Strategic Procurement of Pharmaceutical Industries

Abstract

Procurement is an integral process with the pharmaceutical industry and is required to meet up the organizational goals. Considering the need for procurement integration within the pharmaceutical industry, the companies aim at integrating the essentials of technological innovations to substantiate the process of procurement and strategic sourcing. The current research paper aimed at unfurling the complications of global procurement strategies and processes within the pharmaceutical industry. The literature review of the research includes information about the challenges and solutions of strategic sourcing in the pharmaceutical industry. The study follows a mixed method of analysis by conducting survey questions and interviews on the selected samples, who belong to the pharmaceutical sector. The findings of the study show that there has been manifold variations and innovation within the pharmaceutical sector. The challenges include issues of illegal trading of unauthorized drugs, shortages in drug supplies due to the decisions of the manufacturers, and decentralization of the supply chain and procurement process, and lack of adequate visibility. The possible solutions include recommendations to integrate disruptive technologies of RFID for greater visibility and centralization of the supply chain and sourcing process.