Lately, the pharmaceutical industry has witnessed astonishing growth due to the increase in the demand for long-acting formulations and devices with lower adverse effects and high efficacy. According to our industry best practices specialists, it has been noted that the pharmaceutical industry is facing substantial operational and economic challenges. As a result, many pharmaceutical firms have started adopting industry best practices studies to make the most of the opportunities and gain a stronger foothold this market space.
The industry best practices benchmarking studies offered by SpendEdge help pharmaceutical industry players adopt best-in-class procurement and sourcing strategies.
The Procurement Pain Point and Insights Offered
A leading pharmaceutical industry player wanted to identify peer group companies and their key suppliers. Additionally, the client also wanted to cut down costs by implementing a best-in-class and efficient procurement process. Furthermore, they also wanted to assess their peer group company’s success stories and approach towards innovation.
The industry best practices specialists at SpendEdge carried out a blended research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies to cater to the specific category requirements of the client.
During the course of this industry best practices benchmarking study, the pharmaceutical industry client specializing in disposable syringes was provided with a list of the peer group companies and their key suppliers. The list provided helped the client identify the key drivers to enhance their procurement process. Additionally, the client was also able to optimize their techniques and implement an efficient procurement process.
Key questions answered in this industry best practices study include
This industry best practices benchmarking study helped the pharmaceutical industry client implement best-in-class procurement and sourcing strategies. Additionally, the client was able to formulate a better negotiation strategy with their suppliers. As a result, the leading pharmaceutical industry player specializing in disposable syringes was able to cut down their overall costs.
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