Globalization, price pressures, payer restrictions, and emerging markets make it imperative for pharmaceutical companies to maintain a competitive edge in the industry. Pharmaceutical businesses should take a proactive approach towards compliance while responding to market dynamics to address the complex business challenges.
PRM360 offers a complete suite of procurement and strategic sourcing solutions to help pharmaceutical businesses capitalize on purchasing and supply chain operations opportunities. Our solutions improve visibility and control over the processes while addressing the critical challenges faced by the pharmaceutical industry. PRM360 features robust capabilities that can help pharmaceutical companies effectively manage the supply chain activities end-to-end:
Spend Analytics can help you gain control over indirect cost categories such as marketing, MRO, and R &D to understand average cost per molecule and manage the global income profitably.
eSourcing tools can help discover offshoring and outsourcing opportunities, gain oversight of suppliers, and facilitate cross-functional operations.
Contract Management services can drive collaboration in contracting while allowing for improved data security, system access, and compliance across multiple and diverse frameworks.
Supplier Management solutions can manage portfolios of supplier alliances and help achieve cross-functional supplier management while enforcing security checks against third-party codes of conduct.
Financial Management can address procurement challenges from top-to-bottom level and effectively manages increasing costs, downward pressures associated with the pharmaceutical industry.
Price fluctuation is very common in the procurement industry. With evolving market conditions, the price of supplies and goods may increase or decrease with time. PRM360 dynamic Pricing enables suppliers to monitor the changing fares in real-time constantly. You can get automatic notifications on the price change to make informed decisions about the purchasing process, which will leave you scope for price negotiations, and you can forecast the budget better.