5 Roadblocks in Pharma Procurement and How to Overcome Them

Pressure to reduce costs, speed-up product launches, and deal with strict regulatory scrutiny have always created tremendous pressures on the Pharma R&D industry. However, in today's economic uncertainties, geopolitical upheavals, and disruptions in the supply chain, procurement has become a strategic partner for business leaders as they adapt to a changing world.

At the 6th Advanced R&D Procurement Summit in Boston, MA (Apr 26th-28th), senior industry leaders will discuss strategic sourcing practices to optimize spending and mitigate risks. To achieve this, you must ask the following questions and explore how to address them for your business needs and infrastructure.

Do you know your negotiating leverage with suppliers?

Are you dealing with too many vendors? Do you know how many unique suppliers you deal with, factoring in for mis-keyed entries, variations, and M&As? You need a Vendor Compression with ML-assist to normalize the supplier data and identify the best vendor with the most favorable terms for your business. 

How painful is it to classify your data?

Do you spend hours classifying your data? You need industry-specific Taxonomy defined by experts from your industry which you can customize and align to the supply markets. 

Is poor data quality, description, or conflicting data holding you back?

Do you have too many uncategorized or miscategorized items to develop good spend insights? Don't try to recategorize manually. Instead, leverage ML-based auto-categorization with your inputs to accelerate the process, increase categorization and unlock hidden spends. 

Do you have to analyze data manually to find savings? 

Are you able to analyze your data and find savings? When was the last time the rules got updated? Most products require you to locate savings yourself. Implementing automatic ML-based solutions allows you to easily learn, find, and recommend new actionable savings that keep getting better overtime. 

Are you over-reliant on a few suppliers, OR do you have too many suppliers?

Trying to narrow down suppliers by category can be time-consuming and tedious. So instead, let ML do the work and help you de-risk and find suitable suppliers.

Daitrix’s SpendAI, an intelligent spend management solution, can answer these questions for the Pharma industry and provide actionable ML-driven insights.

SpendAI has:‍

Supplier compression algorithms with ML-assist to drive your negotiating leverage and realize savings with strategic sourcing.

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• Automated Spend Categorization and Vendor Grouping to eliminate manual categorization and cut down the time to finding actionable spend insights.
• Supplier compression algorithms with ML-assist to drive your negotiating leverage and realize savings with strategic sourcing.
• Industry-specific taxonomy defined by experts from your industry which you can customize and align to the supply markets.
• ML that can learn, find, and recommend new actionable savings and keep getting better over time with more data, removing the need to manually search for savings.
• ML-driven supplier recommendation to help reduce supplier risks by eliminating over-reliance on a few suppliers or having too many suppliers.

SpendAI: The last mile in making platforms work better

You probably have many platforms that help you with sourcing and spend management. We are not one more new platform. The truth is, we don't make platforms; we make them better. We don't generate data; we make them actionable! We are the last mile that sits on the top to solve specific business problems and bring about savings.

We have helped pharmaceutical companies cut costs and reduce risks. Our clients include Fortune 5 companies to mid-sized companies. Turn the current crises into your opportunity and unlock the power of pre-built ML models to kickstart your success story with Daitrix! Reach out to us today!