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.
Companies of today are opting for better procurement management to save costs and remain competitive in the marketplace. Procurement not only enables to cut cost but also reduces and optimizes resources, thereby boosting the efficiency of the pharma companies. Moreover, it helps the firms to address challenges such as the demand for generic drugs and personalized medicines, rising research and development cost, and expensive clinical trials while improving the profitability.
Wondering how effective procurement practices can reduce the cost of expensive clinical trials and improve industry profitability? Request a free brochure to gain insights into our customized solution portfolio.
SpendEdge offers customized procurement market intelligence solutions to help companies across various industries stay informed, mitigate different types of procurement risks and gain a complete picture of the supply market. Our solutions help procurement and sourcing professionals to gain actionable insights for better decision making.
Why Should the Pharma Industry opt for Better Procurement Practices?
Driving innovation
Innovation in procurement and sourcing processes helps companies to realize savings opportunities. It allows the creation of innovative incentive models for suppliers to reach new markets via new sales channels. Ensuring spend control and collaboration across divisions with the supplier network also helps companies to create more opportunities for drug innovation.
Want to know how you can new supply markets and identify new sales channels? Reach out to our experts for specific insights.
Collaboration across business functions
Business managers often look to outsource the process of performing clinical trials to a capable strategic partner. However, they do not prefer to rely on procurement teams for such decisions. Taking insights from the procurement team allows companies to find the best partner and negotiate better terms that can drive the overall performance as well as the output.
Evaluating potential suppliers and developing negotiation strategies is imperative for companies to drive their overall performance. Request free platform access to gain accurate insights.
Managing indirect spend
Indirect spend categories such as IT, MRO, office supplies, travel, logistics, and marketing account for millions of dollars. Such spends can be saved by implementing procurement best practices. Pharma companies can also improve savings from indirect spends and meet regulatory requirements by improving the procurement process.
To obtain more information on procurement in the pharma industry, request for more information from our experts now!
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