JAGGAER, Science Exchange and OvaScience Cite Supply Chain Digital Transformation as Critical for R&D Efficiency in 2019
RESEARCH TRIANGLE PARK, NC – December 12, 2018 – JAGGAER, The key to accelerating the R&D process for research-intensive companies, like biopharma, lies in a clear strategy and adoption of technologies for digital transformation, argue Elizabeth Iorns, Ph.D., CEO of Science Exchange, Inc., James Lillie, Ph.D., Chief Scientific Officer at OvaScience, Inc., and Nancy McLaughlin, Director, Professional Services at JAGGAER, on the latest edition of JAGGAER’s InsideSpend webinar series. JAGGAER is the world’s largest independent spend management company, Science Exchange is the leading marketplace for research services, and OvaScience is a publicly traded biotechnology company. This webinar was designed to provide actionable insights for Chief Procurement Officers, VPs, and Directors and Managers of procurement.
As cited by the Wall Street Journal, the average cost of bringing a new drug to market is $2.4B over 10 years, with a high failure rate. The key to accelerating the process, driving down costs, and managing risk, lies in digital transformation of the supporting supply chain. A successful digital supply chain integrates multiple technologies for managing procurement, inventory, contracts, and suppliers. New online R&D marketplaces, such as Science Exchange, offer specific solutions for research-intensive companies, such as the R&D organization led by James Lillie, Ph.D., to better manage R&D services.
“We’re seeing a big shift in our industry from internal R&D to external R&D services. It’s impossible really to build all these diverse and evolving capabilities and expertise you would need, so you have to access expert and efficient external providers of R&D services,” observes Lillie.
“Over 50% of R&D budgets for pharmaceutical and biotech companies are spent with external partners,” adds Elizabeth Iorns, Ph.D. “When you’re thinking of a Source-to-Pay mechanism, the most expensive and riskiest components of that procurement process actually lie in the services part of the business. And most companies actually don’t have any good infrastructure to support this.”
JAGGAER’s Nancy McLaughlin described additional components required for digital transformation of R&D. “Digital tools to manage EHS and other security requirements remove time-consuming manual processes, eliminate the risk associated with dated inventory, and provide the data and insights to understand and control all externally procured assets.”
Understanding the components of a digital transformation, the cost savings and efficiencies created, and the necessity to make the move in 2019 are just some of the topics explored in this important JAGGAER webinar.
About JAGGAER: Global Source to Pay Spend Management Solutions
JAGGAER is the world’s largest independent spend management company, with nearly 2000 customers connected to a network of 3.7 million suppliers in 70 countries, served by offices located in North America, Latin America, throughout Europe, the United Kingdom, Australia, Asia, and the Middle East. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and analyzing the market. Our solution suites are trusted by the world’s largest manufacturing, education, health care, retail, consumer packaged goods, logistics, construction, utilities companies and public service organizations. Additionally, JAGGAER holds 38 patents–more than any other spend management company. www.JAGGAER.com.