ProcureCon Pharma US 2017

October 24 - 26, 2017

Westin Philadelphia, PA

Contact Us: 1.888.482.6012

Procurement’s Impact on Pharma in 2016

Procurement’s Impact on Pharma in 2016Procurement’s Impact on Pharma in 2016
After several months of market research, we found that many pharma
companies lag behind their peers when it comes to modernizing the 
procurement function. 

In our report titled, “Procurement’s impact on pharma”, you’ll see
some of the ways pharma companies are looking beyond 2016 to transform their procurement teams.

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Executive Summary

Within the highly regulated pharmaceutical industry,pipeline activity is fueled by M&A and drug development. This process is drawn out by lengthy phases of research and discovery as well as risky clinical trials. For pharma companies (and by extension of their procurement teams), R&D activity is the biggest category of indirect spend. Despite this, procurement on a companywide basis is further complicated by the lack of procurement knowledge scientists have – they aren’t looking to save money, when looking at the big picture of drug development.

After several months of market research, we discovered that pharma companies are behind when it comes to modernizing the procurement function. In fact, many companies are relatively new to looking at procurement in a broader, more strategic way. Companies are slowly
beginning to realize how the department/role realistically brings value to the business. With that said, procurement can generally add more value to the bottom line faster than any other department as they are directly responsible for the products, processes and services that are critical to organization success. Going forward, you’ll want to establish and develop your procurement department – success is critical in today’s market as the era of blockbuster drugs is over. Now is the time to place emphasis on becoming a cost saving center through
advance analytics and crucial supplier management techniques to ensure sourcing success.

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