With average drug development costs sitting at $2.6bn and returns on R&D as low as 1.8% in 2018, the old model for innovation is no longer effective. A new science era of complex biopharmaceuticals and precision therapies is pushing big firms to look externally for innovation from smaller more specialised sources, creating highly complex supply chains. In fact around 74% of all recent NMEs were sourced from smaller external sources. These supply chains are inefficiently run, and their resources and capabilities are under-utilised.
"Big pharma companies admit to lacking visibility, control and standardisation when it comes to their supply ecosystems." - Accenture
The under-utilised resources and expertise of the supply chain have great potential for generating value in the future. The formation of long lasting, collaborative partnerships (relationships) that drive efficiency gains and promote innovation will enable enterprises and their suppliers alike to tap into this value.
Sitting at the interface of these partnerships is the procurement function. A team that understands the supplier, is skilled in negotiating and effective at sourcing. Procurement possesses the necessary capabilities to nurture productive collaborative, innovative supplier partnerships that actively contribute to top-line growth.
Industry leaders understand the need for change. They know the importance supplier collaboration for the future of innovation, and are aware of procurement’s potential to aid this. However, few are taking steps to imbed a procurement driven SC&I program into their corporate strategy.
This disconnect exists due to a lack of a simple, viable solution creating a culture that is resistant to change. Vizibl is the solution - we help bridge the gap between understanding and action, overcoming corporate inertia and transforming idleness into activity.
Vizibl gives you an intuitive, easy to use cloud-based platform that underpins your supplier collaboration program. It’s simple to get started; no hardware, no installation, and you never have to worry about maintenance or upgrades. Change is happening at speed, contact us to see how Vizibl can solve your supplier collaboration and innovation efforts.