Why Pharma Industry Needs to Take "China Plus One" Strategy Seriously?
05 Sep 2023
SpendEdge Helps An American Pharma Enterprise Savor Early Fruits of a China Plus One Strategy
NEW YORK, Sept. 5, 2023 /PRNewswire/ -- SpendEdge, a global leader in procurement market intelligence space recently connected with a North America-headquartered pharma company with a significant dependence for dose manufacturing and packaging from vendors in eastern China.
However, since the onset of the pandemic, there are a few disquieting questions about the continued feasibility of China as a single country source for drug development and production. For one, Covid lockdowns put the brakes on Chinese manufacturing, and domestic demand for medications moved the industry's focus in that direction, leaving MNC pharma players scrambling for alternative sourcing destinations.
Game-Changing Solutions:
After understanding the extent of the client's challenges, the SpendEdge team of procurement experts decided to carefully study the intricacies of each requirement and create bespoke solution to suit the scope of the client's business model.
As per the procurement leader, their experts performed an in-depth assessment of the potential risks and limitations an exclusive China-centric sourcing policy is prone to. Furthermore, their teams looked over the sourcing best practices of peer groups to get an under-the-bonnet view of their sourcing markets with all their pros and cons. The experts were able to give the client a measure of how various "China Plus One" opportunities (e.g., India, Vietnam, Thailand, Malaysia, and Indonesia) stack up against one another.
At the end of a month-long grueling study, experts identified a short list of the top-three most attractive "China Plus One" sourcing destinations, further broken down by key considerations like supplier availability, capacity, quality, pricing, and political stability for each destination. As a next step, they assisted the client's procurement team in identifying the top 10 suppliers in each location, further detailing their capacity, market credibility, pricing, as well as certifications and qualifications. At the moment, the client's negotiation with tier-1 suppliers in a "China Plus One" market is in advanced stages.
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About SpendEdge:
SpendEdge is a global leader in procurement market intelligence space acts as strategic partner to over 200 global procurement organizations delivering insights on category landscape, supplier identification, negotiation strategies, price benchmarking, cost modeling, sustainability practices, and more.
Over the past 2 decades, SpendEdge has worked with procurement organizations across regions, of varying sizes and belonging to several industries. They have helped their clients solve procurement problems of varying complexities. Going above and beyond, the organization heads to the best possible extent using different methodologies to deliver timely and actionable recommendations to support decision making.
SOURCE SpendEdge
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