• Competition
• Competitive Advantages
• Marketing and Distribution
• Frank Martin
• Evgeny Shaman
• Kimberly Patric
• Robert Stoddard
• Board of Directors
• Scientific Advisory Board and Clinical Investigators
• Professional Services
• Projected Revenue
• Projected Net Income
• Coronary Artery Disease (CAD)
• Diagnosing CAD
• Treating CAD
• Catheter-Based Procedures
• SmartFlowTM Console
• SmartFlow CFR/FFR Module
• SmartFlow Multiple lesionTM Module
• SmartFlow PTC Module
• SmartFlow@ Pressure Guide Wire (Consumable Product)
• SmartFlow Renal
• Myocardial Perfusion (Distal Vascular Bed)
• Product Acquisitions
• Intellectual Property
• Number of Cath Labs
• Number of Cam Procedures
• Spending on Oath Lab Equipment
• Patient Base
• Economic Impact
• Market Potential
• Interest in Physiologic Data
• Direct Competitors
• Indirect Competitors
• Summary of Competitive Advantages
• Pricing Strategy
• Sales and Marketing Strategy
• Sales Forecast
• Regulatory Approval
• Reimbursement
• Manufacturing and Distribution
• Market Risks
• Competitive Risks
• R&D Risks
• Legal Risks
• History and Structure
• Office Locations
• Evgeny Shalman
• Dov Gal, D.V.M.
• Gideon Tolkowsky
• Hillel Bachrach
• Shmuel Einav
• Takashi Akasaka
• Rafael Beyar
• Bernard De Bruyne
• Organization Chart
• Key Open Positions
• General Assumptions and Notes
• Revenue Assumptions
• Expense Assumptions
• Summary Income Statement($000)
• Capital Requirements a Use of Proceeds
• Exit Strategy

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After getting started with Upmetrics , you can copy this medical equipment business plan example into your business plan and modify the required information and download your medical equipment business plan pdf and doc file. It’s the fastest and easiest way to start writing your business plan.

Download a sample medical equipment business plan

Need help writing your business plan from scratch? Here you go;  download our free medical equipment business plan pdf  to start.

It’s a modern business plan template specifically designed for your medical equipment business. Use the example business plan as a guide for writing your own.

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About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Top 10 Medical Supply Business Plan Templates with Examples and Samples (Editable Word Doc, Excel and PDF Included)

Deepika Dhaka

All healthcare practitioners, ranging from veterinarians and midwives to ophthalmologists, require specialized equipment to perform their duties. Typically, these essential medical supplies are procured from specialized companies focusing on specific equipment types. Despite the presence of well-established medical supply corporations, smaller independent medical supply businesses have the potential to thrive within this industry. Why?

The demand for medical supplies experienced a significant increase due to the pandemic and our aging population. Over the past decade, this has led to a 50% market expansion. Initiating a medical supply enterprise involves collaborating with manufacturers and distributing medical supplies at resale prices through online platforms, physical stores, or your own retail space. Operating online or by directly servicing healthcare facilities enables you to run the business from the comfort of your home, offering a lucrative opportunity, even as you meet the critical needs of caregivers and patients with life-saving equipment. But, before you get started, it is essential to gain a comprehensive understanding of how to launch and manage a successful business. This is why you need to create a well-researched business plan. 

On this note, enter SlideTeam’s Medical Supply Business Plan Template. We present a full-fledged business plan ppt covering crucial elements of attracting investors and stakeholders and launching a successful business. Let’s see what it offers!

Table of Contents

• Executive Summary
• Company Overview
• Industry Analysis
• Customer Analysis
• Competitor Analysis
• SWOT Analysis and Porter’s Framework
• Operational Plan
• Financial Plan
• Management Summary

You will get a 57-page file in PDF, Word, and XLS format that will help you assess the feasibility of your venture, raise funds from investors/banks, plot your course and focus your efforts, enter a new market, and launch a new product/service. Whether you want assistance for prescription drugs distribution strategy, retail pharmacy business strategy , or a typical chemist store business strategy, this document is fit for all because of its customizable features.

Also, if you are looking for a Pharmacy Business Plan in a PowerPoint Format, you must explore this handy template with well-researched content and visual graphics. Click Here.

Download it now!

1. Executive Summary

Including an executive summary in your Medical Supply Business Plan is crucial because it provides a snapshot of your business to potential investors, partners, and lenders. It's like the cover of a book – it grabs their attention, highlights key details, and helps them assess the business's viability. In the competitive healthcare industry, a well-crafted executive summary is your elevator pitch, summarizing your unique value proposition (USP), market opportunity, financial projections, and why your drugstore start-up plan is a worthwhile investment. 

In the executive summary section of our Medical Supply Business Plan Template, you will get:

1.1 The Quick Pitch: A concise and engaging statement that captures the essence of your chemist store business, designed to pique interest.

1.2 The Entity: An introduction to your business's legal structure and ownership, providing a snapshot of your organizational setup and key personnel.

Download this Business Plan

2. Company Overview 

This section serves as the blueprint for your business, helping you and potential investors grasp your mission, vision, and the core values that underpin your operation. It provides a glance of your business structure and key players, instilling confidence and ensuring clarity in a field where precision and trust are paramount. 

In the company overview section of the Medical Supply Business Plan, you will find templates for:

2.1 Vision and Mission - Defining the overarching purpose and goals of your business.

2.2 Company Goals and Objectives - Setting clear milestones and targets to measure your business's progress.

2.3 Start-up Summary - Providing a snapshot of financial essentials required to launch your venture.

2.4 Market Gap and Business Statement - Identifying unmet needs in the market and articulating your core business message.

2.5 Services Offered - Detailing the range of medical supply services your business will provide.

2.6 Key Success Factors - Outlining critical elements that will drive the success of your medical supply business.

Here’s another blog with Top 5 Pharmacy Business Plan Templates containing content-rich pages with the latest data and insights.

3. Industry Analysis

The Industry Analysis section provides a realistic roadmap for entrepreneurs with its insights into market trends, regulations, and competition. It's an essential tool for those planning to start this business as it helps identify opportunities, navigate regulatory hurdles, and adapt to evolving healthcare needs. Without it, entering the medical supply industry is like performing surgery in the dark, leaving your business vulnerable to unexpected challenges and missed opportunities.

The industry analysis part of this Pharmacy Supply Services Plan includes templates for:

3.1 Market Analysis - Revealing the dynamics and potential of the pharmacy supply market.

3.2 Market Trends - Highlighting current and emerging trends influencing the industry.

3.3 Major Challenges - Identifying key obstacles that businesses in this field must navigate.

3.4 Growth Drivers - Pinpointing factors propelling the growth and success of pharmacy supply services.

3.5 Geographical Analysis - Analyzing location-specific factors that affect business operations.

4. Customer Analysis

Incorporating a Customer Analysis in your Medical Supply Business Plan or even Online Pharmacy is like fitting a customized medical brace – it ensures a perfect match between your offerings and the healthcare providers who rely on them. This section is essential for aspiring business owners as it delves into understanding your target customers, their specific needs, and buying behaviors. It enables you to tailor your product range, pricing, and marketing strategies to meet these requirements, ensuring that healthcare professionals turn to your business as their trusted supplier. Without it, you risk offering generic solutions in a field that demands precision, causing your business to miss out on critical opportunities and strong customer relationships.

In the Customer Analysis Section of this business plan, you will find templates for:

4.1 Target Market - Identifying the specific healthcare providers your business aims to serve.

4.2 Buyer Persona - Creating detailed profiles of your ideal customers understanding their preferences and behaviors.

4.3 Market Sizing - Gauging the potential size and value of your customer base to discover growth opportunities for your medical supply business.

We also bring you this rich collection of Medical Marketing PowerPoint Templates to help you publicize your online or physical drugstore business well. These layouts are completely editable and are designed with colorful and vibrant infographics. 

5. Competitor Analysis 

Customer Analysis is crucial for prospective business owners as it unveils the strengths and weaknesses of existing competitors. It helps identify market gaps, potential partnerships, and areas to differentiate your services in this competitive industry. 

In the Competitor Analysis section of this Medical Supply Business Plan, you will find templates for:

5.1 Major Players - Identifying and profiling key competitors in the medical supply industry.

5.2 Attributes Comparison - Evaluating and comparing the strengths and weaknesses of competitors to guide your strategy and differentiation.

6. SWOT Analysis and Porter’s Framework

These strategic tools are essential because they provide a comprehensive and practical understanding of your business environment. The SWOT Analysis delves into your internal strengths and weaknesses, along with external opportunities and threats, helping you craft a tailored strategy to leverage advantages and address challenges. Meanwhile, Porter's Five Forces Framework assesses the competitive landscape, identifying supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entrants. This knowledge equips you to address industry dynamics, safeguard profitability, and thrive in a highly regulated and competitive sector. 

In this business plan section, we provide a pre-designed SWOT Analysis Template and Porter's Framework Template , facilitating a strategic evaluation of the medical supply business. These tools help you identify strengths, weaknesses, opportunities, threats, and competitive dynamics to make informed decisions and ensure long-term success.

7. Marketing Plan

A marketing plan outlines your strategies for reaching healthcare providers. This plan includes your approach to marketing, medical trade shows, and relationships with medical professionals, ensuring your business gets noticed and trusted. Without a clear marketing strategy, you're like a medication without proper dosage instructions - your business may have the potential, but it won't reach its full efficacy, risking obscurity in a crowded healthcare industry.

In the Marketing Plan section of the Medical Supply Business Plan Template, you will find templates for:

7.1 Sales Strategy - Outlining a comprehensive approach to drive sales for your medical supply business.

7.2 Promotional Strategy - Detailing strategies to promote your products effectively within the healthcare sector.

7.3 Pricing Strategy - Defining competitive pricing structures for your medical supplies.

7.4 Sales Funnel - Mapping the customer journey from awareness to conversion, optimizing your sales process.

8. Operational Plan

The operational plan is vital as it outlines how your business functions, covering aspects like inventory management, supplier relationships, and staffing. It provides an achievable roadmap for efficiency and cost-effectiveness in sourcing, storing, and delivering medical supplies, which is crucial in the healthcare industry. 

Additionally, our Medical Supply Business Plan Template's Operational Plan section includes a dedicated page for the milestones , helping you track progress, celebrate achievements, and maintain accountability as you navigate the complexities of this sector. Without such a plan, your business could face inefficiencies and errors and potentially jeopardize the quality and timely delivery of crucial medical products.

9. Financial Plan

The financial plan covers startup costs, revenue projections, and cash flow management, which are crucial in a capital-intensive industry like healthcare. Moreover, potential investors and lenders rely on this plan to gauge the financial viability of your business, making it a key tool for securing funding. 

In the Financial Plan section of this business plan, you will get templates for:

9.1 Financial Assumptions - Laying out the key financial expectations driving your medical supply business.

9.2 Revenue Model and Sales Forecast - Projecting income sources and expected sales over time.

9.3 Break-Even Analysis - Determining the point where your business becomes self-sustaining financially.

9.4 Projected Profit and Loss Account - Offering a comprehensive overview of your anticipated financial performance.

9.5 Projected Cash Flow Statement - Charting the inflow and outflow of funds to manage your finances effectively.

9.6 Projected Balance Sheet - Showcasing your business's financial position at a given point in time.

9.7 Scenario Analysis - Planning for business scenarios to ensure financial flexibility.

9.8 DCF Valuation - Calculating the intrinsic value of your medical supply business using discounted cash flow analysis.

10. Management Summary

Management Summary introduces the key personnel responsible for steering your business toward success. It provides a snapshot of their qualifications, expertise, and roles, instilling confidence in potential investors and stakeholders. It also demonstrates the collective knowledge and experience required to navigate the complexities of the healthcare industry. Without a solid Management Summary, your medical supply business may lack the capable leadership it needs, leading to operational inefficiencies, compliance issues, and a lack of strategic direction.

The Management Summary section of this business plan includes feature-packed templates for:

10.1 Organizational Structure - Defining the hierarchy and roles within your medical supply business.

10.2 Professional Summary - Presenting concise yet compelling profiles of key team members, highlighting their expertise.

10.3 Roles and Responsibilities - Outline each team member's specific duties and responsibilities to ensure smooth operations.

The Best Business Plan Available on the Internet

Our all-encompassing Medical Supply Business Plan is your holistic solution, featuring finely tuned templates, expert guidance, and a proven roadmap for entering in this pivotal sector. This is your moment to secure the future of your physical storefront or online pharmacy investment. Download it now to get started and equipped to deliver vital medical supplies. 

Don’t forget to subscribe to our monthly, semi-annual, or annual plan to access these premium resources.

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Home » Healthcare » Medical Supply

How to Start a Medical Supply Business [Business Plan]

A medical supply company is a business that purchases medical and surgical equipment, instruments, and supplies, stores these items at distribution centers, and delivers these products to medical practitioners, clinics, hospitals, etc.

Recent data made available online shows that the global medical supplies market was worth USD 80 billion in the year 2019 and it is projected to reach USD 95.04 billion by 2026 with a CAGR of 13.5% between 2022 and 2026. Interestingly, the United States is a major player in the global medical market worth $85 billion according to industry analysts, and the United States is home to nearly 11,000 medical supply companies.

Steps on How to Start a Medical Supply

Conduct market research.

The first step in the market research process for your medical supply business is to develop market-based research questions in line with your overall business goal and objective.

In this regard, you should source for information that will help you maximize your business, give you reliable information of what your potential market will be looking out for from a medical supply business, the product and brands that people will be able to spend a premium on and also to help you operate your medical supply business with less stress.

a. Who is the Target Market for Medical Supply Business?

Your target demographics should include Hospitals, Medical laboratories, Medical colleges, Dental clinics, etc.

b. Is Medical Supply Business a Profitable Business?

• Medical laboratories
• Medical colleges
• Dental clinics
• Optical center
• Botox clinics
• Medical device retailers
• Healthcare centers
• Medical Research institutes
• Veterinary clinics.

c. Are There Existing Niches in the Industry?

Yes, there are existing niches when it comes to the medical supply business, and here are some of them;

• Brick and mortars medical supply business
• Online medical supply business

d. Who are the Major Competitors?

• Abbott Laboratories
• AmerisourceBergen
• Henry Schein
• Cardinal Health
• Medline Industries
• Carex Health Brands, Inc.
• Drive DeVilbiss Healthcare.
• NOVA Medical Products.
• Kaye Products, Inc.
• Medtronic PLC.
• General Electric Company
• Danaher Corporation
• Boston Scientific Corporation
• Johnson & Johnson
• Varian Medical Systems Inc.
• Siemens Healthineers
• 3M Health Care

e. Are There County or State Regulations or Zoning Laws for Medical Supply Business?

Note that in the United States, the FDA’s Center for Devices and Radiological Health (CDRH) is tasked with regulating firms who manufacture, repackage, re-label, and/or import medical devices sold in the United States. Also, the FDA’s CDRH regulates radiation-emitting electronic products (medical and non-medical) such as lasers, x-ray systems, ultrasound equipment, microwave ovens, and color televisions.

In addition to that, it is important to state that in the United States, government agencies and departments routinely grant variances to rules and regulations. Often, you only have to fill out a short form. In other cases, your request may have to be publicly heard before your city council, zoning board, or other body. Please check with your zoning or planning department to find out what options are available to you.

f. Is There a Franchise for Medical Supply Business?

Yes, there are franchise opportunities for the medical supply business. Here are some of them;

• Auxo Medical, LLC.
• BioPed Footcare Centers
• Medicap Pharmacies Incorporated
• MEDIchair Ltd.
• OsteoStrong
• Sonus Hearing Care

g. What Do You Need to Start a Medical Supply Business?

• A Feasibility Report
• Business and Marketing Plans
• Business Licenses and Permits
• A Good Shop Facility
• EIN (Employer Identification Number)/Federal Tax ID Number.
• A Corporate Bank Account
• Suppliers of Medical Equipment, Equipment, and Supplies
• Distribution Trucks and Vans
• Startup and Working Capital

Memorable Medical Supply Business Names

• Forty Cent© Medical Supplies, Inc.
• MT Technologies® Medical Supplies and More, LLC
• Mike and Co© Medical Supplies, Inc.
• Medic Solutions® Medical Supplies, Inc.
• The Expats™ Medical Supplies, Inc.
• TD Engineering™ Medical Supplies, LLC.
• San Tamils© Medical Supplies, LLC
• Sheen Global® Medical Supplies, Inc.
• Lance Bowline© Medical Supplies, Inc.
• Wana Bros© Medical Supplies, Inc.
• Mili Cent® Medical Supplies, Inc.
• Cletus McPherson® Medical Supplies, LLC
• Stretch® Medical Supplies, Inc.
• Value Base® Medical Supplies, Inc.
• Garry Holmes® Medical Supplies USA LLC.
• Emmy Allen® Medical Supplies, Inc.
• Denis Palermo® Medical Supplies USA LLC
• Fahrenheit ® Medical Supplies, LLC
• Star Engineering® Medical Supplies USA LLC
• Brent Jones® Medical Supplies USA LLC.

Register Your Business

A. what type of business structure is best for medical supply business.

Although there are several options when it comes to the business structure for a medical supply business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.

Please note that an LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below.

b. Steps to Form an LLC

• Choose a Name for Your LLC.
• File Articles of Organization.
• Choose a registered agent.
• Decide on member vs. manager management.
• Create an LLC operating agreement.
• Comply with other tax and regulatory requirements.
• File annual reports.

c. What Type of License is Needed to Open a Medical Supply Business?

• General Business License
• Seller’s Permit
• Fire and Safety Permit (Fire certificates)
• Federal Export Licenses
• Zonal Permits
• Signage Permit
• State Occupational Licenses
• Operational State Facility Inspections (Building Permits)

d. What Type of Certification is Needed to Open a Medical Supply Business?

• Certified Healthcare Supply Chain Analyst (CHSCA)
• Healthcare Supply Chain Certification.

e. What Documents are Needed to Open a Medical Supply Business?

• Business and liability insurance
• Federal Tax Payer’s ID
• Dealer License and Surety Bonds
• State Permit and Building Approval
• Certificate of Incorporation
• Business License
• Business Plan
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document
• Contract Document
• Company Bylaws
• Memorandum of Understanding (MoU)

f. Do You Need a Trademark, Copyright, or Patent?

If you are considering starting a medical supply business, usually you may not have any need to file for intellectual property protection or trademark. This is so because the nature of the business makes it possible for you to successfully run it without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

Cost Analysis and Budgeting

A. how much does it cost to start a medical supply business.

When it comes to starting a medical supply business, the startup costs vary and it could range from $100,000 to over a million dollars. This is because the startup inventory is on the high side.

b. What are the Costs Involved in Starting a Medical Supply Business?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $3,300.
• Marketing, Branding and Promotions – $2,000.
• Business Consultant Fee – $2,500.
• Insurance – $12,400.
• Rent/Lease – $150,000.
• Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($1,800).
• Operational Cost (salaries of employees, payments of bills et al) – $130,000
• Start-up Inventory – $1 million
• Store Equipment (cash register, security, ventilation, signage) – $1,750
• Furnishing and equipping the warehouse facility – $20,000
• Website: $600
• Opening party: $3,000
• Miscellaneous: $5,000

c. What Factors Determine the Cost of Opening a Medical Supply Business?

• The size of the medical supply business
• The choice of location
• The required licenses and permits
• The type of medical supply business
• The types and brands of medical supplies to be retailed in the store
• The cost of hiring and paying a business consultant and attorney
• The cost for branding, promotion, and marketing of the medical supply business
• The cost for furnishing and equipping the medical supply facility
• The cost for insurance policy covers
• The cost for registering the business
• Source of your supplies and ongoing expenses
• Cost of recruiting and training your staff
• The cost for the purchase and customizing of uniforms
• The cost for the grand opening of the medical supply business.

d. Do You Need to Build a Facility? If YES, How Much Will It Cost?

Actually, it is not compulsory to build a new facility for your medical supply business, but if you have the required finance, it will pay you to build your own facility (warehouse and shop). The truth is that building or reconstructing a facility for your medical supply business will help you come up with a facility that will perfectly fit into your overall business goals and vision.

e. What are the Ongoing Expenses of a Medical Supply Business?

• Rent and lease
• Supplies and inventory
• Utility bills (internet subscriptions, phone bills, signage and software renewal fees et al)
• Marketing cost
• Distribution trucks and vans maintenance
• Salaries of employees

f. What is the Average Salary of your Staff?

• Chief Executive Officer (President) – $120,000 Per Year
• Human Resources and Amin Manager – $60,000 Per Year
• Warehouse Manager – $55,000 Per Year
• Merchandise Manager – $50,000 Per Year
• Sales and Marketing Manager – $45,000 Per Year
• Accountants (Cashiers) – $45,000 Per Year
• Sales Agents – $35,000 Per Year
• Customer Services Executive – $35,000 Per Year
• Truck and Van Drivers – $30,000 Per Year

g. How Do You Get Funding to Start a Medical Supply Business?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and your friends.

Write a Business Plan

A. executive summary.

Mili Cent® Medical Supplies, Inc. is a standard medical supply business that will be based in Los Angeles – California, USA. We have been able to secure a corner piece location where we intend to launch our first medical supply store before venturing out to open chains of medical supply stores all across major cities in the United States of America.

b. Products and Service

• Non-electronic medical, surgical, dental, and veterinary instruments and apparatus
• Surgical appliances
• Surgical instruments
• Dental instruments and supplies
• Hospital beds and other specialized hospital furniture
• Personal safety equipment

c. Mission Statement

Our mission is to build a highly successful medical supply business that will grow from one store to different locations all around key cities in the United States of America. We want to become a one-stop medical supply shop.

Vision Statement

Our vision as a medical supply business is to become the number one choice in Los Angeles – California and also to be amongst the top 2 leading medical supply stores in the State of California before our 10 th anniversary.

d. Goals and Objectives

The goals and objectives of a medical supply business are to provide a distribution channel and retail outlet where organizations can order a wide range of medical supplies from different manufacturers both from the United States of America and from other countries.

Organizational Structure

• Chief Executive Officer (President)
• Human Resources and Amin Manager
• Warehouse Manager
• Merchandise Manager
• Sales and Marketing Manager
• Accountants (Cashiers)
• Sales Agents
• Customer Services Executive
• Truck and Van Drivers

Marketing Plan

A. swot analysis.

• Ideal location for a medical supply business
• Highly experienced and qualified employees and management
• Access to finance from business partners
• Access to some of the leading medical device and equipment manufacturers nationally and internationally.
• Financial Constraints
• A new business that will be competing with well-established medical supply companies.
• Inability to retain our highly experienced and qualified employees longer than we want.

Opportunities:

• A rise in the demand for medical supplies due to the increasing number of new medical and dental practitioners, clinics and hospitals et al within our target market location.
• Online market, new services, new technology, and of course the opening of new markets.
• The arrival of new medical supply companies or even medical device and equipment manufacturers within our market space
• Unfavorable government policy and regulations.
• Steady wage expenses
• Economic uncertainty
• Liability problems
• The FDA’s Center for Devices and Radiological Health (CDRH) could change its regulatory status and decide to enforce strict regulations that can strangulate new businesses like ours.

b. How Do Medical Supply Business Make Money?

Medical supply businesses make money from selling;

• Nonelectronic medical, surgical, dental, and veterinary instruments and apparatus
• Personal safety equipment.

c. Payment Options

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

d. Sales & Advertising Strategies

• Place adverts on both print (newspapers and medical-related magazines) and electronic media platforms
• Sponsor relevant events and programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote your products
• Install your Bill Boards in strategic locations all around your city or state
• Distribute your fliers and handbills in target areas
• List your medical supply business in local directories/yellow pages
• Advertise your medical supply business on your official website and employ strategies that will help you pull traffic to the site.
• Position your Flexi Banners at strategic positions in the location where your medical supply business is located.
• Ensure that all your staff members wear your branded shirts and all your vehicles and trucks/vans are well branded with your company logo et al.

Financial Projection

A. how much should you charge for your product/service.

There is no fixed price when it comes to medical equipment and supplies; the supply is usually based on the commission stipulated by the equipment manufacturing company.

b. How Much Profit Do Medical Supply Business Owners Make a Year?

It depends, but an available report shows that at a minimum, online or in-store, a medical supply business owner should net from $80,000 to $150,000 annually. The amount you make in a physical location can be tied to where you are – in a big city location you can make from $100,000 to $300,000 annually. You can make as much as a medical supply business with online sales.

c. What Factors Determine the Amount of Profit to Be Made?

• The capacity of the medical supply business
• The types and brands of medical supplies retailed in the shop
• The location the medical supply business is covering (online or strictly brick and mortar)
• The management style of the medical supply business
• The business approach of the medical supply business
• The advertising and marketing strategies adopted by the medical supply business.
• The number of years the medical supply business is in business

d. What is the Profit Margin of a Medical Supply Business Product/Service?

The gross profit margin for the medical equipment and supplies industry averages 12.1%, according to data from CSImarket.com.

e. What is the Sales Forecast?

Below is the sales forecast for a medical supply business. It is based on the location of the business and other factors as it relates to such startups in the United States;

• First Fiscal Year (FY1): $1 million
• Second Fiscal Year (FY2): $2.2 million
• Third Fiscal Year (FY3): $3 million

Set Up your Shop 

A. how do you choose a perfect location for medical supply business.

• The demography of the location as it relates to the number of hospitals and other medical facilities
• The demand for medical supplies in the location
• The purchasing power of businesses and the residence of the location
• Accessibility of the location
• The number of medical supply businesses and other outlets that retail medical supplies in the location
• The local laws and regulations in the community/state
• Traffic, parking and security et al

b. What State and City are Best to Open a Medical Supply Business?

• Las Vegas, Nevada
• Los Angeles, California
• Chicago, Illinois
• Boston, Massachusetts
• Silver Spring, Maryland
• Rowland Heights, California
• Portland, Oregon
• New York City, New York
• Atlanta, Georgia
• Dallas, Texas

c. What Equipment is Needed to Operate a Medical Supply Business?

• Receipt issuing machine, POS, and related software apps.
• Distribution trucks and vans

Hire Employees

When it comes to hiring employees for a standard medical supply business, you should make plans to hire a competent chief executive officer (owner), warehouse manager, merchandise manager, accountant (cashier), sales boys, and sales girls (van drivers).

Launch the Business Proper

You can choose to do a soft opening party for your medical supply business or you can go for a grand opening party. The bottom line is that with a proper launching of the medical supply business, you will be able to officially inform people in your city that your medical supply business is open for business.

a. What Makes a Medical Supply Business Successful?

• Choose a good location to launch the business
• Partner with leading medical device and equipment manufacturers
• Make sure your warehouse is stocked with different brands and types of medical supplies
• Be deliberate with your marketing sales approach
• Encourage the use of word of mouth to promote your medical supply business
• Leverage on all available online and offline platforms to promote your medical supply business

b. What Happens During a Typical Day at a Medical Supply Business?

• The business is open for the day’s work
• Stocks are taken for the day in the warehouse
• Customer’s orders are taken, processed and they are delivered to them
• Cashier collect’s cash and reconcile account for the day
• Administrative duties are carried out
• The store or warehouse is restocked when required.
• The business is closed for the day.

c. What Skills and Experience Do You Need to Build a Medical Supply Business?

• Customer services skills
• Interpersonal skill
• Accounting and bookkeeping skills
• Business management skills
• Bargaining and bidding skill
• Work experience in a medical supply business environment
• Experience in managing people
• Experience in business administration

More on Medical Supply

BUSINESS STRATEGIES

How to start a medical supply business in 6 steps

• Jeremy Greenbaum
• Aug 7, 2023

If you're interested in the healthcare industry, have a passion for providing essential medical equipment and want to contribute to improving patient care, starting a medical supply business can be a rewarding venture. In this guide, we'll take you through the process of turning your medical supply business idea into a successful venture, from building your business plan to creating a business website .

Looking to get your business launched online? Take Wix's website builder for a spin.

What is a medical supply business?

A medical supply business is a service-based company that provides various medical equipment, supplies and devices to healthcare facilities, practitioners and individual customers. This type of business plays a crucial role in the healthcare industry by ensuring that healthcare providers have access to the necessary tools and resources to deliver quality care to patients.

Medical supply businesses offer a wide range of products, including but not limited to:

Medical equipment: This includes items such as hospital beds, wheelchairs, oxygen concentrators, nebulizers and patient monitoring devices.

Consumables: These are disposable or single-use items like gloves, syringes, bandages, masks and catheters.

Diagnostic tools: This category includes devices for measuring blood pressure, glucose levels, thermometers and stethoscopes.

Personal protective equipment (PPE): In recent times, the demand for PPE like masks, gowns, face shields and gloves has grown significantly due to the COVID-19 pandemic.

Why start a medical supply business? Top benefits

The medical supply industry is a rapidly growing market driven by factors, such as an aging population , advancements in medical technology and increased healthcare access. Beyond this, starting a business in the medical supply industry offers several benefits like:

Fulfilling a critical need: Medical supplies are essential for healthcare facilities, practitioners and patients. By starting a medical supply business, you can contribute to meeting the demand for these necessary products and support the delivery of quality healthcare.

Growing market: The healthcare industry is expanding and the demand for medical supplies is expected to continue rising. This presents opportunities for entrepreneurs to enter the market and establish a successful business.

Diverse customer base: Medical supply businesses cater to a broad range of customers, including hospitals, clinics, nursing homes, home healthcare providers and individual customers. This diversification allows for multiple revenue streams and a larger potential customer base.

Impact on patient care: Your medical supply business can directly impact patient care by ensuring that healthcare professionals have access to reliable and high-quality equipment and supplies. Contributing to the improvement of patient outcomes can be incredibly rewarding.

Market stability: The healthcare industry is known for its stability, even during economic downturns. People will always require medical care and the necessary supplies, making the medical supply business relatively resilient to economic fluctuations.

Profit potential: Medical supplies, especially specialized equipment and devices, can have a high profit margin. By establishing strong relationships with suppliers, managing costs effectively and delivering exceptional service, you can achieve healthy net profit margins.

Opportunities for innovation: The medical supply industry is constantly evolving, driven by advancements in technology and changing healthcare needs. This presents opportunities for innovative solutions and the development of new products or services.

How to start a medical supply business

Starting a medical supply business requires careful planning, market research and adherence to legal requirements. Here are seven essential steps to guide you through the process:

Conduct market research

Develop a business plan

Secure financing

Establish supplier relationships

Set up legal and operational infrastructure

Build a customer base and provide excellent service

01. Conduct market research

Thoroughly research the medical supply market to identify potential opportunities, target customer segments and assess the competitive landscape. Understand the specific needs and demands of your target market and identify any gaps or untapped niches you can focus on.

Related reading: How to start a medical transportation business

02. Develop a business plan

Create a comprehensive business plan that outlines your goals, strategies, target market, competitive analysis, marketing plans and financial projections. Your medical supply business plan will serve as a roadmap for your venture and will be essential for securing financing and attracting potential investors.

03. Secure financing

Determine the financial resources required to start and operate your medical supply business. You may need to raise money for your business for inventory , equipment, marketing, staffing and operating expenses. Explore financing options such as business loans, lines of credit or seeking investors such as angel investors in order to secure the necessary capital.

04. Establish supplier relationships

Identify reliable suppliers and manufacturers that can provide you with high-quality medical supplies at competitive prices. Establish partnerships and negotiate favorable terms and conditions to ensure a steady supply of products.

05. Set up legal and operational infrastructure

Register your business and obtain the necessary licenses and permits to legally conduct your business operations . Consult legal and accounting professionals to determine the most appropriate business structure and ensure compliance with local, state and federal regulations. For instance, if you choose to register your business as an LLC (Limited Liability Company) you would be exempt from liability for company debts and given certain advantages when it comes to corporate tax .

06. Build a customer base and provide excellent service

Focus on delivering exceptional customer service to build trust and establish long-term relationships with your customers. Provide timely and reliable deliveries, offer competitive pricing and address customer inquiries and concerns promptly. Word-of-mouth referrals and positive reviews will be crucial for growing your customer base.

Tips for managing a medical supply business effectively

Effectively managing a medical supply business is vital for maintaining operational efficiency and delivering excellent customer service. Here are five essential steps to manage your medical supply business effectively:

Implement efficient inventory management: Establish an inventory management system to monitor stock levels, track product expiration dates and ensure you have an adequate supply of products to meet customer demand. Use technology solutions like inventory management software to streamline these processes.

Focus on customer relationship management: Maintain strong relationships with your customers by providing personalized attention and addressing their specific needs. Keep track of customer preferences and purchasing patterns to offer tailored recommendations and special promotions.

Stay updated on industry trends and regulations: Keep abreast of industry trends, regulatory changes and technological advancements in the medical supply field. Continuously educate yourself and your team through industry publications, attending conferences and participating in relevant professional networks.

Invest in employee training and development: Provide comprehensive training to your staff on product knowledge, customer service skills and industry best practices. Regularly assess their performance, provide feedback and offer opportunities for professional growth and development.

Foster supplier relationships: Maintain strong relationships with your suppliers to ensure reliable and timely deliveries. Collaborate with them to explore new product offerings, negotiate pricing and terms and stay informed about industry developments.

Tips for promoting your medical supply business

Promoting your medical supply business is crucial for attracting customers and establishing a strong brand presence. Here are some tips to effectively promote your medical supply business:

Build your brand: What you name your business , as well as your medical logo , color palette and messaging are vital to establishing an effective and cohesive brand. Consistency and professionalism in your branding across all platforms will help establish trust and recognition among potential clients. If you’re looking for some branding help, consider using Wix’s logo maker and business name generator to get your creative juices flowing. Be sure to check out these medical logo ideas for inspiration.

Develop a professional website: Making a website is crucial to showcase your products, highlights your value proposition and provides essential information for potential customers. Optimize your website for search engines to improve visibility in online searches. Learn more about how to make a medical website .

Leverage digital marketing: Utilize digital marketing strategies such as search engine optimization (SEO), pay-per-click advertising and social media marketing to reach your target audience. Engage with your audience through valuable content, online forums and social media platforms to build trust and raise awareness of your brand.

Establish partnerships with healthcare professionals: Collaborate with healthcare providers, doctors, clinics and hospitals to build relationships and gain referrals. Offer demonstrations of your products, provide educational resources and participate in relevant industry events to establish credibility and trust.

Attend trade shows and conferences: Participate in trade shows, conferences and industry events to showcase your products, try networking with potential customers and stay updated on the latest industry trends. Make a lasting impression by offering informative presentations or demonstrations at these events.

Provide exceptional customer service: Focus on delivering exceptional customer service at every touchpoint. Promptly respond to inquiries, provide accurate product information and offer after-sales support. Positive customer experiences will lead to referrals and repeat business.

By following these steps and implementing effective marketing strategies, you can start and manage a successful medical supply business. Continuously evaluate your business performance, adapt to market changes and provide excellent customer service to ensure the long-term success and growth of your venture.

Challenges of running a medical supply business

Running a medical supply business comes with its own set of challenges. Understanding and addressing these challenges is crucial for long-term success. Here are some common challenges to consider:

Compliance with regulations: The medical supply industry is subject to strict regulations and quality standards. Ensuring compliance with regulations, such as the Food and Drug Administration (FDA) requirements and industry-specific certifications is essential for operating legally and maintaining customer trust.

Intense competition: The medical supply market is highly competitive, with numerous established players and new entrants vying for market share. Developing a unique value proposition, building strong relationships with customers and differentiating your offerings are key to standing out from the competition.

Supply chain management: Managing the supply chain can be complex, involving sourcing products from manufacturers, ensuring timely deliveries and maintaining adequate inventory levels. Establishing efficient supply chain processes and building reliable supplier relationships are critical to meeting customer demand.

Evolving healthcare landscape: The healthcare industry is constantly evolving with changing regulations, reimbursement models and technological advancements. Staying informed about industry trends and adapting your business strategies accordingly is necessary to remain competitive and meet customer needs.

How profitable is a medical supply business?

A medical supply business can be profitable due to various factors related to the healthcare industry's demand for medical equipment, supplies, and services. Some of the main reasons for its profitability include:

Steady demand: The healthcare industry has a consistent demand for medical supplies, equipment, and devices. Hospitals, clinics, nursing homes, home healthcare providers, and other medical facilities require a continuous supply of medical products.

Aging population: This phenomenon increases the need for medical care, which in turn drives the demand for medical supplies and equipment, such as mobility aids, home healthcare products, and specialized medical devices.

Strict regulatory requirements : Healthcare facilities are required to adhere to strict quality and safety standards. This creates a need for suppliers that provide reliable, certified, and compliant medical products.

eCommerce websites : eCommerce builders provide opportunities for reaching a wider customer base, including individual consumers seeking medical supplies via ecommerce .

Starting a profitable medical supply business requires careful planning, market research, a deep understanding of regulatory requirements and strong relationships within the healthcare industry.

How to start a medical supply business in a specific state

If you're looking into starting a medical supply business in a specific state, here’s what you need to know:

How to start a business in South Carolina

How to start a business in Pennsylvania

How to start a business in Oregon

How to start a business in Missouri

How to start a business in Indiana

How to start a business in Maryland

Don’t see your chosen state here? You can use the search bar in the Wix Blog to find all the information you need.

Examples of medical supply businesses on Wix

W MediTech : W MediTech is a distributor of medical device, equipment, supply and laboratory products. W MediTech aims to bring state-of-the-art, high-quality and affordable medical supplies and equipment to US healthcare community and consumers.

Gatesco Medical Supplies :​​ Serving the Dallas/Ft. Worth community for over 20 years, Gatesco Medical Supplies is dedicated to providing the best medical equipment and supplies.

GLB Medical Solutions : GLB Medical Solutions is committed to being the most trusted one-stop-shop in Georgia for all medical devices and supplies.

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How to Start a Profitable Medical Supplies Business [11 Steps]

Business steps:, 1. perform market analysis., are medical supplies businesses profitable, 2. draft a medical supplies business plan., how does a medical supplies business make money, 3. develop a medical supplies brand., how to come up with a name for your medical supplies business, 4. formalize your business registration., resources to help get you started:, 5. acquire necessary licenses and permits for medical supplies., what licenses and permits are needed to run a medical supplies business, 6. open a business bank account and secure funding as needed., 7. set pricing for medical supplies services., what does it cost to start a medical supplies business, 8. acquire medical supplies equipment and supplies., list of software, tools and supplies needed to start a medical supplies business:, 9. obtain business insurance for medical supplies, if required., 10. begin marketing your medical supplies services., 11. expand your medical supplies business..

Once your medical supplies business is established and running smoothly, it's time to focus on expansion. This phase is crucial for scaling up, reaching new markets, and increasing your product offerings to meet the growing needs of your customer base. Here are some strategies to help you expand your medical supplies business effectively:

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Medical Equipment Business Plan

Start your own medical equipment business plan

MedNexis, Inc.

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

MedNexis, Inc. (the company) is a medical device development company that has designed and patented medical devices which it plans to produce and market. A magnetic muscle stimulator/field generator has been designed with the participation of leading medical personnel and biomedical engineers. One patent is initially incorporated.

Allopathic Medicine

One market addresses the unanswered need of atrophy prevention/treatment in conditions resulting in patient immobilization for greater than two weeks. After two weeks of immobilization, the average muscle loses over 30% of its mass, resulting in an increased time to complete recovery. A new and innovative design, dubbed the MedStim system, has been created to answer this need for an effective, easy-to-use atrophy prevention/treatment device. The number of indications for this device is expected to rise as further research on the benefits of pulsed magnetic fields unfolds. For example, pulsed field magnetism has recently been shown in controlled studies to be an effective treatment in accelerating the healing of skeletal fractures.

The market for magnetic stimulation devices in allopathic medicine is existent, but in the embryonic stages and subject to explosive growth once the technology proves cost-effective. This potential market has reached an estimated 4.2 million patients in the United States. The new and innovative device designed to target this market has been named the MedStim system.

Alternative Medicine

Another market addresses an unanswered need in the alternative medicine market for a device which will provide a more powerful and consistent therapeutic magnetic field. Dynamic magnetic field therapy (the treatment of soft tissue with variable magnetic pulses) is currently thought to have beneficial effects on circulation, immune system function, wound healing, etc., in the alternative healthcare sector and these effects are thought to be proportional to the strength of the magnetic field generated. The new and innovative design created to answer this need for a more powerful therapeutic magnetic field in alternative medicine has been named the TheraMag system. This market is in existence and is expected to have the potential of approximately 40 million customers in the United States on our starting date.

Patent applications on the company’s first market entries have been filed using a patent agent specializing in biomedical device patents. MedNexis’ technology utilizes the principal that a current in a coil will generate a magnetic field which will, in turn, generate a current in any conductive material within this field. This model is currently effectively applied in diagnostic studies in which single nerves are stimulated with magnetism for diagnostic purposes alone. Using this model, and considering the human nerve to be the conductive material, MedNexis has developed an electromagnetic device which will painlessly stimulate human muscles to contract. Applications of this technology are numerous, with the following devices being those initially marketed:

MedNexis’ patented device will be tailored to effectively stimulate muscle. This will require larger electrical currents, greater functionality, and a wider range of settings. This device will be marketed for mainstream, allopathic medicine

TheraMag- MedNexis’ patented device will bathe tissue in a magnetic field without causing contraction of the muscle. This device will be marketed for alternative applications.

MedNexis will target the following two markets: allopathic and alternative medicine. In order to effectively distance the two products from possible negative connotations associated with alternative medicine in the field of allopathic medicine, the two devices will be given separate and distinct names: MedStim for the allopathic medicine device and TheraMag for the alternative medicine device.

MedStim will be distributed through channels dominated by large distributors and strategic association with these players will be key to gaining acceptance in this market. Furthermore, physicians will demand randomized, controlled study data, the production of which will be the focus of the bulk of MedNexis’ early efforts in this market.

TheraMag will be distributed to alternative medicine centers which are less centralized and direct sales will also be possible. Less scientific proof is required by this market, and entrance will be immediate once the FDA issues an Investigational Device Exemption.

Regulatory Issues

Through obtaining an Investigational Device Exemption and clearly labeling the product “For Investigational Use Only,” FDA regulations will be satisfied and market entrance will be expedited. Acceptance of these products based on successful research results will drastically increase demand and allow for expansion to foreign markets

Major Milestones

Animal stage Research and Development underway, early Year One.

• Extend patent coverage to Australia, Europe and Canada, middle Year One
• Human clinical trials underway, middle Year Two.
• Research studies published, end of Year Two.
• TheraMag for sale, end of Year One.
• MagnaStim for sale, labeled as ‘For Investigational Use Only’, end of Year Two.
• Profitability established by Year Four.

Competitive Advantage

While the MagnaStim and TheraMag devices are effective and user-friendly, with multiple home healthcare applications, all the competing devices currently on the market are only partially effective or difficult and awkward to use for the recommended therapeutic treatment. MedNexis will use its patented designs to fill the need in the market for an easier to use, more effective magnetic stimulator/field generator.

Based on detailed financial projections, if the company receives the $750,000 in funding, it will operate profitably by Year 3. The company projects $23.5 million in sales with a formidable net profit in Year 3, with projections based on penetration of less than 3% in any market segment.

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Building resilience: Health Canada’s plan to address health product shortages, 2024 to 2028

Health Canada has launched an online public consultation to obtain feedback on proposed amendments to the Food and Drug Regulations and the Medical Devices Regulations that aim to better protect people in Canada from the harms posed by shortages of drugs and medical devices for human use. You are invited to share your feedback through the consultation until July 25, 2024.

Download in PDF format (640 KB, 22 pages)

Organization: Health Canada

Date published: June 2024

On this page

Message from the minister of health, health product shortages in canada, what health canada is doing, resilience and health product shortages, building resilience through actions.

Ensuring people in Canada can get the health products they need, when they need them, is a top priority for our government. Health products like drugs and medical devices are essential to maintaining and improving our health. Shortages of these products can affect patients and their loved ones. They also put stress on our health care system.

I am concerned about health product shortages and the impact that shortages can have on Canada's public health care, including for children and families.

I share the concerns of patients, parents, caregivers and health care providers who see their access to health products jeopardized by shortages.

I am also concerned by the:

• additional pressure that shortages place on our health care system and
• burdens that shortages place on health care providers who are working hard to find solutions for their patients

Together with many key partners, we have been working to minimize the impact of shortages and to prevent them whenever possible. In recent years, the Government of Canada has introduced new measures to strengthen the supply of health products in Canada. This includes the:

• Pediatric Drug Action Plan
• Biomanufacturing and Life Sciences Strategy
• National Strategy for Drugs for Rare Diseases
• new regulatory tools to address shortages and safeguard the drug supply against foreign bulk importation programs

Health Canada will continue to play a leadership role in responding to health product shortages. At the same time, it's the responsibility of many parties to help prevent and reduce shortages, including:

• federal, provincial and territorial governments
• manufacturers, importers and distributors
• the health care system and providers

The ability to prevent and reduce shortages depends on all of us to do our part. This is why I am introducing Building Resilience: Health Canada's Plan to Address Health Product Shortages . This plan outlines actions that Health Canada will take over the next 4 years.

As we move forward on implementing this plan, it's critical that we work together to support a strong health care system in Canada.

Shortages of health products like drugs and medical devices are a growing global problem. Shortages happen when a manufacturer is unable to meet demand for its products.

Shortages are caused by reductions in supply, increases in demand or shifts in both supply and demand.

Reductions in supply are caused by issues like manufacturing or distribution problems, recalls, transportation issues, major geo-political developments or environmental events. Supply problems have become more frequent in recent years, in part because manufacturers have consolidated operations. Consolidation has reduced industry's ability to withstand manufacturing and supply chain disruptions.

Increases in demand are caused by changes in disease trends or product usage, which can cause a spike in the need for select products.

Shifts in both supply and demand can cause severe shortages. The COVID-19 pandemic is a good example of a situation where both supply and demand challenges caused serious shortages. Supply was disrupted by problems in manufacturing, shipping and logistics. Some countries also limited exports, which affected the supply for key goods. The pandemic also increased demand for key products like personal protective equipment and certain key medicines and medical devices used to treat COVID-19 symptoms. This extra demand put added pressure on the health care system.

One of the reasons Canada is vulnerable to shortages is that it's a small market, representing only about 2% of global drug and medical device sales. Most of the drugs and medical devices used in Canada are imported. It is often the case that these products are sourced from a single supplier.

Disruptions at any point in health product supply chains can make them vulnerable to shortages. This is because disruptions at one point in the chain can greatly affect other points in the supply chain. Further complexity is introduced in the medical device supply chain because of the large number of parts and components that are needed for manufacturing.

Most shortages are mitigated or resolved before they cause harm to patients. When this is not the case, the most severe shortages can impact our health care system and pose risks to the health of people in Canada. At this time, the number of critical drug shortages is the same as at the height of the pandemic, though the challenges are no longer related to shortages of drugs used to treat patients with COVID-19. We expect that many of the supply chain challenges that Canada experienced during the pandemic will continue.

Canada also faces challenges from foreign programs designed to allow bulk imports of drugs intended for the Canadian market. Canada has taken strong action to address this challenge and safeguard our drug supply.

Finally, changes in technology that shorten the life cycle for certain medical devices used to diagnose and treat disease are making shortages of these products more likely and severe.

Together with many key partners, we have been working to minimize the impact of shortages and to prevent them when possible.

We use a range of tools to monitor and mitigate the impacts of shortages when they occur. For example, we:

• require manufacturers of prescription drugs and certain medical devices to report shortages
• prohibit the distribution outside of Canada of drugs that are made for the Canadian market when it could cause or worsen a shortage
• work with supply chain actors to identify alternative supply and explore opportunities they may have to increase production or fast-track re-supplies
• authorize the importation of foreign-authorized products that are not authorized for sale in Canada but are manufactured to similar standards
• work with supply chain actors and health care systems and providers to conserve available supply

These tools are effective when a shortage is anticipated or the supply already shows signs of constraint. But we're also seeing significant shortages in product lines we have not seen in the past, like non-prescription drugs and infant formula.

It's important that there are strong tools and approaches to better prevent shortages.

To help us in this work, we:

• conducted a broad national public consultation with people in Canada over the spring and summer of 2023
• held a wide-ranging series of stakeholder engagements
• set up an external advisory committee made up of representatives from health product industry sectors, health care providers and academia

In these engagements, we received extensive feedback from governments, industry, patient communities, health care providers and representatives of Indigenous groups. We published a report of what we heard from stakeholders in December 2023.

What we heard: Improving access to drugs and other health products in Canada

Our consultation was focused on human drugs and medical devices. But we also heard from interested parties about veterinary drugs and foods for a special dietary purpose. We took stock of this feedback and, though these products are not the focus of this plan, we will continue to consider solutions to address shortages of these products.

Everyone has a stake in improving Canada's resilience against shortages to reduce the harm they pose to people in Canada. Resilience means being able to withstand, adapt to and recover from challenges.

We can strengthen Canada's resilience by building better collective capacity in 3 areas:

• designing systems and standard operating procedures that promote readiness and rapid response to shortages
• detecting shortage risks and intervening to avoid shortages before they happen
• detecting shortage signals early, minimizing the impacts of shortages when they occur and restoring access to needed products quickly

This plan outlines actions to help build resilience against health product shortages and protect people in Canada from the worst effects of shortages. Taken together, these actions will help us make shortages less likely, less severe and less disruptive to patients and the health care system.

1. Identifying and addressing shortage risks

The health product industry is too large and diverse for governments, industry and the health care community to apply a single approach to building resilience against all shortages. In Canada, the market for health products includes over:

• 9,300 prescription drugs
• 2,000 non-prescription drugs
• 30,000 licensed medical devices, components and parts

With our partners, we will increase our focus on the health products that present the greatest risks to patients and the health care system when these products are in shortage. This will allow us to use resources efficiently and effectively.

Action 1: Publish a list of drugs that are critical and vulnerable to shortages

We plan to develop and publish a list of drugs that are critical to Canada's health care system and are most vulnerable to shortage.

The list would be used to focus our work on reducing harm caused by the most serious shortages. Other parties like manufacturers, distributors and pharmacies will be able to use the list to help build their resilience and focus on areas where shortages carry the greatest risk to people in Canada.

We would develop the list in collaboration with health care providers, supply chain experts and academia. A draft list would be published for consultation, where we could obtain broader feedback from people in Canada, including patient groups and Indigenous groups.

We would also publish the method used to create the list. It would be updated to reflect changes in drug usage and advances in our understanding of medical supply chains.

Current regulations are focused mostly on addressing shortages after a supply chain issue has been identified. In Canada, shortages are caused mainly by:

• manufacturing disruptions
• quality control failures
• shipping delays
• shortages of active ingredients of drugs or accessories and parts of medical devices

We need companies to take actions that would decrease the likelihood of a shortage that would cause harm to people in Canada from occurring. These actions can include practices such as:

• shortage management plans to anticipate, identify, mitigate and manage the risks of shortages in critical supplies, materials or resources
• safety stocks (extra supplies of health products that a company maintains) to prevent or mitigate a shortage during a period of low supply or high demand

Health Canada is aware that these practices are already in use in certain areas across the health products supply chain. For example, some group purchasing organizations have made a practice of requiring suppliers to maintain safety stocks. However, inconsistent use of these practices presents a continuing threat to the health of people in Canada.

Proposed regulations would address this threat by requiring manufacturers to adopt practices to reduce the likelihood of a shortage occurring and to mitigate the impacts of shortages when they happen.

Action 2: Require shortage management plans and safety stocks for drugs that are critical and vulnerable to shortages

We propose to advance regulations that would require manufacturers to:

• establish and maintain shortage management plans and procedures for critical and vulnerable drugs
• ensure that safety stocks for drugs that are critical and vulnerable to shortages are maintained in Canada

These actions are in line with actions taken by other international regulators to prevent the worst effects of shortages being felt by patients and the health care system.

While advancing these regulations, we would account for product-specific criteria, like shelf life, and current industry practices in maintaining safety stocks. This would help ensure that new measures are applied in ways that support access and manage burden on industry.

2. Enhancing and sharing supply chain information

Many players are involved in the health product supply chain, including manufacturers, distributors, importers, health care organizations, community and hospital pharmacies, and retailers. Each has a role to play and has deep knowledge about their part of the supply chain, but knowledge and understanding of other parts of the supply can be limited.

Improving everyone's knowledge about the supply chain and sharing this knowledge among everyone will help build resilience against shortages.

We introduced regulations in 2017 requiring drug manufacturers to report when their products were going into shortage or being discontinued. We introduced similar requirements in 2020 for manufacturers and importers of select medical devices.

Shortage reporting requirements have shown their value over time. Shortage reporting has helped governments and industry develop plans to reduce the impact of shortages and discontinuations. The practice has also helped health care providers and patients identify shortages and discontinuations that may affect them.

Recent shortages of non-prescription drugs have highlighted risks for other products in the supply chain. Regulatory tools used to respond to health product shortages, such as the exceptional importation of foreign authorized products and reporting requirements, do not currently apply to these products. There are opportunities to improve the system to cover more products and alert us when products are in shortage or being discontinued.

Action 3: Enhance regulatory responses and reporting requirements

We propose to advance regulations to better respond to and report shortages of drugs and medical devices. These changes would bring a range of benefits, allowing us to:

• use the full range of regulatory options (for example, exceptional importation) to address shortages of non-prescription drugs
• mandate that drugs outside the normal scope of shortage reporting be reported when a risk of shortage has been identified
• refine and improve the requirements for reporting drug and medical device shortages and discontinuations

These changes would help give everyone more advance notice about shortages and discontinuations, and more time to identify alternatives if needed.

Shortage reports are published online and can be accessed and used by anyone. But the shortage reporting model was originally designed to be used by governments, supply chain actors, businesses, and health care organizations and providers. Improving the information provided online and the platforms used to report shortages will help us meet the needs of more stakeholders, including health care providers, patients, caregivers and researchers.

Action 4: Improve reporting systems

We intend to make the platforms used to report shortages of health products less technical and easier to use.

We also intend to align the systems for reporting drug and medical device shortages. This will simplify the reporting process and improve the experience of reporting shortages and learning about them.

Shortage reporting is critical to information sharing, but it's important to acknowledge the limits of shortage reporting. Shortage reports contain information about shortages that have already happened or may happen soon. Only a small number (3% of drug shortages and 2% of medical device shortages) describe situations where a shortage was prevented or avoided. Everyone involved in the supply chain will need to draw on a wider variety of data sources to build resilience against shortages.

The federal government holds certain kinds of data that could be useful in this work. For example, the Public Health Agency of Canada conducts epidemiological studies based on ongoing disease surveillance. Data from these studies could be used to help anticipate changes in demand for some health products.

Linking existing datasets in this way could help give insight into the entire supply chain. This knowledge could be shared to improve resilience against shortages of key products.

Action 5: Strengthen data analytics and shortage management capacity

We will improve our ability to detect and anticipate shortages by updating our information management systems. This will involve gathering new data from new sources, connecting existing data from different databases and developing new capacity to analyze the supply chain.

These updates will make our programs more efficient, more effective and more proactive. They will also improve knowledge of the supply chain, allowing us to collaborate more effectively with partners.

Other players hold important sources of information about the health products supply chain. These include provincial and territorial governments, manufacturers, importers, distributors, pharmacies and those involved in the health care system.

We lead or co-lead a number of forums with stakeholders, where we share information and coordinate our actions. We regularly engage with:

• provincial and territorial governments
• health product procurement organizations (group purchasing organizations)
• health care organizations
• health professional associations and representatives
• patient representatives
• international regulators

We also communicate directly with health care providers about important shortages when they occur. This often involves sharing information about what we are doing to mitigate shortages. It can also involve working to ensure clinicians and patients are aware of certain key risks related to shortages.

Still, the exchange of information about product demand and inventories continues to be a challenge. Current data-sharing practices make it very difficult to know where the pressures are in the supply chain. This is particularly challenging because many companies consider this information to be confidential.

Action 6: Improve information sharing

We will strengthen our partnerships with stakeholders to improve the sharing of information among everyone, including information on demand and inventories for certain health products.

We will also develop a secure, confidential communication platform so stakeholders can share sensitive information on issues about health products with us.

This combined approach will give a better picture of where pressures are in the supply chain. It will also help us make the best and most efficient use of our partnerships without compromising confidentiality.

To further develop Canada's resilience against shortages, it's important for health care providers, patients and caregivers to have access to good information about shortages that might affect them. This means making sure that patients have the information they need to make informed decisions about their health. It also means making sure health care providers and caregivers are able to give the best advice about alternative solutions.

To address this challenge, we work with clinical experts, including health care professionals, patient advocacy groups and provincial and territorial governments, to share information on specific shortages.

Action 7: Enhance transparency and clear communication

We will continue to improve our web presence and online communications to enhance transparency on critical, national shortages and the measures taken to resolve them.

We will invest in communications tactics across various platforms, including social media, so that targeted audiences can receive the information they need where they seek it.

We will work in partnership with health care providers and patient advocacy groups to give patients, families and caregivers the information they need to navigate critical shortages.

3. Improving access to health products

We play a key role in improving access to safe, effective and high-quality health products in Canada. A strong and diversified market is important to promote resilience against shortages. For example, we lead or partner on a range of initiatives aimed at developing Canada's market for health products and strengthen access. Examples include:

• implementing a Pediatric Drug Action Plan
• investing in the national pharmacare program
• investing through the National Strategy for Drugs for Rare Diseases
• strategic investments to grow manufacturing capacity for innovative health products through the Biomanufacturing and Life Sciences Strategy

We have been looking at options to remove barriers to market entry without compromising the safety of people in Canada. For example, we launched a multi-year regulatory modernization initiative in 2019.

This initiative is aimed at ensuring our regulatory system is more modern, agile and aligned with international regulatory partners. The changes it includes will help us regulate the risks, benefits and uncertainties of more diverse and complex products. It will also help us to be more responsive to the innovation environment, including changes in the biomanufacturing and life sciences sector.

Action 8: Modernize regulatory frameworks

We will continue to modernize our regulatory frameworks in ways that improve access to safe, effective and high-quality health products. For example, we will:

• update establishment licensing for drugs and medical devices
• advance agile regulations for drugs and medical devices
• amend regulations governing clinical trials in Canada
• review the regulations governing foods for special dietary use and foods for infants in Canada

We will also continue to improve our drug and medical device shortage programs. We will focus on improving program efficiency, consistency, responsiveness and stakeholder engagement on health product shortages. This could involve improving regulations that govern shortages as conditions change over time.

This plan highlights our commitment to build resilience against health product shortages to reduce the harm they pose to people in Canada. In developing this plan, we benefited from extensive feedback from a wide range of stakeholders, including:

• representatives of Indigenous groups
• representatives from the health products industry
• patient and consumer advocacy groups
• health care providers and professionals

Our plan also reflects our best efforts to align with international regulatory partners, promote consistent practices, and reduce administrative and regulatory burdens. We are committed to continuing conversations with all these groups as we move to implement the plan.

The health product supply chain is a complex network. Everyone involved in the supply chain plays an important role in addressing shortages. Canada's resilience against health product shortages rests on the strength of our partnerships.

We invite our provincial and territorial partners, industry, health care providers and the public to work with us in building Canada's resiliency against health product shortages. By working together to put in place new strategies to mitigate and prevent health shortages, we will help ensure that people in Canada get the health products they need, when they need them.

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Medical equipment exchange, find it or pass it on.

Through DAC’s Durable Medical Exchange, a program that has been in existence for 11 years, people with temporary or permanent disabilities can secure durable medical equipment free of charge. DAC helps people find manual wheel chairs, power chairs/scooters, bath benches/seats, commodes, lift recliners, tablets or laptop computers, and smart phones/iPods, ramps, support bars, transfer boards, canes, crutches, and walkers. More than 800 pieces of durable medical equipment have been given to people who otherwise could not afford them.  That’s a savings to the community of over $125,000!

To see what DAC and others in Idaho have for sale, loan, or gift  click here.

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Disability Action Center NW welcomes donations of equipment in clean, working condition and do not need repair of any kind. We only accept items  Wednesday – Friday 11:00 am to 2:00 pm in our Moscow Office . Large items such as hospital beds will not be accepted, but can be referred out to other organizations. Non durable medical goods such as diapers, housewares, diabetic supplies or any liquids can be donated to your local food bank. DAC is a 501(c)3 non-profit organization. For details contact  Program Facilitator James Pickard at 208-883-0523.

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Ukraine war latest: Belarus deploys extra air defence forces to border; 10 Ukrainian prisoners freed with Vatican's help

Ten Ukrainian civilians who had been imprisoned in Russia for years have been released after mediation from the Vatican. Overnight, five people were killed in a Ukrainian drone strike on a Russian village. Listen to a Sky News podcast on Putin and North Korea while you scroll.

Saturday 29 June 2024 18:05, UK

• Five killed, including two children, in Ukrainian strike on Russian village
• Ten Ukrainians imprisoned in Russia freed after Vatican mediation
• Belarus deploys additional air defence forces to Ukraine border
• Your questions answered : Has the West been honest about Ukraine's failures?
• Listen to the Daily above and tap here to follow wherever you get your podcasts

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We're pausing our live coverage for now. 

You can scroll below to catch up on the latest developments, and we'll be back with our regular coverage tomorrow. 

Six people have been killed in a Russian attack on a small town in the southern Zaporizhzhia region, a Ukrainian official has said. 

A further eight people have been injured, regional governor Ivan Fedorov said. 

Infrastructure, a shop and residential buildings in Vilniansk have also been damaged, he added. 

The strike comes after five people were killed in the Kursk region of Russian due to a Ukrainian drone attack. 

Two young children were also injured in the strike on the village of Gorodishche, around 73 miles (118km) from the Ukrainian border, Kursk governor Alexey Smirnov said. 

Two other people were injured and were in a "serious condition" in hospital, he added. 

Volodymyr Zelenskyy has met one of the men released from Russian captivity earlier today. 

The Ukrainian president met Nariman Dzhelyal who was successfully returned home after three years in captivity. 

"We will bring security to all our people and peace to Ukraine. I thank everyone who is helping. I thank Nariman for this meeting and for his strength," Mr Zelenskyy said. 

Mr Dzhelyal was detained in Crimea in 2021 while serving as the first deputy chairman of the Mejlis of the Crimean Tatar People. 

During his imprisonment, he sent several letters, Mr Zelenskyy said. 

He added that in one of them he wrote: "We are fighting not only for the integrity of our territories but also for the unity of our society, our beautiful, strong nation." 

US officials told Reuters news agency late last night that the Biden administration would provide Ukraine with $150m (£118.6m) worth of weapons and ammunition, including HAWK air defence interceptors and 155 millimetre artillery munitions.

The weapons aid package is expected be unveiled on Monday, the officials said.

Ukraine has urgently requested air defence support as Russia has pounded its energy facilities in recent weeks via aerial attacks. 

The US began shipping HAWK interceptor missiles to Ukraine in 2022 as an upgrade to the shoulder-launched Stinger air defence missile systems - a smaller, shorter-range system. 

The support package will include other munitions and equipment to support Ukraine's defence needs, the officials added. 

The US has provided Ukraine with more than $50bn (£39.5bn) in military aid since 2022. 

We reported earlier on the 10 Ukrainian civilians who were released from Russian captivity earlier today after years of imprisonment (see 8.49am post). 

Watch them reunite with their loved ones in Kyiv's international airport in newly released footage.

A report by the Ukrainian military's centre for strategic communications has found that the country's forces have damaged or destroyed more than 30 Russian military aircraft in the first six months of 2024. 

Most of the strikes against the aircraft have taken place in occupied Ukraine except for a handful of strikes over the Sea of Azov and within Russia, the centre said, as reported by the Institute for the Study of War (ISW). 

The centre did not specify what portion of these Ukrainian strikes were air defence interceptions of Russian aircraft in flight and what percentage were strikes against Russian aircraft at airfields. 

The ISW said they were unable to verify the report.

But it said the downing of Russian aircraft, especially critical aircraft like the A-50 and Il-22, has temporarily constrained Russian aviation activities over occupied Ukraine, but added Ukrainian forces "have yet to be able to significantly attempt to contest the air domain".

President Volodymyr Zelenskyy has revealed that Russian strikes have resulted in Ukraine losing around 80% of its thermal power and one third of its hydroelectric power.

Discussing the attack in Dnipro, Mr Zelenskyy said it was a reminder to Ukraine's allies that the country needed more air defence systems. 

He said: "This is why we constantly remind all of our partners: only a sufficient amount of high quality of air defence systems, only a sufficient amount of determination from the world at large can stop Russian terror."

Kyiv has also struck back at Russia with its own attacks, which also often target energy infrastructure.

Belarus has deployed additional air defence forces to its border with Ukraine to protect "critical infrastructure facilities" due to increased Ukrainian drone activity, a Belarusian military commander has said.

Belarus, an ally of Russia, said earlier this week it had shot down a quadcopter that had illegally crossed the border from Ukraine "to collect information about the Belarusian border infrastructure". 

The situation in the airspace over the border remains tense, Andrei Severinchik, commander of the Belarusian Air Defence Forces, said. 

"We are ready to decisively use all available forces and means to protect our territory and the population of the Republic of Belarus from possible provocations in the airspace," he said. 

Belarus' defence ministry said earlier today it had information showing Ukraine had been moving more troops, weapons and military equipment to the northern Zhytomyr region, which borders Belarus. 

There was no immediate response from Ukraine. 

Russian elites and oligarchs have reportedly moved from criticising the country's war effort in Ukraine to supporting it, the Institute for the Study of War (ISW) has reported.

Mikhail Zygar, the founder of the Russian opposition television channel TV Rain, reported that many elites who were opposed to the war in 2022 started to support the war in 2023 because they "believe Russia is prevailing".

Mr Zygar said these people made this assessment due to Russia's slow but steady battlefield gains, a persisting Ukrainian munitions disadvantage, and perceived "waning" Western security assistance to Ukraine.

One anonymous Russian oligarch who previously criticised the war reportedly told Mr Zygar that Russia must win the war otherwise "they won't allow us to live... and Russia would collapse".

The ISW said it cannot independently verify Mr Zygar's reporting but it is consistent with the institute's assessment that this section of Russian society came to heel behind Vladimir Putin in support of the war after his government intensified crackdowns against elites in the wake of the 2022 invasion. 

As Russia announces it has captured a second village in 24 hours (see 12.26pm post), let's take a look at where Russia has advanced along the frontline with Ukraine. 

As well as pockets of advances on the border north of Kharkiv, Russia appears to have captured areas along the length of the front, from the Donetsk region right up to the western edge of Luhansk.

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