In the highly regulated pharmaceutical and medical sectors, sourcing medical devices, equipment and medicines is heavily controlled by governments to ensure safety for both providers and consumers. The Australian Government provides extensive information to warn both health professionals and consumers to purchase both their information and goods from reliable, verified sources.

But with the expansion of web-based services and social media, has come the expansion of unverified and unreliable sources. Despite the warnings, sensibility is often over-ridden out of ignorance or desperation in decision-making with negative outcomes.

Adding to the confusion is the widespread use of the term ‘green’ to imply ‘good’. Universally recognised as the colour for GO is it green for go and/or green for good? ‘Green’ is being used increasingly through industry, often misleadingly, in an effort to gain a following by both consumers and professional buyers. Actions which dilute the significance of authentic and genuine green initiatives and products which are actually contributing good throughout the community.

Under the green light, we GO to the root of a number of issues in purchasing and financing in the medical and pharma sector to provide real solutions. Providing purchasers with information on sources and finance options.

When pandemic causes panicdemic

The COVID-19 crisis of 2019/2020 was the worst global pandemic for 100 years – since the 1919 Spanish influenza crisis. It swept the globe within a very short time with devastating impacts on populations and economies. Governments and health providers scrambled to source equipment to treat the increasing number of cases. Ventilators, PPE and sanitiser topped the list of in-demand products for authorities, while populations grasped for information and any so-called cures and preventative measures.

The pandemic became a panicdemic in many sectors. In 1919 people could only rely on newspapers and word of mouth for information. In 2020, the world had the internet and social media. Resources which can equally be the most useful and effective forms of disseminating the right information and the wrong information. Many people grasped any piece of information, without checking or verifying the source, shared it and for some, that action was fatal.

Immoral and disreputable suppliers advertised devices, equipment and medicines which were not approved and therefore, not proven to be effective.

This scenario highlights the importance for health professionals and consumers to ensure the information and supplies they are sourcing are genuine.

In Australia, we have one of the world’s best health systems which is rigorously regulated in the interests of safety and efficacy. Supporting health and medical professionals in purchasing the devices and equipment they require is a highly regulated financial lending sector. Finance brokers are governed by the Finance Brokers Association of Australia and buyers are advised to ensure their broker is a member of the FBAA.

Together, these sectors operate to ensure Australia remains at the forefront in the provision of medical and health services.