Pharmaceutical Drugs Industry Overview
One of the most radical changes influencing the pharmaceutical drugs industry landscape is the routine activity of M&A. To balance out rising R&D expenditures, more and more pharmaceutical drugs manufacturers are trying to lower COGS by joining hands with other pharmaceutical drugs manufacturers or shortening the pharmaceutical drugs discovery period by absorbing smaller firms that have already done most of the prior research.
Who should implement strategic sourcing?
Strategic sourcing is not a solitary project but rather a continuous process that rolls like a wheel. Strategic sourcing best practices act as a guide for developing standardized procurement processes. Implementing these best practices can deliver an extra boost to the company’s profit margins. 
Moreover, strategic sourcing is a complex process that helps a business understand the relationship between suppliers and organization.
Benefits of Strategic Sourcing
Manage supply risks: Strategic sourcing entails every category of spend and suppliers to be analyzed. Each existing supplier is evaluated separately for financial risk, quality risk, availability risk, and level of cooperation.
Get more value out of procurement: Strategic sourcing does not mean a company is solely looking for quick cost cuts. Every action taken during a strategy implementation is evaluated; thereby bringing out more value.
Improve sustainability: Strategic sourcing is not a one-time plan or initiative; it is a constant cycle of activities. Dedicated category managers will keep an eye on the category and supplier performance.
Increase profit: Strategic sourcing methodically looks for savings from the whole supply chain; thereby, providing the company with a competitive advantage.
SpendEdge Advantage
SpendEdge offer businesses a precise combination of resources, tools, and techniques to help them redefine sourcing and procurement capabilities. Also, every business needs smart procurement intelligence to stay at the top of their game. We provide actionable insights utilizing lean methodology to help enterprises make better purchasing decisions.
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