Overview of the Biopharma Industry
Biotechnology finds application in segments such as pharmaceuticals, downstream chemical processing, bio services, and agriculture among others. The biopharma sector mainly comprises of products such as vaccines, monoclonal antibodies, insulin, generic and branded drugs. The global biopharma market is primarily driven by the regulatory support provided by governments of various countries, technological advances that help combat fatal diseases, depleting natural resources, and increasing demand for food. However, certain factors like long lead times from research to commercialization and the perception of consumers towards biopharma products is restricting the growth of the pharmaceutical companies. Some of the factors include:
- The complexity of biopharma supply chain and operations: As the number of products increases and new process technologies such as continuous manufacturing are introduced, the complexity of biopharma operations and the biopharma supply chain will increase. This challenge is only expected to increase as sites move from the current “one line, one product” setup toward nimble and flexible multiple-product operations and are required to manage both current and future technologies under one roof.
- Demand for affordability and improved access: Governments in emerging markets understand the critical role that biopharma will play in boosting healthcare outcomes – and are aggressively supporting alternative ways to fulfill the demand for these products.
Many such factors are compelling players in the biopharma industry space to leverage the use of supplier profiling solutions.
The Business Challenge and Journey
The client, one of the key pharmaceutical companies specializing in offering biopharma products, wanted to leverage the use of supplier profiling solutions to decrease excess inventory and procurement costs and deliver high-quality products and services while improving their ability to identify economic opportunities. Additionally, the client wanted to identify the most profitable pharmaceutical companies and the risks involved while procuring biopharma products from a pool of suppliers. The principal objective of the client was to seek ways to engage with the best suppliers and compare their offerings with that of the competitors.
SpendEdge’s supplier profiling experts followed a scrupulous research methodology and carried out discussions with prominent stakeholders in the biopharma industry space to help the client address the rising concerns and reduce supply costs. The experts also compiled information across a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums of pharmaceutical companies to help the client profile the potential suppliers.
During the course of the supplier profiling engagement, the biopharma industry client was able to identify the potential bottlenecks in the supply chain. The client also profiled the suppliers based on their efficiency and performance and gained better visibility into the supply chain process. This helped them improve cross-functional collaboration to sustain better partnerships with key pharmaceutical companies.
Key questions answered in this supplier profiling engagement
The supplier profiling solution from SpendEdge helped the industry client identify ways to segregate the suppliers based on the quality of products offered and their categories. The engagement also helped the client to measure the supplier’s performance in terms of the risk management, cost management, and operational improvements.