Originally Published on: SpendEdge |Best Ways to Evaluate Suppliers in the Global Active Pharmaceutical Ingredients Market
Establish effective sourcing and procurement models to ensure that API suppliers meet rigorous quality standards and comply with regulatory requirements. Sourcing advisors play a crucial role in identifying, evaluating, and ensuring supplier compliance through audits that uphold industry standards.
Develop impactful procurement strategies focused on acquiring high-quality APIs while giving priority to regulatory compliance and sustainability. Conduct regular sustainability audits to drive environmental performance improvement among API suppliers.
Proactively manage risks by implementing strategies like Low-Cost Country Sourcing (LCCS) or Best Cost Country Sourcing (BCCS) for API procurement. Conduct comprehensive evaluations considering various factors, including production expenses, transportation costs, product quality, and labor availability, to determine the optimal sourcing destinations.
Illustrating our success story, our expertise significantly aided a German pharmaceutical company facing challenges with delayed API deliveries and regulatory issues. Through rigorous supplier audits and the identification of reliable alternative suppliers, we successfully mitigated challenges, ensuring strict adherence to international quality standards and elevating the company's reputation and market position.
