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HomeProcurementKey Procurement Methods for Pharmaceutical Drugs and Devices

Key Procurement Methods for Pharmaceutical Drugs and Devices

The procurement department is responsible to acquire goods and services for a business. This may involve buying goods at competitive prices, handling all legal procedures required to place a contract, budgeting costs for the goods and monitoring financial trends to ensure that money is being spent wisely by the company

The pharmaceutical sector encompasses a variety of inherent issues from the view point of procurement. This includes long supply chains that starts in developing countries, specific legislation with regard to procurement. There is also the lack of transparency and access of information due to the marketing and proprietary nature of pharmaceuticals.

One of the key prerequisites for sustainable procurement of pharmaceuticals is to understand the way supply chains operates to enable risk assessments to be carried out prior to a specific procurement to allow for tenders to specify relevant requirements. The lack of transparency and the high degree of complexity in the pharmaceutical sector may jeopardize proper risk assessments to be carried out.

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Calvin Khoo Eng Chye, DPSM
Calvin Khoo has substantive years of experience in the field of procurement, warehousing and inventory control, specifically in the pharmaceutical and oil & gas industry. Calvin is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). He completed the Diploma in Procurement and Supply Management (DPSM) on September 2019 at SIPMM Institute.

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