Strategic Sourcing For Pharmaceutical Companies
SOURCE ONE PROVIDES INNOVATIVE COST SAVINGS THROUGH STRATEGIC SOURCING AND SUPPLY CHAIN MANAGEMENT SERVICES FOR THE PHARMACEUTICAL INDUSTRY
Changes to rebates for Medicaid beneficiaries, ACA concerns, continuing budget scrutiny at organizations like NIH, increased operating costs, and reduced protection for innovative biological medicines are common concerns amongst pharmaceutical companies, on top of the day-to-day organizational issues that every company must deal with. With all of these obstacles, pharmaceutical companies are in need of effective strategic sourcing solutions that will produce valuable supplier relationships and sustainable cost savings while continuing to drive innovative product development in a competitive global market.
Over the past decade the Pharmaceutical industry has experienced a transformation, one that has shifted organizations away from maintaining a robust, internal support team to a model that has truly taken advantage of the opportunities afforded through the outsourcing of non-core activities. The pharma industry itself necessitates this, as revenue streams constantly change, as products go off patent, and as mergers and acquisitions change business objectives. Pharma procurement and sourcing teams feel these burdens as well, operating with leaner staffing models and increasing needs from the business. With little opportunity to add headcount, procurement teams are looking to third party support to meet the demands of their internal stakeholders. Source One provides creative solutions to overcome these challenges.
At Source One, we partner with Pharmaceutical companies, medical device manufacturers and other firms in the field of life sciences and bio-tech to develop strategies that optimize the supply chain while driving value and cost reductions in order to ensure a competitive advantage for our customers. We understand the complex and unique nature of the Pharma industry and leverage this to build strategic relationships that prove valuable in the long term.
Strategic Sourcing for Pharmaceutical Companies: What We Do
Strategic sourcing offers pharmaceutical companies an opportunity to evaluate the current state of their purchasing practices and use our resources to supplement internal teams with people, time, technology, and market intelligence. As one of the nation’s oldest and most esteemed strategic sourcing service providers, Source One offers innovative sourcing solutions for our clients, including numerous generic and branded pharmaceutical companies.
- Our strategic sourcing team adapts to your company’s culture, and we work seamlessly with your stakeholders and key decision makers to analyze and source pharmaceutical company spend categories.
- Our on-demand resource model is flexible and scalable, allowing us to ramp up or down depending on your strategic sourcing needs and trends within the pharma industry.
- We can offer full-scale sourcing services or can enhance segments of the sourcing process, from the data collection and supplier identification process to market assessment and contract negotiations.
- We support market research activities and can provide project management and strategy development for your pharmaceutical sourcing needs in a multitude of categories.
- Our strategic sourcing team is staffed with subject matter experts with a wide variety of individual expertise. We understand what is important to pharma clients and develop recommendations and solutions unique to their situation.
Contact us today to learn how we can work together to find the right savings solution for your pharma company.