Today, we can see an increasing trend amongst top companies opting for better procurement management to save costs and remain competitive in the marketplace. Procurement is more than just a cost-cutting tool. By reducing waste and optimizing resources, pharma companies can significantly boost their efficiency.

For many of these companies, efforts are focused on areas such as R&D, sales and marketing. It makes sense – these are the functions that support their broader corporate strategy and secure new revenue streams. However, procurement can also play a strategic role in business growth.

Many trends are shaping the future of the pharmaceutical industry. An aging population in developed countries, the emergence of new markets, and the development of new therapeutic applications are creating opportunities for growth. On the other hand, expiring patents, increased payer involvement in controlling pricing and greater regulatory restrictions are few of the many challenges pharma companies face today. The net effect of these trends is leading many large and mid-sized pharma companies to refocus on their core business and re-evaluate how they approach R&D, sales and marketing, and their product portfolios.

In this business environment, creating efficient operations and capitalizing on cost savings are a distinct competitive opportunity. Indeed, over the past two decades, pharmaceutical companies have found efficiencies and savings in their procurement operations through a variety of methods. Outsourcing of internal procure-to-pay (P2P) processes and a greater emphasis on strategic sourcing are just two ways in which pharmaceutical companies have been using internal procurement operations to impact the bottom line. Whether your organization is a large-sized pharmaceutical company looking to enhance its procurement operations or a mid-sized pharmaceutical company looking to implement world-class sourcing strategies, Equip Up Store Solutions can help.

EquipUp addresses these challenges by:
Working closer with top suppliers
Maximizing return on material and service investments
Developing consistent data tracking

At EquipUp, the future of sourcing and procurement centers on building generalist capabilities to match the expertise of specialists running the business or clinical enterprise of our clients.  “We are looking to retain the flexibility of a small, good consultant, along with specific skills like negotiation and project management; supplier ID; and strong data analytics, especially in modeling different scenarios using a simple spreadsheet template, where you can change certain variables to anticipate a potential supplier’s position and thus develop the right response for the business.”