June 16 , 2021: Leading Indian online B2B platform for supply of medical consumables, pharma products and medical equipment – Medikabazaar -- has announced that VIZI, it's AI and ML-powered hospital inventory management and forecasting software application, has been granted a national patent for System and Method for Inventory Management in Hospitals.
The patent is a testament to Medikabazaar's success in identifying emerging technology opportunities and its strength in innovative research and technology to leverage these opportunities to benefit healthcare organisations.
Medikabazaar has also filed an international patent application under the Patent Cooperation Treaty(PCT), which would give patent protection to VIZI in many countries. With this, Medikabazaar would be able to exercise its patent in more than 61 countries and market the product to customers across these nations.
Says Vivek Tiwari, CEO, Medikabazaar:"We are glad that VIZI's cutting-edge technology that uses AI/ML to empower key decision-makers at hospitals to make smart decisions has been granted a patent in India. To open up new windows of opportunity, we have also applied for an international patent and are sure that this will be granted in due course. This will allow us to deliver our path-breaking products and solutions to customers around the globe. The receipt of the Patent encourages us to continue to conduct research in application of AI to products and new domains to develop tools to leverage technology to transform the healthcare industry."
Since its launch in 2019, VIZI has transformed inventory management by enabling hospitals to plan procurement of supplies by providing an actionable purchase list of products with safety or reserve stock required to avoid stock out situations and the level of safety stock with colour indicators. Hospitals do not need to take any additional steps for data entry to use this application. VIZI allows hospitals to source supplies at the best prices from a single point of contact, Medikabazaar, rather than sourcing from various suppliers, a task which can be daunting and often unrewarding.