Benefits Of Nhs Price Comparison

Every rational buyer compares prices before making the final purchase

. While a private buyer can opt for exorbitantly priced products overlooking the affordable substitutes, if you are procuring goods on behalf the government or public sector organization minimizing cost becomes the most pertinent part of decision-making. The rule also applies while procuring goods and services for NHS. NHS price comparison is the most important tool for improving transparency in transaction of goods and services.

Importance of NHS price comparison

Transparency

NHS price comparison is primarily needed for improving the transparency in procurement of goods. The benefit of NHS price comparison has been demonstrated in a Department of Health funded study. While comparing the prices of a basket of clinical products, the NHS trusts participating in the study reported almost 8 to 100 percent variations in the prices of similar products. Therefore, if you fail to compare the prices of similar products, the chances are high that you might end up paying more for a product while a reasonably priced substitute is already available in the market.

Better information

NHS price comparison leads to more informed choices. Now a NHS trust has access to a wide range of clinical products, which the suppliers are encouraged to sell at reasonable prices, compatible with the prices of similar products.

Cost effective health care

Cost effectiveness is a prerequisite for the efficient functioning of the National Health Service. It involves optimizing the use of the limited resources in health care service. With criticism pouring in from various quarters regarding the wastage of the precious government resources in procuring NHS consumables, NHS price comparison has emerged as the most useful method of saving resources.

Clinically effective health care

NHS price comparison also helps the NHS trust to balance the cost effectiveness of a product with its clinical effectiveness. This means that the additional cost of a product is justifiable only when it provides greater benefits than its cheaper substitutes.

Benefits for suppliers

NHS trusts are not the only one to benefit from NHS price comparison. Even suppliers can benefit from this system. With the development of a more uniform price structure and transparency in transaction, even small suppliers can compete with the larger businesses. This will encourage manufacturers of clinical products to develop new products that offer similar health benefits at lower costs.

Improve NHS procurement

By benefiting both the NHS buyers and sellers, NHS price comparison will lead to a stronger and efficient National Health Service.

by: patro raymond

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