CEO and Director of Lifesupply, Abdul Ladha, has built an online retail platform delivering 55,000 medical products and servicing over 45,000 customers. Now they are extending their online platforms for greater capacity and performance.
As supply chains evolve and grow, products are often passed between dozens of hands at factories, shipping vehicles, distributors, retail warehouses, shop floors, and delivery fleets. Traveling thousands of miles and going through multiple intermediaries impacts profit margins and the brand’s ability to connect and communicate with its customers.
The evolution of digital technologies – particularly the boom of e-commerce over the last 10 years, has disrupted many industries, by allowing brands to set up online stores and sell directly to customers, much more efficiently. According to Forbes, over a third of consumers reported buying directly from a brand manufacturer’s website last year. This number is expected to grow by 71% this year to more than 40% of all manufacturers.
Despite ecommerce adoption and customers having more acceptance and trust with the rise of Amazon and DTC, this has disrupted entire industries.
The medical supply industry is a $500b industry containing retailers such as CVS, London Drugs, Shopper DrugMart, etc., who make-up approximately 15% of it. Despite selling directly to hospitals, clinics, governments, and universities, there has been little disruption or innovation in the last 20 years.
The medical supply industry is highly fragmented – and ripe for disruption. This is where Lifesupply steps in.
Lifesupply is a leading national online retailer and integrated supplier of medical, health and safety products. The company is looking to expand further as it increases its portfolio of medical products beyond 55,000 SKU’s and by acquiring strategic companies in the medical, health and safety products sectors.
“Our focus is to become one of the leaders in the online sale and distribution of medical supplies in North America by leveraging technology and ecommerce innovation with acquisitions of best in class companies that will help scale our growth,” says Abdul Ladha, CEO and Director. This isn’t Ladha’s first rodeo. The electrical engineer, entrepreneur, business leader and philanthropist has over 30 years of business and capital market experience. His vision and energy brought about the idea for the Abdul Ladha Science Student Centre at the University of British Columbia, “It fosters interactions among science students from different fields and stages of their academic careers,” says UBC alumnus Ladha. “The centre is vital to the students’ development – and taking pride in their identity as aspiring scientists.”
Founded in 2012, Lifesupply was reinvigorated after Ladha came onboard and led the expansion of the company’s profile, e-commerce platforms, national marketing strategy and its visibility. The ensuing result of Ladha’s initiatives led to increased revenues, expansion of its customer base, and a strong infusion of capital.
The Company is continuing to expand its footprint and management team, streamline its technology and distribution networks to ensure faster, more reliable and cost-effective deliveries before embarking on a very aggressive marketing and acquisition program in the last quarter of 2022.
The Canadian retail medical industry, composed primarily of pharmacies and drug stores, is estimated at $47 billion in revenue. In the US, it is estimated at $340 billion. Approximately 63% of these markets are made up of small regional players and only a small fraction ($17 billion of the combined $387 billion market) is product sold online.
The company prides itself on giving its clients increased access through its online platforms by streamlining the procurement and delivery of valuable medical, health and safety products directly to their door at affordable pricing.
Lifesupply has a “three pronged approach” model in the sale and distribution of medical products. This is e-commerce, distribution of medical products, and a flagship store. It has an online e-commerce platform that sells 55,000 products to over 45,000 customers historically. From syringes and nitrile gloves, walkers, mobility scooters, autonomy products like diabetic equipment and more, Lifesupply covers it all. It also has a dropship facility, and a wholesale distribution network. These avenues create a huge opportunity for the company to command a greater share of the market, secure contracts, acquire other companies, and provide customers with a wider variety of products right to their door.
In the long run, the company is looking to expand to the US and across Canada “to establish our footprint as a leading player in the medical supplies industry,” says Ladha.
For more information, check out https://lifesupplyhealth.com/.
