In the pharma industry, the percent of spend managed by procurement is lower than most. Procurement controls about 58 percent of the spend in the pharma industry, versus 82 percent on average.
For suppliers, this is an important number! There is money out there to be spent, but it won’t make it to your company unless you have a way for clients to find you. Existing setups like procurement teams and platforms are not going to cut it if you want to boost those figures.
Enter the supplier search engine.
According to Accenture, pharma industry procurement lacks in indirect spending. This means information technology, marketing and research, and development, among other areas. Direct spending is where a lot of pharma industry procurement goes (that’s raw materials and production).
If you supply services and products that fit into the indirect spending area, you have a particularly good opportunity to get your name out to buyers. Our supplier search engine is an innovative method of cutting to the chase. Instead of having to hunt down buyers or hope that they find you through your own marketing or word of mouth, you can simply make your details available, exactly where buyers are looking.
The same Accenture study shows that procurement is growing more and more important, as it helps pharma industry companies become efficient, innovative, and higher performers. Having access to the right supplies and services, when they are needed, is key to success.
What happens when, on the opposite side, procurement goes wrong? Check out the stats from this joint study by the Pew Charitable Trust and the International Society for Pharmaceutical Engineers. It turns out that pharmaceutical companies who fail to mitigate supply risk through good procurement practices cost the healthcare system $230 million and create drug shortages. Obviously, this is bad news for everyone from pharmaceutical companies to patients.
As a supplier, you can help the entire industry by making your products and services available and easy to find. Our supplier search engine is the ideal way to get your name out to people who want the reliable, ready, and proven products and services your company is offering.
There is an untapped market just waiting for you to explore. Connect with us and we will help you get started today!