LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the imperative need of the procurement process in the pharma industry.
Today, top pharma companies are opting for better procurement management to save costs and remain competitive in the marketplace. They are realizing the importance of procurement and boosting their efficiency by optimizing resources. This is not only helping them to address modern-day challenges such as generic drugs, personalized medicines, and rising research and development costs but also improving the industry profitability.
At SpendEdge, we understand the role of the procurement process in the pharma industry. And to help you gain better insights, we have highlighted the role of procurement practices in the pharma industry.
Why Should the Pharma Industry opt for Better Procurement Practices?
Apart from drug innovation, companies in the pharma industry need Innovation in procurement and sourcing processes to achieve monumental savings opportunities. They also need to create innovative incentive models for suppliers to reach a new market via new sales channels.
Companies should identify all of the possible risk factors and build strategies to mitigate them before entering new markets. Request free platform access to gain market-specific insights.
Collaboration Across Business Functions
Companies often outsource the clinical trial process to a capable strategic partner rather than placing such decisions in the hand of the procurement team. They fail to identify potential suppliers and negotiate better terms. Clear procurement roles and responsibilities can help companies to find the best partner and negotiate better terms while driving the overall performance. To know how you can identify potential suppliers in the market, get in touch with our analysts here!
Managing Indirect Spend
Majority of spend in the pharma industry goes to indirect spend categories such as IT, MRO, office supplies, travel, logistics, and marketing. Despite accounting for millions of dollars, it is never tracked. Improving the procurement process can help companies improve savings from indirect spend and address regulatory requirements.
To know more about the role of the procurement process in the pharma industry, read the complete article here!
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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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