Minn. company rethinking blood distribution business
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Minneapolis-based General Blood is looking to break into the $4.5-billion-a-year blood distribution business. How are they convincing hospitals to buy blood from them, instead of the American Red Cross, which controls 44 percent of the blood supply and has been around since 1881?
General Blood co-founder Ben Bowman will join The Daily Circuit Tuesday to discuss their business model.
We wanted to talk more about blood distribution after a recent Forbes article on General Blood:
They're quick to point out the American Red Cross' leaky record on service. Since 2003 the FDA has fined it $46 million for not meeting blood safety laws, including mismanaging certain blood products and violating best manufacturing practices.
Bowman and Mitchell also note the waste in the current system. Government data suggest that 5% to 14% of ¬donated pints are discarded every year. Some spoil in shipping--red blood cells have a shelf life of 42 days, platelets 5 days--some are wasted at hospitals.
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