- Sector: Healthcare
- Region: South East
Since it was founded in 2007, Genmed’s story has been one of growth. It now offers the NHS the widest range of vendor-neutral managed service contracts in the market, providing access to capital and managing contracts. The company provides the resources needed by clinical and non-clinical departments in NHS Trusts to deliver patient care, whether that’s in surgery, endoscopy, pathology, IT or imaging.
Genmed works in partnership with NHS Trusts to determine what clinical facilities or technology they need to support their strategy and workload. It negotiates with suppliers to manage costs and handles hundreds of supplier contracts, covering consumables, equipment and maintenance. The company also processes orders and invoices for product lines, providing operational support and management of the supply chain in order to deliver the required service level agreements and key performance indicators.
Currently working with 41 Trusts, Genmed manages more than 200 contracts that are worth around £315m. Over the past six years, its turnover has increased 513% and the number of staff has almost tripled from two years ago. Looking to the future, a new company has been incorporated in Dublin with a view to developing key partnerships with large medical suppliers to enter the European healthcare market.
“The key for any start-up is to watch cashflows in and especially outflows very closely,” says Genmed Chairman Robin Modak, looking back at how the business has grown over the past 13 years. “Businesses always need more of a financial runway than they think. Small businesses should expect the unexpected and they should plan for it. They should look at what winning a new bit of business really means and the impact internally to support new business.”