In today’s challenging healthcare scenario, pharmaceutical industry players are primarily focused on aggressively cutting over costs across the supply chain to stay ahead of the competition. As a result, pharmaceutical industry players have started hiring professional procurement team, who specializes in reducing the cost of marketing spends. Moreover, according to SpendEdge’s category management experts, the variation in commodity prices and shifting consumer attitude towards value products and services are expected to pose a significant challenge across the pharmaceutical industry space. Consequently, to reduce maverick spends and devise superior sourcing strategies across the supply chain, players in the pharmaceutical industry have started adopting category management studies.
Furthermore, SpendEdge’s category management solutions also assist pharmaceutical industry players in reducing overall inventory spending.
The Procurement Pain Point and Insights Offered
A global pharmaceutical industry client wanted to devise superior sourcing strategies across the supply chain and maintain a better relationship with their suppliers. Additionally, the client to gauge the key drivers and dynamics influencing the growth of the industry. Also, the client wanted to gain insights into the supplier’s pricing, diversity and evaluate their best practices to serve customers better.
To address the business requirements of the client, the category management experts at SpendEdge tailored an all-inclusive two-step research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection methods. During the course of this category management study, the client gained insights into the key drivers and dynamics influencing the growth of the pharmaceutical industry and evaluated supplier’s pricing best practices through a comprehensive SWOT analysis.
Fundamental questions answered in this category management study include
The category management study helped the pharmaceutical industry client improve their supplier selection decisions. Additionally, the client devised superior sourcing strategies which helped them reduce maverick spends across the supply chain.