Product-Sharing is the new Product Sourcing Strategy

 With the birth of the sharing economy product owners are now making profits and renters are getting to use products at a lower cost. Using medical products on a short-term basis for a fraction of the price is the new game of product sourcing strategy. No medical professional wants to be owning any expensive medical equipment in this era of economic uncertainty, instead they want to rent instead of own. The reality is that when medical professionals realize that they can share medical equipment, they will not buy anymore. Peer-to-peer sharing is a win-win situation in the medical industry. It is replacing the mindset of buying a product slowly. Collaborative usage of medical equipment is where Doctors and other medical professionals make decisions whether to buy or rent products. Medical personnel or organizations that own medical equipment are able to generate income from renting their products to non-owners while non-owners are able to access these products through renting on a needed basis. 

Recent technological advancements in online and mobile communications have enabled product sharing among customers on a major scale. Online businesses such as Airbnb and Uber are companies built on the concept of peer-to-peer product sharing. Product sharing has emerged as a trend due to the economic recession looms as a result of COVID-19. Medical Technologists as well as other healthcare workers are exploring more efficient use of resources and products in the midst of the pandemic. A customer who buys a product can derive several usage strategies over different periods. In a period of low usage, the customer can rent his or her product on any of the online product sharing platforms.