Supplier Diversity is not just a social obligation

In general, there wasn't much emphasis on supplier diversity at least until a decade ago. However, with rising awareness of Corporate Social Responsibility (CSR), companies are consciously making a choice to engage with establishments that are minority-owned, women-owned, LGBT-owned and so on.

Pharmaceutical companies, too, are increasingly looking to engage with diverse suppliers as part of CSR activities, and the category spend on such suppliers is also increasing to an industry average of about 10-15% of total outsourcing cost, according to Beroe analyst Meenakshi L.

Lately, supplier diversity is not just being seen from the CSR ambit; instead, there is increasing evidence that diverse suppliers could contribute to the success and timely completion of clinical trials, Meenakshi said.

There are challenges that remain to be addressed though. They range from quality issues to scalability.

The diverse supplier landscape for pharmaceutical services is also experiencing growth. At the same time, diverse suppliers have begun to address issues relating to quality as well as scalability.

Diverse suppliers can also bring in benefits such as better patient recruitment and retention, faster and cost-efficient clinical trials as opposed to mere tax credits.

Meenakshi's webinar, scheduled for May 21, will throw light on how procurement of pharmaceutical services from diverse suppliers has evolved in the past few years.

The focus will be on innovation in procurement as well as on mitigation of challenges arising from engaging with a small diverse supplier.

Key Takeaway

- Supplier Diversity in pharmaceutical services

Supplier diversity in pharmaceutical services, current scenario in supplier landscape
Benefits and Challenges; how to mitigate potential risks

- Access to potential buyers

Traditional practices versus innovative approaches