SpendEdge’s supply market intelligence study on the spend analysis and benchmarking services for a fortune 500 medical device company identifies cost savings opportunities by evaluating spend areas, supplier performance, process efficiency, and legal compliance.
Sourcing Scenario in the Pharmaceutical Sectors
Pharmaceutical as an end product is a sensitive product which is governed by various laws and regulations and requires approved clinical trials before it is ready for human use. Pharmaceutical companies have to ensure the maintenance of an optimal level of inventory as higher inventory can lead to problems relating to expiry date, storage temperature and conditions, and wastages. Sourcing in a pharmaceutical company is different and involves a host of complications than sourcing in other companies. Multiple factors are to be considered before pharmaceutical products sourcing such as patent status, innovations in medicine, the complexity of the product, national and international standards, sanitary and phytosanitary measures, and environmental impact.
Outsourcing it to the Experts
Pressures for cost optimization and increasing efficiency of the supply chain is driving pharmaceutical companies to outsource the procurement function to the experts. With minimal expertise in logistics function, outsourcing allows the pharmaceutical company to concentrate in their core competency. Companies with expertise in procurement function can provide specialized logistics knowledge regarding medicine or tissue samples. Such companies can also identify strategic sourcing partners and establish a collaboration with them in order to lower cost and extend the geographical reach.
Solutions SpendEdge offers to businesses
SpendEdge’s supply market intelligence study for a leading pharmaceutical company provides insights into the spend patterns, best sourcing practices, supplier identification, and contract negotiation strategies. The solutions offered includes:
- Deliver better high-cost savings in comparison to current spend status
- Provides best practices study on the sourcing and procurement of pharmaceutical supplies
- Offers detailed market overview for the logistics and supply chain practices in pharma industry
- Delivers in-depth insights on procurement models, supplier positioning, and supplier performance evaluation process
Read our complete case study titled – Sourcing of Pharmaceutical Supplies: A Best Practices Study by Spendedge
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