December 2, 2022 – Supplier diversity is a strategic commitment to provide equitable access to purchasing and contracting opportunities for diverse businesses. Some of HIDA’s member companies have had supplier diversity programs for 30 years or more. The conversation on supplier diversity is being driven by our customers, especially healthcare providers serving historically underrepresented communities. These healthcare entities are becoming more intentional about purchasing healthcare products from diverse suppliers.
Supplier diversity is an important goal for many reasons. It promotes innovation, identifies new sources of talent and rewards experience. It encourages competition, which improves product quality and drives down costs. Supplier diversity builds wealth and creates health equity in the communities we serve. Consider this: Healthcare is 18% of the GDP of the United States. That’s over $4 trillion. But the total diversity spend in healthcare is estimated at $6 billion. That’s just 0.15% of that total. A strong supplier diversity program allows healthcare systems to promote wealth in the communities they serve, which ultimately supports improves health equity.
HIDA is working to promote supplier diversity. In September, we convened our first-ever Supplier Diversity Summit as part of the fall Streamlining Healthcare Expo & Business Exchange. This summit was inspired by HIDA’s commitment to diversity and inclusion. The overflow crowd heard from panelists who urged an intentional approach to sourcing from diverse suppliers.
Read more in the latest issue of Repertoire Magazine.