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Life Sciences Procurement Challenges & Trends: Imperatives for CPOs in 2023

May 02, 2023

AUTHOR(s)

Custom Research by ISG

The life sciences industry has made remarkable progress in personalized medicine through precise diagnostic and prognostic tools that were once limited to consumer electronics. Procurement and sourcing have been crucial components in this transformation. However, life sciences organizations face new supply chain and procurement challenges.

As a recent ISG study of Fortune 3000 life sciences procurement leaders emphasizes, life sciences supply chain challenges are unique. Procurement leaders in this industry (64 percent) are most concerned with ensuring supplier diversity while maintaining reliable and sustainable supply chains. On the other hand, procurement leaders in other industries are more worried about labor cost inflation and rising wages.

To continue advancing personalized medicine and devices, life sciences procurement leaders must supplement their existing agenda with new responsibilities, metrics and accountabilities while adhering to the corporate agenda. Digital procurement leaders are responsible for traditional year-over-year savings. They must also be accountable for other metrics that reflect the financial health, market presence and social-economic stewardship of the company. They require reliable procurement spend data and market intelligence to fulfill their responsibilities effectively.

To keep pace with technological advancements in medicine, procurement leaders must source raw materials such as cell substrates, tissues and fluids used in biotechnology innovations for diagnostics and therapeutics. The practicality and ubiquity of wearable and implantable medical devices have improved the quality of life, enhanced biological performance and honed medical predictability. Patient engagement has become more comprehensive and omni-channel, providing new ways of working alongside new scientific developments.

This custom research by ISG, commissioned by WNS, puts the spotlight on the following aspects:

  • Life sciences procurement trends and challenges in 2023
  • Technological and service-based solutions that can help organizations realize value and achieve their objectives


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