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Key Strategies to Achieve Procurement Excellence in the US Pharmaceutical Industry | SpendEdge

September 4, 2019 Off By BusinessWire

LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on strategies to achieve procurement excellence in the US pharmaceutical industry.

Achieving procurement excellence has become a daunting task for companies in the US pharmaceutical industry. The increasing complexity of the pharmaceutical supply chain, constant supply chain interruptions, unexpected expenses, and quality control issues have made the procurement process extremely challenging for companies. They need to develop effective strategies to address such procurement challenges. Companies also need to improve supply chain efficiency to gain a competitive advantage in the industry.

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At SpendEdge, we understand that achieving procurement excellence is vital for companies to ensure sustainability. Therefore, we have outlined key steps to achieve procurement excellence in the US pharmaceutical industry

Steps to Achieve Procurement Excellence in the US Pharmaceutical Industry

Understand Regulatory Requirements

Apart from the Drug Enforcement Agency (DEA), there are numerous laws set by US agencies regarding the import of pharmaceutical drugs. Companies must identify such laws and navigate the nuances to minimize non-compliance issues, unexpected delays, and excess spend. In the majority of cases, a thorough understanding of regulatory requirements can avoid regulatory issues.

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Break silos

Procurement is still considered as a support function rather than an integral part of the business, especially for complex categories such as clinical trial sourcing and production equipment purchasing. Managers feel reluctant to rely on procurement departments for any major decision. Companies need to break such silos and define procurement roles to select the best partners for their business needs.

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Manage Quality

Quality is one of the key factors for companies to sustain in the US pharmaceutical industry. Organizations must improve supply chain visibility and perform quality assurance checks while complying with American National Standards Institute guidelines.

To know more about the effective procurement strategies, Request more information from our experts now!

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

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