Patient Engagement Market Procurement Intelligence Report

The report provides a comprehensive coverage on Patient Engagement category spend growth and regional spend segmentation insights, Patient Engagement price trends and Patient Engagement supply market analysis.

Scope of the report

This report on global Patient Engagement category is part of a larger series of reports on global Clinical and Medical Support Services market. The scope of Clinical and Medical Support Services spans multiple categories and is typically identified as a procurement category that includes all spend on services used in diagnosis, treatment and rehabilitation, including medical practice provided through a third-party, repair and maintenance of equipment and medical science services.

KEY PROCUREMENT INSIGHTS COVERED

Strategic Sourcing Guide to Patient Engagement Procurement

Overview

Clinical and Medical Support Services market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Patient Engagement procurement and the cost they have to incur. 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.

The growing need for highly skilled workforce specialized in Patient Engagement is driving suppliers to increase compensation for experience professionals to retain them. This is inflating their OPEX and causing increase in procurement costs.

Providers are increasing their adoption of new tools and technologies to optimize efficiencies and reduce the time taken to launch products in the market. This is adding to their OPEX and will have an inflationary impact on the overall price paid by the buyers.

Patient Engagement Procurement Best Practices

The report discusses in detail the best practices that have served well the category managers responsible for Patient Engagement procurement.

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 buyers should invite bids from all potential service providers that have the ability to meet the overall requirements. Bids must be evaluated based on pre-defined parameters such as financial strength, reputation, offerings, geographical presence, and track record. Buyers can use standard scorecards to evaluate service providers and provide necessary feedback to rationalize the given scores. This helps in the effective documentation of decision-making processes.

Buyers should look to minimize the contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms. Although these clauses are not very common in the category, suppliers may still insist on them, especially in situations where buyers' liquidity or financial health is in question.


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Risks in Patient Engagement procurement

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


  • Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
  • Procurement without consulting the actual users of Patient Engagement may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed
  • Long credit period provided to buyers for making payment and fluctuating exchange rates pose a risk to suppliers. Default in payment by buyers would impact suppliers' ability to operate efficiently and may create a liquidity risk

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Who should read 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!!

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

    The report is intended to serve as a one-stop reference guide for Patient Engagement 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 “Patient Engagement: Procurement Report 101” as well as for category experts actively tracking the global Patient Engagement procurement market.

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Key questions on Patient Engagement procurement answered by this report

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

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Patient Engagement Category Insights: What is inside

  • A comprehensive drill down on category sourcing execution: Data, insights, advisory

    The Patient Engagement 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 Patient Engagement procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Patient Engagement. 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 Patient Engagement 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 Patient Engagement 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.

  • Unrivalled breadth of category analysis: at your fingertips

    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
  • A lucid, easy to read format: Enabling fast decisions

    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?”

Category Research Framework

SpendEdge presents a detailed picture of Patient Engagement 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.

Information Sources

Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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