healthcare industry Archives - SpendEdge

Tag: healthcare industry

healthcare industry

Should Companies Re-consider their Decision of Investing in the Healthcare Industry?

SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest newsletter on why should companies re-consider their decision of investing in the healthcare industry. The article offers detailed insights into the US healthcare industry and outlines the areas that might witness a downward sliding growth curve.  The article also highlights how developing effective healthcare supply chain management capabilities can help companies make pharma products and devices affordable for people.

Are Companies in the US Healthcare Industry Wading in Troubled Waters?

Despite holding a major share in the US economy and featuring in the list of top-five best performing industries, the healthcare industry is currently witnessing a steady increase in consumer spend. It is eclipsing some of the major industries in terms of spend growth and is expected to pose numerous challenges for potential investors.

This article will help you navigate through key areas in the US healthcare industry that might witness a downward sliding growth curve. Specifically, it will analyze the rippling effect of the tariff war between China and the US on companies. To help you handle this situation, our experts have also listed procurement best practices that are attuned to imposing challenges by performing a detailed US healthcare industry analysis.

Why You Must Develop Effective Healthcare Supply Chain Management Capabilities?

Our healthcare industry analysis shows that companies of today are striving to align with rapidly changing markets and complex supply chains. The increasing demand for affordable and effective healthcare products in emerging economies are forcing them to improve the performance of the healthcare supply chain. However, most companies fail to understand the strategic benefits of an efficient healthcare supply chain.

The article provides a deeper understanding of the healthcare supply chain and highlights how it can help firms make pharma products affordable for people. Also, it shows how better healthcare supply chain management can act as a revenue accelerator for companies and improve access to short supply products.

Key Strategies to Get More Out of Your Healthcare Procurement Process

Most companies do not pay much attention to the procurement process. They overlook the fact that poor inventory management can result in delayed procedures and higher procurement costs.

To address all such problems, it is imperative for companies to perform healthcare industry analysis and identify ways to improve the procurement process flow. Companies must develop an effective pricing strategy and examine the pricing structure to manage contracts better. While doing so, companies should also improve the accuracy of their orders by adopting a computerized provider order entry (CPOE) system. This article will help you identify more such strategies that can be adopted to improve the process efficiency.

Recent Posts

US Healthcare Industry

SpendEdge’s Tridib Bora on Whether Investing in the Current US Healthcare Industry is Equivalent to Wading in Troubled Waters

A lion’s share of the self-containment in the US economy can be attributed to the thriving healthcare industry in the region. Featuring in the list of the top five best-performing industries, the US healthcare industry is currently witnessing a steady increase in consumer spend and is well on its way towards eclipsing some of the major industries in terms of spend growth. However, this growth is not bereft of obstacles and will pose numerous challenges for any potential investors.

In this article, SpendEdge’s procurement specialist Tridib Bora, refutes the impossibility of investment in the current scenario and shares his eloquent perspective on the current US healthcare industry.

In the near future, what do you think are the areas in the US Healthcare Industry that might experience a downward sliding growth curve?

Tridib: Considering the current market scenario, the ongoing tug-of-war between superpowers China and the US will have a rippling effect on the healthcare industry. To be more specific, the string of tariffs that are being imposed on US imports from China mainly include a range of medical devices that are extensively used by healthcare practitioners as well as medical device manufacturers. This will result in a significant increase in prices, which will compel US healthcare companies to hike the price of their services. Meanwhile, for the medical device manufacturers, this will imply a significant increase in their manufacturing costs, which they will invariably compensate by hiking the price of the end-product. Adding to their woes, the extremely volatile prices of raw materials such as polypropylene and a range of metals that are used to manufacture medical devices will spur the prices of these devices. Disposable syringes, wearable medical devices, laboratory equipment are some examples of such devices whose prices are highly susceptible to significant hikes.

However, the implementation of the revolutionary “Medicare For All” will make the worst nightmare of the health insurance segment come true. The advent of a single-payer program will curb the significance of private healthcare-insurers with no requirement to pay hefty premiums or out-of-pocket expenses. Considering the USD 1,048 billion value that this sector adds to the overall US healthcare industry, a slowdown in the growth of the healthcare insurance sector will put a lid on one of the major outlets of revenue for the US healthcare industry.

Stay ahead of your competitors by gaining real-time sourcing and procurement insights provided by SpendEdge’s experts that can help you devise region-specific sustainable procurement strategies.

Based on your observations, would you advise the investors to wait till the US healthcare industry bounces back to its old glory?

Tridib: Definitely not! A market of any shape, size, and stature is typically susceptible to highs and lows but never has a dearth of opportunities to grow and opportunities don’t wait. There is no doubt that implementing the “Medicare For All” act will eschew the US healthcare industry’s spend as it limits the scopes of out-of-pocket expenditures. However, it must be understood that compared with any other high-income countries, the gross value of the US healthcare industry will nearly double. The swelling demography of the aged and rising instances of lifestyle-related diseases such as diabetes and heart diseases will compel people to knock at the door of healthcare professionals, ensuring a steady and an assured source of investment for the US healthcare industry. The recent approval of a record 59 novel pharmaceutical products by the US FDA’s CDER will increase the availability of novel medicines which is expected to drive sales in the US healthcare industry. The patent expiries of branded drugs will encourage the governing bodies to issue their approval for generic drugs. Currently, generic drugs are experiencing higher demand than because of their lower price with the same therapeutic effect. This will further increase the scopes of sales in the US healthcare industry, thereby providing an ideal scenario for investments.

Achieving your cost saving goals can be difficult in markets characterized with price dynamism. However, it is not difficult.  Request free platform access to know how such price dynamism is affecting markets in real-time.

According to you, what should a survival kit consist of for investors who are willing to explore the US healthcare industry?

Recent procurement market intelligence reports by SpendEdge have enlisted sets of procurement best practices that are typically attuned to the imposing challenges faced in the current US healthcare industry. I consider these recommendations made on procurement as an essential component in the survival kit in the dynamic US healthcare industry. For buyers, the increasing price of medical device is visibly their major concern. While increasing raw materials prices are compelling suppliers to increase the price of the devices, it is prudent of the buyers to select an ideal distribution channel which can open opportunities to save costs. For instance, engaging with suppliers within their geography will empower buyers with a better negotiation power which will usher more scope for discounts while reducing delivery time. Usage of medical components such as disposable syringes entails other auxiliary objects. Procuring all these objects separately will entail a skyrocketing expenditure. Therefore, it is advised that they consolidate their procurement requirements by engaging with suppliers that have a portfolio of diverse products to cater to the buyer’s diverse needs.

Want to know about the best procurement practices and strategies to maximize your ROI in the US healthcare industry? You are just a click away: 


How Spend Analysis Helped a Leading Dental Care Provider Regain Internal Control of Spend Data – A Healthcare Case Study by SpendEdge

Engagement Overview:

A leading healthcare industry player, offering dental care services was looking at devising a strategic approach for effective capital management. The client approached SpendEdge to leverage their expertise in spend analysis in order to transform their bottom line and bolster a strategic vision across their dental care business units. A detailed quantitative analysis of various categories within the supply chain was carried out to analyze spend data and develop an effective spend analysis framework.

About the Client:request proposal

The client is a well-established dental care services provider.

Business Challenge:

The dental care services provider was facing an operating loss of over 7 million, which resulted in a negative operating margin of 2.3%. As a result, they were looking at employing an effective approach to regain internal control of spend data.

How did SpendEdge Help the Client?

  • Step 1: Identification and collection of relevant spend data

The first step involved the process of identification and gathering of spend data from different business units. The gathered information included accounts payable, general ledger data, and data from e-procurement systems.

  • Step 2: Classification of the gathered spend datarequest proposal

Classification of spend data is the step that follows data collection and it involves the grouping of the collected spend data to standard categories. Classification codes are used to separate data and to make them distinguishable. Regardless of the classification standards employed the main aim of this step was to develop a spend data file with each spend category linked to a unique group.

  • Step 3: Detecting the non-addressable spend categories

Since all the spend categories will not be available for spend optimization, it is essential for a company to identify categories which can be optimized. Some of the spend categories of the client which did not fall under the optimizable category included governmental charges and taxes.

This step revolved around the identification and segregation of addressable and non-addressable spend categories. Also, identifying and clustering addressable spend data into categories reflect how individual supply markets function and help create a link between the related spend categories and the associated supply markets.

  • Step 4: Development of a tailored spend analysis platform

The spend analysis experts at SpendEdge devised a comprehensive approach that helped the dental care client to gain a holistic view of spend categories. It also enhanced spend visibility and helped drive overall savings by a considerable percentage. It also enabled them to turn their negative operating margins into a positive scenario.

Request Demo

Key questions answered in this spend analysis study include:

Dental care

Benefits of the Engagement:

The solutions offered by SpendEdge’s spend analysis experts helped the client identify the spend categories that have the most potential for delivering benefits to their organization. This spend analysis engagement also revealed major issues of concern that affected the client’s overall profit margin.

The developed spend analysis framework enabled the dental care services client to enhance spend visibility across different supply chain categories. Our spend analysis experts also assisted the healthcare industry client in improving their spend management capabilities which, in turn, helped them drive savings.Request Demo

Why is spend analysis essential in the healthcare industry?

There are substantial opportunities hidden in the spend data generated by typical spend management systems and spend analysis which enables organizations to extract valuable insights from raw spend data. SpendEdge’s spend analysis solutions are designed to offer greater visibility into the organizational spend data; thereby, enabling market leaders to visualize their spend patterns across business segments.

Moreover, our methodical approach to spend analysis tied with years of consulting expertise and technical proficiency can help convert raw spend data into strategic sourcing opportunities to drive savings in any multifaceted industrial segment such as the healthcare industry.

Our Findings:

In this spend analysis engagement we helped a dental care services provider enhance their spend management capabilities by devising a robust four-step spend analysis framework. Such an approach can also be adopted by other industry players to maximize the potential of their supply chain functions.

With healthcare industry leaders increasingly focusing on improving their spend management capabilities to maximize profits, it is also essential for them to redefine their strategies to sustain the competitive pressure. So, what are you waiting for! Turn your challenges into a competitive advantage by investing in spend analysis Today!

To know more about our spend analysis solutions for healthcare industry players

Contact US

Related Posts:


Market Overview of the Global Clinical Decision Support Systems

Clinical decision support systems are used primarily in the healthcare sector to aid physicians, nurses, and other allied healthcare professionals in decision making in terms of diagnosis, prognosis, and therapeutics. They store past medical data that help health professionals in analyzing future data and make clinical decisions. Such an evaluation of data assists in the prediction of potential adverse medical events and errors, ranging from medication interaction to disease symptoms. These systems comprise of hardware and software services, which help health professionals to reduce the rate of medical errors. This helps in the significant reduction of healthcare costs and improved clinical outcomes. The US has been increasingly experiencing an increasing incidence of chronic diseases and a growing geriatric population, which is expected to drive the demand for the global CDSS market. ( Source: Global Clinical Decision Support System Procurement Market Intelligence). Here is a comprehensive market overview of the global clinical decision support systems market:clinical decision support systems

Key markets 

The clinical decision support systems market will soon experience a spike in demand especially from end-user sectors such as hospitals, CROs, and biopharma. The market will experience the highest demand from the APAC region because of the rapid growth of the healthcare sector. Currently, the North American market is the largest market due to the presence of advanced infrastructure, economy, and growth of the geriatric population.

Procurement best practices

There are several factors that buyers must consider before purchasing clinical decision support systems. For instance, buyers must ensure that clinical decision support systems consist of analytical processes for monitoring various medical orders, which helps in avoiding duplicate or unnecessary orders, helping buyers to avoid excessive operational costs. Also, buyers must ensure that they buy clinical decision support systems that use the Bayesian prediction model. It helps them to predict the chances of survival or the treatment outcome for a patient. In addition, it provides buyers with a favorable treatment plan and allows them to change the choice of treatment efficiently. For more insights request a sample report.

Business Information Technology people work hard Data Analytics Statistics

Cost Benefit Analysis for a Leading Medical Instruments Manufacturer Helps Comprehend the Economic Impact of Inappropriate Business Decisions

Engagement Overview

A leading medical instruments manufacturer was looking at developing a cost model for the realistic allotment of costs incurred for each product and sub-products that are part of the operation. To enhance business efficiency, the client approached SpendEdge for a cost benefit analysis. request proposal During the course of this engagement, a detailed quantitative analysis of various cost factors within the supply chain network was carried out to identify the indirect and direct spend categories.

About the Client

One of the leading medical instruments manufacturer with manufacturing units spread across the globe and presence across the global healthcare industry. The client is based out of United States. 

Business Challenge

The medical instruments manufacturer wanted to identify the most cost-effective blend of counter-measures to save themselves from a potential loss in their manufacturing processes.

How SpendEdge Helped the Client?

Step 1: Filtered and grouped raw data into distinctive segments

This step involved the segmentation of raw spend data into different sub-categories, which acted as a starting point to identify different spend categories.

Step 2: Determined the commodity trends that have to be integrated into the final cost modeling approach

Determining the cost factors and commodity trends that require regular forecasts helped in the identification of factors that had to be integrated into the final cost model.  

Key questions answered in this cost benefit analysis engagement include

Benefits of the Engagement

The cost benefit analysis engagement helped the medical instruments manufacturer understand the economic impact of inappropriate business decisions. Additionally, the client controlled indirect costs and saved themselves from any potential losses. Moreover, our cost benefit analysis experts at SpendEdge helped the client uncover major opportunities for improving their sourcing strategies by regulating their indirect and direct spend.

Why leverage cost benefit analysis?

Today, it is essential for any organization to analyze costs and inventories. Additionally, as businesses grow, their sourcing needs become more complex, making it a necessity to analyze maverick spend, delivery times, and cost elements across the supply chain. Cost benefit analysis also helps firms make the best use of the suppliers’ capabilities.

Our Findings

Today, every business decision is greatly impacted by cost benefit analysis. Such is the importance of cost benefit analysis in identifying business risks and analyzing spend categories. However, it is up to an individual organization to decide and incorporate this capability.

To know more about our cost benefit analysis solutions for the healthcare industry

request proposal

Related Posts:


Strategic Sourcing Analysis Helps a Leading Durable Medical Equipment Client Automate Processes and Take Advantage of New Market Opportunities

Overview of the Medical Equipment Industry:

The durable medical equipment industry is one of the major segments of the healthcare sector that is driven by rapid technological innovations. The unprecedented growth in innovative and improved technologies has resulted in the development of state-of-the-art durable medical equipment, which has acted as a catalyst for the growth of the healthcare industry. The rapidly growing demand for home healthcare services is a major contributor to the growth of the global durable medical equipment market. Moreover, the exponential growth in home healthcare services is likely to grow in the coming years; thereby, facilitating the use of request free proposaldurable medical equipment.

The Business Challenge and Journey:

The client, a well-known durable medical equipment manufacturer, was looking at leveraging solutions for strategic sourcing.  The client was facing issues related to the way spend information is gathered, analyzed, and factored into their procurement processes. Also, since the instability of their supply chain had increased their risks while conducting business operations, concerns were being raised on the continuity of service delivery operations. They were also looking at automating their business processes to enhance their overall efficiency.

Moreover, the company’s supply chain management executives recognized the tremendous scope in implementing strategic sourcing analysis to minimize the impact of supply chain risks on profitability. As such, they were looking at reducing the company’s risk profile by implementing strategies to maximize their financial gains. Strategic sourcing analysis forms an essential part of a supply chain governance system to ensure risks are identified in the entire value chain and mitigated to deliver financial goals.

To identify challenges in the supply chain activities, the strategic sourcing analysis experts at SpendEdge carried out extensive research comprising interviews and discussions with prominent stakeholders in the healthcare industry. The experts also compiled information across a wide array of reliable sources such as trade shows, company presentations, industry forums.

Why should you leverage strategic sourcing analysis?

Strategic sourcing analysis follows a systematic approach that continually monitors and re-assesses the purchasing behavior of an organization. Several leading firms have a buying strategy in place that helps them identify their spending patterns, but many still lack the understanding of their data or a comprehensive strategic approach to sourcing. The benefits of strategic sourcing are not just limited to small cost savings. It also offers other non-financial advantages such a robust spend management capabilities.

Fundamental questions answered in this strategic sourcing analysis study include:

Durable Medical Equipment

The Result:

SpendEdge’s strategic sourcing analysis solutions offered relevant insights that helped the client to develop effective strategies to streamline their procurement processes. It also assisted the client in consolidating their purchasing power to secure the best value available in the marketplace. Moreover, the strategic sourcing analysis solution offered detailed insights that helped the durable medical devices manufacturer with the day-to-day management of the supply chain activities. Also, it assisted the client in gathering data to make better-informed decisions. It also enabled them to automate processes and take advantage of new opportunities and changing market factors.

 Factors promoting the growth of durable medical equipment market include:

  • Technology and product innovations: The rapid advances in technology have increased the dependence on medical equipment to assist healthcare service providers with diagnosis and treatment. Moreover, the improvements in healthcare services will facilitate the treatment of various diseases; thereby, attracting more investors in the durable medical equipment sector.
  • Increasing competition: The entry of several private healthcare service providers in the healthcare industry spurs healthy competition for existing players and also offers several growth opportunities.
  • New healthcare delivery models: There is an increasing focus on shifting care out of hospitals and into the community. Also, patient pathways are increasingly being modified with the help of powerful analytical tools to obtain better outcomes with lesser with lesser investments. 

As the role of durable medical equipment in the practice of healthcare services is increasing, leading healthcare service providers are working on improving their product offerings through innovative designs and product offerings. Nevertheless, the adoption of new durable medical equipment continues to grow both in capability and numbers.

To know more about our strategic sourcing analysis solution

request free proposal

Related Posts:


Supply Market Intelligence Allows a Leading Durable Medical Equipment Client to Achieve Annual Savings of $17 Million

Overview of the Durable Medical Equipment Industry

Generally, durable medical equipment can be classified into monitoring and therapeutic devices, personal mobility devices, medical furniture, and bathroom safety devices. The personal mobility devices segment can be further segmented into crutches and canes, wheelchairs, and walkers. Similarly, the medical furniture can be further segmented into medical beds, stretchers, mattress, and lift chairs.

The prevalence of cancer, gynecological, ophthalmic, neurological conditions, and cardiac disorders is increasing every year. The treatment of these disorders requires surgical procedures, which increases the demand for surgical equipment; thus, resulting in the requirement of long-term care until recovery. In the case of long-term post-surgery care, durable medical equipment plays an essential role in the faster recovery of the patient. Rapidly growing demand for home healthcare industry services can also be attributed to the growing demand of this market.

However, our recent analysis of the medical devices industry shows that the durable medical equipment manufacturers are facing challenges in terms of:

  • Cost of product development: The major challenge for durable medical equipment device manufacturers is to overcome the burgeoning cost of product development. Moreover, besides technology and government regulations, companies in the medical devices industry have to evaluate new products based on its price as against factors like patient experience.
  • Localization of durable medical equipment devices: In the emerging markets, local durable medical equipment manufacturers are more successful when compared to their multinational counterparts. This is possible because the local players offer tailor-made products that are aimed at resolving the local needs and constraints. Moreover, the local durable medical equipment manufacturers often indulge in market research and leverage the benefits of local operations and a domestic sales force to bridge the gaps in the market.

Challenges such as this pose a major threat to companies operating in the medical devices industry. Supply market intelligence solutions help companies gain profound insights into the latest healthcare trends, developments, key risks, and recommendations on devising procurement best practices across the industry. request free proposalThese solutions also help companies reduce their procurement spends and offer superior product and service offerings.

The Business Challenge and Journey

The client, a leading player in the medical devices industry, specializing in manufacturing durable medical equipment was facing difficulties in managing their sourcing and procurement processes, which resulted in higher expenses. As a result, they wanted to gain a comprehensive understanding of the competitors, their products, suppliers, services, and spending patterns prevalent in the medical devices industry to cut down on their direct and indirect spends. Additionally, they also wanted to gain actionable insights on the strategies to develop a superior contract negotiation strategy.

SpendEdge’s supply market intelligence experts followed a comprehensive research methodology. The research approach included primary and secondary research coupled with qualitative and quantitative data collection procedures to help the client overcome their predicaments.

During the course of this supply market intelligence engagement, the durable medical equipment manufacturing client developed a long list of suppliers in terms of their business profile, revenue, and financial structure with the help of a robust SWOT analysis. This helped them gain an understanding of the supplier’s pricing and cost structure, which, in turn, helped them in devising a robust price model to evaluate competitors’ strategies. The engagement also helped the client cut down direct and indirect costs across their business units by establishing lean and centralized sourcing and procurement process.

Fundamental questions answered in this supply market intelligence engagement

The Results

With the help of SpendEdge’s supply market intelligence solution, the durable medical equipment manufacturing client identified the potential supply risks and enhanced their overall procurement and sourcing capability. This helped them achieve annual savings of $17 million.

To know more about our supply market intelligence solution and how it can help companies in the medical devices industry

request free proposal


Supply Chain Management Helps A Pharmaceutical Industry Client Decrease Invoice Cycle Time and Improve PO By 35%

Overview of the Pharmaceutical Industry

The global pharmaceutical industry is typically responsible for the development, production, and marketing of medications. With growing concerns pertaining to healthcare treatments, the pharmaceutical industry has witnessed a promising growth across the globe. The industry is also expected to witness a considerable growth, owing to the changing lifestyles, aging population, and unhealthy eating habits. request free proposalMoreover, the positive global influence of drugs on health, prosperity, and economic productivity is compelling pharmaceutical industry manufacturers to invest highly in R&D to revolutionize the treatment process.

However, a few factors are influencing the growth prospects of the industry. A few factors include:

  • Rising customer expectations: Today, pharmaceutical industry players need to ensure that new therapies are clinically and economic better than their alternatives. This is because the commercial environment is getting harsher with customers looking for cost constraints in the products and services offered. Moreover, the increasing incidence of illness across the globe is forcing players to deliver promising solutions with the utmost quality.
  • Policy reforms: With healthcare being the top priority of the governments across the globe, leading organizations are facing intense pressures to meet the adequate quality concerns pertaining to the products and services offered to the patients. As a result, becomes important for pharmaceutical players to ensure that they meet the regulations set forth by the governments.

Many such factors are compelling pharmaceutical industry companies to leverage the use of robust supply chain management solutions.

The Business Challenge and Journey

The client, a leading pharmaceutical industry player, specializing in a variety of innovative medicines that help treat serious diseases like diabetes mellitus, cardiovascular disease, inflammatory disorders, rheumatoid arthritis, and psychiatric disorders utilized a localized transactional process, which ultimately led to regional inconsistencies and inefficiencies. Their Purchase Requisition (PR) to Purchase Order (PO) process was lengthy and inefficient in achieving the desired turnaround time. Additionally, the client lacked visibility and the ability to measure their metrics, which prevented them from attaining global standardization.

To help the client create a centralized procurement operations center to support transactional procurement activities, the supply chain management experts at SpendEdge developed a robust market research approach. The analysis included primary and secondary research coupled with qualitative and quantitative data collection methodology.

During the course of this engagement, the pharmaceutical industry client created a centralized procurement operations center to support transactional procurement activities. The centralized center included performing change order management, generating and transmitting POs, and maintaining a functional helpdesk.  Additionally, the client developed a report and analytics support center to create proof of concept scorecards while conducting new report development. This helped them improve compliance.

Key questions answered in this supply chain management engagement

The Results

The supply chain management engagement helped the client decrease their average PO issuance time to .15 days from 1+ days. Also, the client increased production volume to 120K transactions per year, reduced invoice cycle time, and improved PO by 35%.

To know more about our supply chain management solutions

request free proposal


Supply Market Intelligence Helps a Medical Devices Manufacturer Drive Higher Efficiency and Savings

Overview of the Medical Devices Industry

The global medical devices industry typically includes durable medical equipment such as hospital supplies and medical devices that are utilized in cardiovascular, orthopedics, wound care, neurology, endoscopy, minimally invasive surgeries, audiology, anesthesia, respiratory, gynecology ophthalmology, aesthetics, and urology sectors. Over the past few years, the medical devices industry is moving away from an input-based approach to a value-and outcome-based approach. This is to provide best-in-class benefits to a broad set of population. The growth of the medical devices industry is primarily driven by increasing emphasis on quality of care and treatment, aging population, the proliferation of chronic diseases, empowered and informed customers, evolving technologies, and stringent regulatory landscape focusing on cost-containment and patient safety.

Let’s look at a few key factors that are expected to influence the growth forecasts of the medical devices industry in coming years.

  • Increased complexity of medical devices and equipment: Increasing complexity of medical devices results in complicated diagnosis and repair processes and spurs the cost of field service. This is subsequently rising the cost of training field service technicians.
  • Demanding and diverse customer base: Today, customers have more choices and are demanding better medical devices and equipment. They are also trying to get more out of their reduced capital and expense budgets by asking for higher discounts.

Many such factors are compelling firms in the medical devices industry space to leverage the use of supply market intelligence solutions. Supply market intelligence solutions help companies decrease their procurement spends and deliver superior product and service offerings to their clients.request free proposal These solutions also assist companies in gaining an in-depth understanding of the latest trends, developments, risks, and recommendations on framing procurement best practices.

The Business Challenge and Journey

The client, a leading medical devices manufacturer with operational units spread across the globe, was facing predicaments in supplier failure rate due to improper risk management planning and strategies implemented. Also, the procurement function was overloaded and focused on secondary activities rather than focusing on strategic activities. The client’s procurement team was also unable to track the performance of their goals. As a result, they wanted to improve their supplier diversity program and formulate appropriate strategies across the supply chain.

To help the medical devices client drive higher efficiency and savings, the supply market intelligence experts at SpendEdge tailored a wide-ranging research methodology. The research approach included primary and secondary research coupled with qualitative and quantitative data collection methods.

During the course of this supply market intelligence engagement, the medical devices manufacturer was able to rank their action plans, think strategically, formulate best practices, and devise new sourcing strategies across business units. Through improved portal connectivity, the client enhanced integration with their suppliers and manage indirect spend across the supply chain.

Fundamental questions answered in this supply market intelligence engagement

The Results

The supply market intelligence engagement helped the client enhance productivity and achieve tighter control and compliance across the supply chain. This helped them realize annual savings of $20 million.

To know more about our supply market intelligence solutions

request free proposal

Request free proposal

Get unlimited access to 1000+ procurement reports | Plans starting from 5,000 USD Start FREE trial

SpendEdge Logo

Hello there!

Get in touch with our experts to know more about our subscription and customized research offerings.

We help businesses engage with right suppliers, boost cost savings, develop right benchmarks, and achieve sourcing excellence.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice