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Logistics procurement in the pharma business works as an internal part, guiding the business to the best innovation options.
FREMONT, CA: The modern-day pharma business has to tackle a lot of challenges right from generic drugs, personalized medicines, increasing research, and development cost to expensive clinical trials. Enhancement of the procurement process in pharma logistics can solve major roadblocks and improve business profitability. Opting for improved procurement management can help cut costs and remain competitive in the marketplace. Procurement is not merely a cost-cutting tool. With procurement, by reducing waste and optimizing resources, pharma companies can greatly boost their efficiency. Read on to know more.
Innovation in logistics procurement and sourcing processes could lead pharma firms to achieve monumental savings opportunities. For example, successful pharma businesses can create innovative incentive models for suppliers to suggest innovative ideas on ways to reach the new market through a new sales channel. By ensuring spend control and collaboration across functions with their supplier network and internal stakeholders, pharma companies can create more opportunities for innovation. Additionally, clear procurement roles and responsibilities are a must to ensure a smooth flow of operations.
A large majority of spend in a pharma company goes to indirect spend categories such as IT, office supplies, travel, logistics, and marketing. Such spending account for millions of dollars that could be saved with a better procurement process. By enhancing the procurement process in the pharma industry with strict policies, proper tools, and offering full spend visibility, pharma companies can accelerate savings from indirect spending and strike a balance with regulatory compliance.
Collaboration with external players, leveraging on their expertise, can also lead to advanced ways to procure pharma logistics. The upcoming trend of personalized medicine, where there are no clear answers as to how these products will be shipped safely, will need new, advanced solutions. At this juncture, a strategic procurement process will be much more than strategic purchasing. The whole process will have to happen much earlier with the development of partnerships with key logistics suppliers. All logistics procurement methods follow tight legal frameworks to make sure that all standards are being met and quality in the selection process is in place.
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