Medical Commodities
Medical commodities refer to healthcare products used for diagnosis, treatment, prevention, or pain relief. These items support medical services and public health. Disruptions to their supply chain can negatively impact healthcare. Effective management of medical commodities is vital.
- Common examples include prescription drugs, medical devices, test kits, protective equipment, and consumables.
- The supply chain ensures these essentials reach facilities and patients reliably.
Medicine as a Commodity
Treating medicine as a regular commodity has issues. To make it cheaper and better requires profit incentive and labor freedom. However, the government restricts both in healthcare. Health differs from other goods due to uncertain outcomes, dominance of nonprofits, and third-party payments.
Research for Medical Supply Business
Research is crucial when starting a medical supply business. Understanding popular products, target markets, and potential revenue informs your business plan. Supplier relationships enable competitive pricing.
Examples of Commodity Items
Commodities are basic goods used in commerce that are interchangeable with other similar goods. Traditional examples include grains, gold, beef, oil, and natural gas. More recently, the definition has expanded to include financial products like foreign currencies and indexes.
- Commodities can be traded on exchanges as financial assets.
- Investors may allocate up to 10% of their portfolio to commodities as they are not highly correlated with other assets and may hedge inflation.
- Popular commodities include crude oil, corn, and gold.
- Commodities, stocks, and real estate are major asset classes bought, sold, and traded in regulated commodities markets.