Medical Device Sourcing : Key Activities
Medical device sourcing can be streamlined by adhering to certain key activities and novel pathways that some of the pioneers are adopting. Quick look at those activities show below mentioned line items as clear forerunners:
1. Go with category based strategy and not commodity strategy.
2.Early supplier involvement is best channel when it comes to sourcing for critical categories.
3.Have a very robust metrics to evaluate supplier performance.
4. Deploy pull process across the supply chain.
5. Develop models involving acquisition or scale up of suppliers which are targeted towards novel therapies.
Supply chain of leading medical device companies are complex on many accounts, namely unstructured categories , multiple vendors and widespread geographical footprint. Under these circumstances it is very important for sourcing managers to carefully monitor and approach associated hurdles in best possible ways. There are certain activities that can come in handy under these situations.
To start off , the sourcing managers must plan their strategy category wise and not commodity wise. This helps them to tap into synergies across multiple product types and generate substantial cost savings.
Early supplier involvement for critical categories along with robust metric to benchmark their performance is must adhere step for procurement leads in medtech sector.
Deploying pull process across the supply chain can really help sourcing managers to predict right data across various facets such as material volume , inventory space plan , ware house allotment and others.
Lastly putting a person or team which helps or makes a call in supplier development or acquisition for critical categories. This particular choice of activity is gearing up and is choice of leading medtech giants mainly on the account of assurance and control that it brings on table.
Lot of action points and checks are needed to have full proof supply chain strategy. These were just the ones that surfaced as best ones and are based on survey run by Medical Device Trends last month.
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