Purchasing Services for Life Sciences

Although procurement is not always a core competency within a business, it is one of the most demanding aspects of any business. If a business’ procurement processes are ineffective, research and production can be brought to a halt. Even worse, the company could end up not being profitable. This is why outsourcing procurement should be a serious consideration for all businesses. On top of expediting purchasing processes and getting the best deals, outsourced procurement can save you money. Below, we have highlighted three ways outsourced procurement saves businesses money. 1. It allows staff to focus on research and product development Many companies, specifically startups, and smaller companies, will task particular employees with procurement responsibilities. Often, startups and smaller companies do not have the resources to create procurement departments or to hire dedicated procurement employees. Even if they do, they usually don’t have the in-house knowledge to properly ov

In an ideal world, biotech organizations would have full–service purchasing and AP departments. In reality, most of the emerging biotech startups have scientists and a small administrative staff to handle purchasing and accounting, taking time away from the core operational work and vital research in the lab. Outsourcing these functions to a professional consultancy can help streamline the procure-to-pay process, improve operational efficiencies, and accelerate research and development. Increase Operational Efficiencies Biotech organizations operate in a dynamic environment influenced by unique challenges and opportunities. Procurement is a team effort that involves various departments including scientists, purchasing and finance professionals. To reduce costs, many startups and emerging companies rely on scientists and lab managers to procure essential supplies required for research. Tasks such as creating supplier accounts, getting approval from managers, finding quality prod