Pharmaceutical companies are probing for new tactics to improve efficiency and to raise revenue in every business area exploring new markets, product lines, and sales channels. Ensuring regulatory compliance and creating global supply chain transparency are the main focus and challenge for the pharmaceutical firms. Additionally, Pharmaceutical companies face a significant challenge in maintaining a strong supplier relationship. The innovative and reliable procurement strategies essentially for supply chain management of the legal services in the pharmaceutical industry gives a competitive advantage for the vendors in the market.
One of the major pharmaceutical firm with a wide range of products for several diseases – approached SpendEdge to commission a supply market intelligence engagement to help them understand the supply landscape for legal services and improve their ability to benchmark current services and pricing and to help the client in shortlisting the top suppliers based on their capabilities and understand the average pricing levels.
The Procurement Pain Points; Obstacles perceived by SpendEdge Analysts
The foremost challenge for a pharmaceutical industry is to ensure regulatory compliance during the process of product development. Pharmaceutical firms are dealt with curing the diverse human diseases through their vast line of medicines and drugs, thus it creates a strong point for the firms to maintain the quality of medicines and ensure the usage of relevant ingredients in the process of manufacturing and these ingredients are supplied by diverse suppliers.
Pharmaceutical firms include a wide range of products in their portfolio leading to a complicated situation in terms of category planning and management. Category management involves pricing, quality management, information, enticing promotion of each of the medicine and drug products.
Additionally, pharmaceutical firms face an immense challenge in shortlisting the top suppliers of legal services. Pharmaceutical firms are compelled to utilize a documented practice for supplier selection to reduce risk during the process of manufacturing the medicines. A detailed review of the supplier’s overall capabilities is required time to time.
Solutions Offered by SpendEdge
The well-designed process, proper material, and supplier selection are the initiating steps of a reliable supply chain in the pharmaceutical industry. These qualities are sustained through on-going stewardship of the client-supplier relationship resulting in a satisfactory business arrangement where each company can expect many years of successful business dealings.
This category procurement market intelligence study by SpendEdge helps the client in shortlisting the top suppliers based on their capabilities and understand the average pricing levels. Our Solutions are not limited to determining the appropriate and capable suppliers, it also provides an in-depth understanding of the overall supply landscape that helps pharmaceutical firms to improve their ability to benchmark current services and pricing.
SpendEdge employed a team of procurement intelligence specialists with expertise in legal services category who identified and acquired information from various reliable sources and developed category-specific insights that helped the client’s procurement teams with category planning and category management.