Pharmaceutical Forum Newsletter
Pharmaceutical Forum Newsletter
Non-Traditional Metrics This past March, The Pharmaceutical Forum spent considerable time researching and discussing alternate metrics that would help to better highlight the value that we as procurement professionals help to create for our organizations. While traditional measures such as cost savings and spend under management are not about to go away anytime soon, they do not reflect the complete spectrum of value that the procurement function realizes. Teaming with CAPS and its Pharmaceutical Industry Advisory Committee, as well as our own member companies, we are challenging ourselves to develop these “new” metrics that will capture other dimensions of the value that procurement can create in an organization. Once such example of a non-traditional metric discussed was in the area of innovation. With outsourcing of critical operations and non-core technologies increasing, innovation is still critical to the future survival of many pharmaceutical companies and an excellent example of an area in which a good, solid procurement organization can contribute too. By analyzing the marketplace properly, and assessing and selecting suppliers/partners effectively, Procurement can take a leading role in developing critical suppliers which bring innovative technologies, methods, and expertise that will ultimately add to the efficiency and efficacy of drug performance and delivery. Because such improvements tend to lead to top line growth, but such revenue impact has not traditionally been a standard procurement metric, the impact of supplier innovation driven by procurement tends to get lost. The Pharmaceutical Forum continues to investigate and test drive such metrics, like those for innovation, through collaboration, benchmarking, and old fashion trial and error. By augmenting existing metrics, a better, more accurate picture of the various value drivers that can be realized begins to form. The search for ‘new’ metrics is a small piece of our effort to quantify and emphasis the positive contribution procurement brings to our organizations. Strategic Sourcing Summit & Showcase 2010 New Jersey The Pharmaceutical Forum will again join forces with the Chemical Group and the Supply Management Committee from the Drug, Chemical and Associated Technologies organization to present the annual Strategic Sourcing Summit & Showcase. This two, half day event will be held November 3rd & 4th at the Hyatt Regency Hotel, New Brunswick, New Jersey. The collaborative Summit committee is working to finalize both the content and speakers, so save the date and visit www.dcat.org in the near future where the finalized program details will be posted. Spotlight on ISM Pharmaceutical Forum, February 2010 Pharmaceutical Forum Activity Members of the Pharmaceutical Forum represent mid-to-large size pharmaceutical/biotech companies and meet at least three times a year. The Pharmaceutical Forum last met in November while participating in the Strategic Sourcing Summit and Showcase in New Jersey. The meeting focused on our endowment strategies and culminated in a plan to fund an additional endowment at Rutgers University. The Rutgers endowment will be the fourth that the Pharmaceutical Forum has funded in the past eight years, joining Arizona State University, North Carolina State University, and Bowling Green State University. The Pharmaceutical Forum recognizes these universities as having established leading edge programs in supply management and in developing young leaders within the profession. The Pharmaceutical Forum welcomes CAPS Research and their Pharmaceutical Industry Advisory Committee to our March meeting. The meeting will focus on developing and evaluating industry specific benchmarking surveys to support data collection on industry best practices. The collaborative relationship between the Pharmaceutical Forum and CAPS Research has long provided thought provoking discussion and insight into leading edge practices and these meetings are amongst the best attended each year. Strategic Sourcing Summit & Showcase 2010 The Pharmaceutical Forum, along with the ISM Chemical Group and the Drug, Chemical, and Associated Technologies (DCAT) organization, will present its 9th Strategic Sourcing Summit & Showcase on November 3rd & 4th, 2010 at The Hyatt Hotel, New Brunswick, New Jersey. Our program, Forward Thinking Sourcing, is designed to help supply management professionals of all levels to take a proactive approach to sourcing and procurement strategy development in order to increase collaboration thus innovate and differentiate so that you can transform the way your company delivers value! Nearly 200 leaders in supply management attend this annual event to learn and share best practices and current trends as they apply to the pharmaceutical, generic, biotechnology and chemical industry. This year’s event will again include a CPO roundtable, which is hands-down the most popular segment of the Showcase. Keep an eye out in the calendar section of the ISM Web site as well as DCAT for details and registration. Endowment/Scholarship Activity The Pharmaceutical Forum strongly believes that in order to advance the profession, strong educational curriculum is required to assist young leaders whom aspire to enter and positively impact the supply management field. In addition to the additional endowment at Rutgers University that will be funded this September, the SDPF Sub-Committee awarded a minority business scholarship to Jeremiah White, of Osiris Group. Mr. White attended the Tuck Executive Program, Tuck Business School at Dartmouth. This scholarship is the result of the SDPF outreach goals designed to enable MWSBE company’s access to valuable education to assist them in advancing and growing their business. Supplier Diversity Subcommittee Activity The Supplier Diversity Pharmaceutical Forum (SDPF) is a sub-committee of the Pharmaceutical Forum. This group is comprised of supplier diversity professionals from the pharmaceutical industry and meets several times per year at various locations throughout the U.S. The SDPF Sub-Committee’s mission is to benchmark best practices of supplier diversity programs among pharmaceutical peers and across different industry groups, and to provide outreach support to small, minority, veteran, service-disabled veteran, women, HUBZone and disadvantaged businesses. The SDPF continues to be active in diversity related events. In February, The SDPF sponsored as well as participated in the Power-to-Business Conference presented by the National Association of Women Business Owners of Ventura County and hosted by Amgen. Members of the SDPF joined with diversity suppliers in programs designed to raise awareness in areas such as the certification, productivity, financing, and IT security issues. Just this past May, the SDPF sponsored the Diversity Alliance for Science (DA4S) Conference, held in Newark, New Jersey. Several SDPF members presented at the conference which is designed to raise awareness as well as share challenges, antidotes, and best practices in diversity programs and supplier relationships specifically related to the life sciences industry. Active participation in events such as these help to broaden the SDPF reach in educating and on-boarding new suppliers. HOME |