Life Sciences

Developing a better understanding of living organisms and processes holds great promise for patient care, yet challenges remain.

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Challenges faced by the procurement team

Broader traceability challenges on the horizon

The life sciences sector is weighed down by lack of end-to-end traceability across the product lifecycle.

  • Deploy immutable and permissioned ledger systems to enable rich insights into the flow of products from production to pharmacy, besides smoothing the supply chain
  • Foster increased collaboration between supply chain participants to clear roadblocks expeditiously and ensure they work as a well-oiled team to significantly improve speed of delivery
  • Leverage traceability of critical supply chain components to forecast and circumvent disruptions in time and avoid damages to the business’s social and financial reputation
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A tough run called pharma compliance

Life sciences market participants have a widening swathe of supplier compliance mandates to grapple with.

  • Intensely monitor the supplier’s capability to overcome unexpected developments and efficiently support operations during crises as well as detect and respond to supply interruptions promptly
  • Thoroughly vet shortlisted supplier organizations for compliance with responsible business conditions (e.g., labor standards), sustainable social and environmental practices, and data security standards
  • Explicitly define controls in vendor SLAs to bring supply-side participants into line with your compliance risk tolerance levels and make them responsible for their actions
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More spikes in input costs

Rising input costs and competition from generic formulations is a key concern for players in the life sciences landscape.

  • Accurately predict end user demand and progressively thin the margin of error to reduce lost sales as well as appreciably save on storage costs
  • Gain improved visibility of inventory moving along the supply chain to determine the most efficient routes to reduce costs and increase speed to market
  • Peruse each cost element that goes into the supplier’s final price and turn the findings into a negotiation lever to hammer out favorable cost outcomes
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Biotech and Pharmaceuticals

Biotech and Pharmaceuticals

Biotech and Pharmaceuticals

As heavily regulated industries, market participants must embrace rigorous quality control and improve product traceability to live up to regulators’ expectations.

Medical Devices and Technology

Medical Devices and Technology

Medical Devices and Technology

Medical devices have to be safe throughout their useful life, so product quality and supplier response times are crucial.

Hospitals and Health Systems

Hospitals and Health Systems

Hospitals and Health Systems

Cost pressures on healthcare providers show no sign of easing; a deeper understanding of supply-side inefficiencies should help them tame costs better.

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Regulations are changing, and staying compliant is a tall order. We will ensure you satisfy all compliance mandates.

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Featured Case Study

How SpendEdge Helped CPG Giant Streamline Contract Manufacturer Selection Process

Challenge: Faced with intense competition and the need to improve profit margins, our client turned to SpendEdge for assistance in overcoming their business challenges. One of the main strategies involved migrating cost-intensive operations to low-cost destinations.

Solution: Our team at SpendEdge assisted the client in streamlining their contract manufacturer selection process. Leveraging our expertise and market research methodology, we identified key contract manufacturers for the client’s ready-to-eat product line.

Result: The client successfully addressed their business challenges and achieved improved profit margins and reduced operating costs. All the while, also enhancing product quality and expanding manufacturing capabilities.

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Dig Deeper with SE Insights Procurement Reports

Gathering data on your supplier’s capability to deliver high-quality products is just not enough. More open communication will ensure suppliers not only deliver with quality but also ahead of schedule.

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