With expiring patents, proliferation of generic drugs, rising requirements for investment in R&D and marketing and huge pressure from governments and health insurance companies to reduce end-market prices, there is enormous opportunity for procurement to increase its contribution to sustainable business performance improvement.
Procurement professionals in the pharmaceuticals industry can proactively drive value-creation by: Seeking and capturing supplier innovation from the earliest stages of research and development all the way through healthcare delivery; Building collaborative, high performance partnerships with Contract Research Organizations (CROs) and other third-party providers of high-end technical and scientific services and Bringing the same measures of procurement discipline to indirect spending as they have often achieved with direct categories.
Hence Nitin Konde of BioSpectrum India spoke to procurement managers at leading pharma /healthcare companies about the current challenges they are facing and key elements to be a successful. Read their views:
