Introduction
The life sciences industry has witnessed high growth in the past decade, driven by innovation of patent drugs and supportive government policies. However, decreasing R&D productivity and a spate of healthcare reforms have impacted profitability across the life sciences industry.
Given the changing market dynamics, life sciences companies are now faced with the challenges of financial liquidity due to extended timelines for bringing products to the market, tightening pricing regulations and a growing concern over protection of intellectual property. The business is becoming increasingly complex as more companies have diversified into related products as well as preempted the emerging markets. Each component of the supply chain — ranging from manufacturing to distribution — is vulnerable to all kinds of legal and regulatory risks.
As a result of weakened profitability and high risks, an increasing number of companies have shifted their focus from top-line growth to bottom-line savings. Therefore, it is imperative for procurement professionals to have an in-depth and profound evaluation of all categories of their spend.
This paper features strategies, case studies and valuable insights you can use to succeed in an increasingly challenging environment.