Pharmaceutical | Paramount Technologies

PHARMACEUTICAL

In the United States, the pharmaceutical industry consists of about 2,500 places of employment, located throughout the country. These include establishments that make pharmaceutical preparations or finished drugs; biological products, such as serums, bulk chemicals and botanicals used in making finished drugs; and diagnostic substances such as pregnancy and blood glucose kits. The industry is heavily regulated to safeguard the population against sub-standard drugs and unfairly priced goods.

As the pharmaceutical industry is striving to implement more effective R&D initiatives, companies are looking to their procurement groups to reduce costs and increase efficiencies in order to propel their company forward in a challenging economy. In an effort to do so, pharmaceutical companies are increasing the level and scope of outsourcing, adding complexity when dealing with large suppliers that cross multiple verticals within procurement. At the same time, the down economy has increased concern over the financial solvency of suppliers which has a direct impact on the overall business continuity of the supply chain.

How Employee Workforce Automation Can Help

Paramount’s WorkPlace Suite allows pharmaceutical companies to automate and streamline every step in the procurement process; from requisitioning to PunchOut to invoice matching and payment. Procurement professionals can source more categories, build closer relationships with key suppliers, and negotiate more advantageous contracts. Whether for purchasing strategic items such as packaging, capital equipment, and intermediate and specialty chemicals, or for non-strategic products and services such as lab supplies, temporary labor, and marketing materials, Paramount Technologies WorkPlace enables companies to realize significant process efficiencies and obtain better prices, reducing materials costs by as much as 15 percent.

Ability to track requisitions against budgets, receive warnings if over budget and route for approval based on a requisition line item exceeding the budget
Robust approval process that allows routing to an unlimited number of approvers based on criteria such as $ amount, department, GL Account, etc. and allows the items to be fully approved before creating a purchase order
Powerful, easy RFQ capability whereby requisitions can be sent to multiple vendors with an email notification, vendors can complete quotes online, and all quotes can be reviewed and awarded based on defined criteria
Ability to track requisitions against contracts that have been established with vendors and enforce special pricing that has been negotiated with the vendor
Documented auditable process