The global pharmaceutical packaging industry is rapidly growing due to the use of biodegradable materials as it adds to the sustainability of the packaging through all the stages of the pharmaceutical supplies lifecycle. However, the unpredictability in the price of the raw materials used in this industry may pose a significant challenge to the key market stakeholders.
The Procurement Pain Point and Insights Offered
A global pharmaceutical products company wanted to cut down the costs of the goods associated with pharmaceutical supplies. Furthermore, they also wanted to incorporate the best practices and consolidate their procurement strategies with suppliers from different countries. The client also wanted to streamline their existing procurement process for pharmaceutical supplies and identify potential cost saving opportunities.
SpendEdge carried out an in-depth research process consisting of primary and secondary research methodologies coupled with qualitative and quantitative data collection methods to cater to the specific category requirements of the client. Furthermore, the suppliers were also graded based on the standards and allotted weights. The final supplier selection was carried out on parameters including geographic coverage, qualitative assessment scores, previous experience with the vendors, and product development and tooling costs. Moreover, we collaborated our research with a huge database of exclusive resources such as industry journals and reports, white papers, and news articles. The best practices study on the sourcing of pharmaceutical supplies also helped gain a better understanding of the procurement best practices for pharmaceutical supplies and the vital service offerings of the medical suppliers.
This best practices study on the sourcing of pharmaceutical supplies helped the client identify and reduce the list of the major suppliers offering pharmaceutical packing solutions. This list offered by SpendEdge also helped the client achieve better high-cost savings compared to the current spend. Additionally, material cost indexing and steady conversion costs were also negotiated.