The pharmaceutical industry is at a critical stage, where the demand to develop new medicines and tools are increasing and the barriers to free trade are falling. According to our spend analysis experts, it has been noted that the pharmaceutical industry is facing significant economic and operational challenges. As a result, many pharmaceutical firms have started adopting spend analysis studies to capitalize on opportunities and create more value for healthcare providers and patients.
Moreover, the spend analysis studies offered by SpendEdge, help oncology firms evaluate their strategic business options, improve management and control, and identify cost-saving initiatives.
The Procurement Pain Point and Insights Offered
A leading pharmaceutical firm wanted to achieve increased performance by improving the effectiveness and efficiency of a company’s critical business operations and processes. They also wanted insights on their spend pattern and a superior supplier negotiation strategy. Furthermore, the client wanted recommendations on supplier base consolidation to achieve significant cost savings.
To cater to the specific category requirements of the oncology client, the spend analysis experts at SpendEdge carried out a blended research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies.
During the course this spend analysis study, the oncology client was able to capture their significant areas of spend that included products, services, suppliers, and commodities. Additionally, SpendEdge helped the oncology client to carry out supplier normalization to help them gain increased visibility into the spend areas across platforms and assist in improving processes. The solution offered by SpendEdge also helped achieve significant cost savings and build a superior supplier negotiation strategy.
Key questions answered in this spend analysis study include
The spend analysis study helped the oncology client improve procurement efficiency and create more value for providers and patients across the pharmaceutical industry. Additionally, the oncology client was able to improve the effectiveness and efficiency of a company’s critical business operations and processes. This helped them reduce maverick spends and capitalize on the strategic business options.