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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:
With a blurring of core and non-core activities and heavy margin pressures, greater off-shoring and outsourcing in niche service areas demand procurement capabilities that go far beyond traditional transactional modes of operation. Procurement functions for pharmaceuticals companies must help their organizations create Comparative Clinical and Economic Value (CCEV) that translates to concrete benefits for payers, patients and shareholders in today’s ever demanding healthcare system.
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These business cultures evolved during an era of blockbuster drugs in which cost control – especially on the indirect side of spending – was not a major priority. Pharma companies now face:
By supporting speed-to-market and ensuring high-performance and innovative channel partners, procurement teams have plenty of opportunities for contributing to future success among pharmaceutical companies. Zycus’ procurement solutions can be used to automate high volumes of operational and analytical functions, to drive better decision making and to forge more innovative and profitable partnerships with suppliers and service organizations worldwide.
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Make use of our research reports, whitepapers, webinars, and myriad procurement resources from the Zycus’ knowledge hub.
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