Life Sciences

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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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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