PRESS RELEASE

Procurement Market Intelligence Study Offering Insights on Optimizing Supply Base in the Pharmaceutical Industry

May 20, 2017

The latest procurement market intelligence study by SpendEdge on assessment and optimization of current supply base for a leading pharmaceutical company unfolds specific procurement insights to develop end-to-end process support and formulate robust procurement strategies.

Supply chain network – trends and developments

The rapid digitalization in the healthcare industry is creating vast opportunities for vendors to introduce new business models that will ensure glitch-free supply chains. The suppliers are introducing technologies that are offering high data security to protect the information of both stakeholders and patients. The increasing competitiveness is encouraging vendors to improve their capabilities by innovating new products and technologies to improve service delivery and reduce costs. By implementing process control measures, suppliers can avoid disruptions in the supply chain process and manage the cost of operations at an optimal level.

Digital business networks are the stepping stones for a multi-enterprise supply chain, connecting all suppliers through technology such as cloud platforms. The internet works in favor of the digital business network, allowing all partners to share information on a real-time basis. By adopting new technologies and establishing these platforms, suppliers can gain insights on the current demand trends in the pharmaceutical market.

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Robust support process for supply chain optimization

The market intelligence study helps the client understand the end-to-end procurement support and flexibility to accommodate the volatile needs from category managers. By identifying the critical areas such as tail spend assessment, spend optimization, and other activities, companies can improve their support process. An optimal supply chain will help companies in the pharmaceutical sectors to manage their sourcing and procurement processes better.

Adopting good distribution practices

Structured and well-defined distribution channels are helping suppliers reduce the risk of disruptions in delivery timelines of the product. Setting up global distribution networks around the manufacturing units will increase operational efficiency and reduce overhead costs. These channels form the backbone of the supply chain infrastructure and establishing a functional channel will help increase sales and revenues.

Solutions offered

The team of procurement experts at SpendEdge provide a market intelligence study that meets requirements specific to the needs of the businesses and evaluates the gaps in the current supply chain structure. Some of the solutions offered are listed below:

  • Address the procurement market intelligence requirements explicit to the needs of the industry
  • Provide the best benchmarking standards to categorize key improvement areas and strategize category development
  • Offer detailed procurement market insights specific to end-to-end process support
  • Increase cost savings through identification of consolidation and tail spend optimization opportunities
  • Improve process management practices based on benchmarking against industry best practices

Read our complete case study titled – Assessment and Optimization of Current Supply Base for a Leading Pharmaceutical Company

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