Best-in-Class Vendor Identification
A BioPharma Industry Solution
Because of the changing landscape in the BioPharma industry, where no one knows when, or if, the next life changing, blockbuster drug will make its way through the FDA process for final approval, organizations need to closely analyze and manage revenue and costs.
The organizations that survive and thrive in this industry know the importance of:
1. Optimal vendor selection, to ensure that engagements have the best possible outcomes and that cutting edge innovation is being shared by their respective vendor selections.
2. Wise budgetary spending, to safeguard their capital.
3. Carefully crafted contracts with appropriate Terms and Conditions included to protect their organization moving forward.
All of these components, when addressed in tandem, can have an enormous impact on a BioPharma’s financial and organizational health.
Many companies already have a “procurement process” in place.
However, in most cases it becomes easy to ‘hit the easy button.’ For example, they know that Vendor/Supplier A is very good regarding their core competencies and Vendor/Supplier A knows this as well. Unfortunately, all too often a few things happen in this case:
1. Knowing that their position will remain unchallenged by BioPharma budget holders, Vendor A fails to bring innovation and new ways of thinking forward.
2. Since they know they are a ‘preferred vendor,’ Vendor A swaps out their “A Team” consultants, for the “B Team” (and still charge the BioPharma companies the “A Team” rate.)
3. The contracts are written to benefit the Vendor/Supplier, not necessarily the BioPharma firm.
Because this is a systemic, organizational problem, BioPharma companies need to keep a very close eye on their vendor selection, budgetary spend and contract negotiations.
However, this can be a daunting task as internal teams already have tremendous workloads.
To help ensure BioPharma health and wellness, Zensights is passionate about identifying and addressing the selection of best in class vendors/supplies. After identification of the right vendors, Zensights is committed to helping BioPharma Manufacturers achieve optimal outcomes and appropriate contractual Terms and Conditions by sharing proprietary insights and forward thinking approaches to Vendor Partnership arrangements.