Grifols acquires 10% stake in Bloodbuy, cloud-based marketplace for blood products

On Jul 23, 2020

Grifols announced it has acquired 10% of Bloodbuy (BloodSolutions, LLC), a cloud-based marketplace that facilitates buying and selling of blood components in the U.S.

Bloodbuy’s proprietary technology platform and computer-based algorithms enable regional blood-collection centers to expand their customer base across the U.S., while providing hospitals and other healthcare providers greater access to vital blood components in an efficient and efficacious manner connecting supply and demand.

Along with this equity investment, Grifols will obtain a seat on the Bloodbuy Board of Directors where it will be able to not only contribute to Bloodbuy’s growth but also closely analyze the blood-component-product marketplace, potentially allowing the company to make further investments in the digital healthcare space.

Bloodbuy’s platform allows participating healthcare providers to supplement their blood component needs on both a recurring and on-demand basis, ensuring hospitals can continue to provide the best care possible for their patients while providing blood-collection centers the ability to distribute their lifesaving products more broadly. The platform also reduces wastage costs of precious biological products while improving profitability.

“Grifols has always been interested in how digital technologies can disrupt the healthcare model to deliver better patient care more effectively,” said David Bell, Chief Innovation Officer of Grifols. “We believe Bloodbuy provides a unique opportunity to use technology to ensure critical blood components reach the patients who need them quickly and efficiently.”

“COVID-19 has created unprecedented challenges for our blood supply, both with respect to supply and demand shocks related to social distancing, suspension of elective procedures, and other necessary public health interventions,” said Chris Godfrey, Founder & CEO of Bloodbuy. “These externalities have had profoundly negative effects on blood product availability and utilization from region-to-region. Our online platform has played an integral role in connecting these geographies to create a digitally integrated network of blood centers and hospitals; so, we can easily redistribute available blood products and connect stakeholders around much-needed COVID-19 convalescent plasma.”

Bloodbuy’s cloud-based marketplace is available across the United States for all qualified hospitals, medical centers, integrated delivery networks, and blood collection centers. Bloodbuy’s current participants include some of the most prestigious medical institutions in the country, as well as nearly 30 independent blood collection centers. The recent COVID-19 crisis has spurred further adoption as hospitals and blood collection centers employ methods to reduce operational uncertainty in this unpredictable environment.

According to a recent U.S. Department of Health and Human Services report, nearly 23% of all hospitals surveyed were forced to cancel elective surgery for one or more days as a result of blood inventory shortages. Additionally, various studies have indicated some U.S. regions experience platelet wastage rates between 5% and 25% due to unpredictable supply and demand characteristics in local markets.