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Advice You - Professional Buyer's Use of Reverse Auctions
Some professional buyers are still wondering why they should take advantage of reverse auction technology. It is true that some items are not good to reverse auction, but some are very good opportunities for reverse au
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ction. This article will give a brief look into the top five buyer rewards for using reverse auctions and how the buyer and their company can be more successful.
First and foremost, reverse auctions are used to get th
First and foremost, reverse auctions are used to get th
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
best available market price at the time of the bid. In many instances, a reverse auction will result in a lower price paid than traditional sealed bids or negotiations. While savings are sometimes difficult to accu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rately measure, and while some costs are “hidden” (supplier change costs, set up charges, etc), companies employing this technology in properly conducted reverse auctions are experiencing often 10% or more real cost sa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ings. Whether you use the last actual price paid or bid price reduction, you can accurately track, report and post the results to all interested parties within minutes after the event is complete.
This leads us into t
This leads us into t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he next buyer reward which is process improvement. It is true that it may take more time to put together a reverse auction bid, but this preparation brings about a disciplined, thorough, and fair bid process and ultima
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ely better supplier selection decisions. Reverse auctions require special care be taken to write accurate specifications and evaluate the true historical spend information which enable you to better forecast your dem
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
and to potential vendors. This process discipline will improve your productivity for future competitive bids because you will have quick access to the information in the future. Reverse auctions reduce the negotiation
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
time from weeks to minutes. The cycle time is shortened which, in turn, will reduce costs and improve efficiency for both buyer and seller. In addition, you will be able to easily duplicate the bid package if you would
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
like to run similar reverse auction events in the future.
Another reward for buyers is bid transparency. Reverse auctions can be used as a transparent reporting tool for all bids accepted. This works especially well
Another reward for buyers is bid transparency. Reverse auctions can be used as a transparent reporting tool for all bids accepted. This works especially well
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
n the public sector where every penny is tracked and monitored. Online bidding systems can usually save all data for quick report generation at the click of a mouse. If needed, the live event can be viewed in real tim
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
by any interested parties from any internet connection or on a viewing screen in a conference room. Most reverse auction systems are web-based, allowing interested parties to log into the system and watch the event l
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ive from their desktops.
The next buyer reward is increased organizational competitiveness. When you reduce costs and improve productivity, you make your company more competitive and therefore more able to attract an
The next buyer reward is increased organizational competitiveness. When you reduce costs and improve productivity, you make your company more competitive and therefore more able to attract an
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
retain customers who seek price reductions. Streamlining your procurement process through online competitive bidding methods, such as reverse auctions and eRFX, will benefit your organization and your career. When yo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
u can show measurable results and easily report those results to management, both you and the organization will benefit.
The last buyer reward for using reverse auctions that we will talk about today is extending your
The last buyer reward for using reverse auctions that we will talk about today is extending your
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
reach to new potential suppliers. When you use online reverse auctions, you can post the bid opportunity on your website which will attract more suppliers to compete for your business. You still must pre-qualify the su
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ppliers, but the increased number of suppliers will increase the competition for your purchase, driving down bid prices. You can easily include more bidders via the streamlined e-procurement process. If you wish to op
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
n up your purchase to more can be difficult to identify new suppliers to create a competitive environment for a reverse auction. By posting your events online in a public format, more suppliers will be able to find you
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
.
Finally, you should treat reverse auctions as one tool in your procurement toolbox. Most organizations that currently do competitive bidding will be able to see the value of the reverse auction process and to recogn
Finally, you should treat reverse auctions as one tool in your procurement toolbox. Most organizations that currently do competitive bidding will be able to see the value of the reverse auction process and to recogn
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ze how it fits into their organization. And those organizations are saving time and money by doing them right. So don’t miss the opportunity to connect and contract quickly with your suppliers by using reverse auctions
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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