Understanding How Pharmaceutical Procurement Leaders Operate

Posted by AmandaTom on January 27th, 2013

Pharmaceutical obtainment requires strategic planning and the procurement leaders define their operational path based on their strategic objectives. One should understand that the procurement process is very complex having multiple steps and the procurers need to play in compliance with the government rules and health policies as well as need to adhere to the WHO (World Health Organization) guidelines. Public sector medicine procurement should be done in compliance with the local and international market rules and policies. Many countries in the world are shifting from public funded pharmaceutical acquisition and distribution chain management to privately controlled medicinal drug procurement systems. The market leaders have adopted various strategies of late to become highly instrumental in the public sector drug procurement. Here below are the procurement best practices that are considered standard and most effective in the present market scenario.

Procure the cost-efficient drugs in adequate quantities

The procurement leaders always prepare and extensive list of drugs that need to be procured from local and international pharmacists. This is essential for proper supply chain management and the market leaders procure the drugs from the market in right quantities. They also look for the best competitive prices and acquire the drugs after careful consideration of the prices and composition. They put additional emphasis on drug stock management.

Choose the trustworthy suppliers only

The market leaders are also very selective when it comes to procuring drugs from the suppliers. There are many counterfeit pharmacists out there who should not be trusted at any cost and the market leaders take no chances in this regard. They have their own quality assurance programs that are very effective for ensuring the quality of the drugs supplied by the pharmacists. Only the most trusted suppliers get the contracts from them. It is one of the procurement best practices.

Distribution management

One of the prime concerns of the pharmaceutical procurement leaders is how the drugs will reach the consumers and whether the available drugs can be distributed to the healthcare centres and medicine shops in time and in adequate quantities. They lay emphasis on distribution and supply chain management. These are some operational principles every procurement company should follow religiously.

Cost management

This is another crucial part of pharmaceutical procurement. If you have a medicinal drug procurement company, you must look for the lowest possible cost of the drugs since you are buying these drugs in bulk. You should know the actual price of the medicinal drug and the hidden costs as well. You should know what are the distribution costs and other costs as well. If you can prepare a complete cost-chart, you can definitely manage your procurement business in a smart manner. You should know from the market leaders the procurement best practices and the suggestions furnished here are just a glimpse of what the leaders are thinking.

The procurement leaders always follow these best practices and operate after strategic planning only. In other words, pharmaceutical acquisition is more complex than any other supply or distribution chain management. If you are a newbie, you should attend seminars and conferences and should do extensive research to know the procurement best practices before you set your first foot forward.

The pharmaceutical procurement leaders will meet and speak at the Pharmaceutical Procurement Strategy Event to be held on 19th March 2013 through 20th March in Zurich, Switzerland. If you want to know the procurement best practices, you can register your name.