LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the importance of procurement processes in the pharma industry.
Modern-day challenges such as the availability of generic drugs, personalized medicines, rising research and development costs, and expensive clinical trials are compelling companies in the pharma industry to adopt practices that can increase their profitability. With an improved procurement process, companies can boost their efficiency by reducing waste and optimizing resources. Improving procurement management can further help companies to save costs and remain competitive in the marketplace.
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At SpendEdge, we understand that procurement is not just a cost-cutting process. It possesses the potential to solve such problems while ensuring profitability. And to help you understand the importance of the procurement process in the pharma industry, we have listed out the benefits of adopting better procurement practices.
Why Should the Pharma Industry opt for Better Procurement Practices?
With innovation in procurement and sourcing process, pharma companies can achieve substantial saving opportunities. They can create innovative incentive models for suppliers and suggest ideas to reach the new market via new sales channel. Ensuring spend control and collaboration with suppliers can further help companies to create more opportunities for innovation.
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Collaboration across business functions
Business managers often tend to outsource clinical trial processes to a capable strategic partner. They feel reluctant to utilize their procurement team for such decisions. Utilizing the procurement function for such activities will help companies to find the best partner and negotiate better terms with partners. Also, it will ensure a smooth flow of operations and increase the overall performance of the organization.
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Managing indirect spend
Indirect spend categories such as IT, MRO, office supplies, travel, logistics, and marketing account for millions of dollars in pharma companies. Improving the procurement process will help companies to improve savings in such categories. However, companies need to ensure regulatory compliance and improve spend visibility to achieve savings in indirect spend categories.
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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