Pacemaker | Intelligence Report | Procurement.Spendedge

Strategic Sourcing Guide to Pacemaker Procurement

Overview

Business practices within Pacemaker market are heavily influenced by changing trends across the category as well as within the broader Medical and Surgical Consumables market. Rapid growth in the biosimilar and biologics market and global focus on gene therapy studies for rare diseases have resulted in an increased spend within the broader industry.

Companies that serve multiple markets are increasingly facing the dynamism in regulatory frameworks across countries. Coupled with increased costs across the value chain, suppliers are hard pressed to alter their business models and pricing structures to remain relevant in the market.

Over the years, regional boundaries have blurred as suppliers foray into different continents, increase their capital expenditure and spend on cross-border M&A initiatives. The deployment of geographic diversification strategies through such consolidation initiatives has enabled the large suppliers to improve their performance and expand their business footprint.

As a result, category managers need to closely monitor the Pacemaker procurement trends and identify changes required in their procurement environment for the category.

Pacemaker Procurement Best Practices

Pacemaker procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Pacemaker procurement strategy.

For example, Large organizational buyers can leverage their scale of operations to initiate competitive bidding between suppliers. Competitive bidding would enable buyers to have a better visibility of the market prices and may help identify suppliers that offer the most competitive price offering viz-a-viz other players.

Category managers must ensure that they have clearly identified and listed down potential negotiation levers to maximize the value of their category spend before entering into contract-related discussions with service providers. Common negotiation levers to maximize value include deadlines, terms related to payments, (including fees, expenses, and payment timelines) and assistance required from the buyer's organization.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

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Risks in Pacemaker procurement

Pacemaker procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Pacemaker procurement. Some examples include:

Suppliers are exposed to the risk of fluctuating prices of key inputs. This impacts the product price as suppliers would have to increase product price to maintain contribution margins
Suppliers are posed with the risk of non-conformance to industry standards and regulations, for example, those set by MHRA (UK) and US FDA. Any non-conformance by suppliers can result in penalties, product recalls or even revoking of the operating license
When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Pacemaker

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Who should read this report

The report is intended to serve as a one-stop reference guide for Pacemaker procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Pacemaker: Procurement Report 101” as well as for category experts actively tracking the global Pacemaker procurement market.

You may have just initiated your research to design a winning Pacemaker procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Pacemaker procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Pacemaker procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Pacemaker market?
What is the correct price to pay for Pacemaker? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Pacemaker Suppliers Market?
Who are the top Pacemaker suppliers? What are their cost structures?
Which negotiation levers can reduce Pacemaker procurement cost ?
What are supplier margins in Pacemaker market?
What are the best practices for Pacemaker procurement and what are the potential risks?

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Pacemaker Category Insights: What is inside

The Pacemaker market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Pacemaker procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Pacemaker. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Pacemaker market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Pacemaker category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Pacemaker procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.