Procurement and sourcing are rapidly evolving to become much more strategic, with a greater ability to significantly impact operational health. In response to this growing opportunity, existing processes must be reviewed and, if necessary, streamlined. Processes that are too time-consuming or inefficient could delay the creation of value for internal stakeholders seeking strong supplier options.
A Survey of 40 executives who attended the ProcureCon Pharma conference in November of 2015, along with a series of supporting interviews conducted by ProcureCon, provides a close look at procurement and sourcing in Biotech and Pharma companies, specifically focused on the supplier discovery process.
It is clear that current processes for identifying and vetting suppliers need to be improved and accelerated, and the stakes and dollar amounts are high. Since the total potential impact of procurement and sourcing is tied to the capabilities of the suppliers invited to compete for business, any technology put in place must be both intuitive and collaborative.