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Five steps to achieve vertical integration in the pharmaceutical sector

Five steps to achieve vertical integration in the pharmaceutical sector

The healthcare industry is moving rapidly towards the "integration" of several functions to achieve greater efficiency, since most companies around the world are required to perform an efficient management of their inventories in order to be competitive regarding the provision of services to the client.

The companies participating in the pharmaceutical sector are trying different combinations and alliances in a great effort to control and reduce their services costs.

Benefits of vertical integration in the pharmaceutical sector:

ebuyFarma, as a digital platform is helping companies in vertical integration, improving the relationship between pharmacies and pharmaceutical laboratories. Basically, the general objective is to provide a better management of inventories, guaranteeing the timely availability of pharmacy products.

Another important points of this integration process is the direct access to the final customer, avoiding intermediaries. This makes it possible to increase the profit margin, as well as significantly improve their competitiveness by taking greater control of their functions and inventories.

The digitalization of pharmacies has made the process much easier. Analyzing big data in real time has been a key element in developing strategies in which rapid decision-making is required.

With vertical integration, costs are reduced, control over limited resources is obtained, service quality is guaranteed and potential customers are accessed.

Five steps to achieve vertical integration in the pharmaceutical sector:

1- First, evaluate the conditions and current operation of your company and direct suppliers and / or customers. Define policies for integration and collaboration. In this step, ebuyFarma collaborates to integrate the processes in a strategic way to create value and respond satisfactorily to the final client. Establishing policies that generate benefits for key customers and suppliers.

2- Analyze which are the problems or improvements areas that the business faces.

In ebuyFarma, through the "Total Stock Management" system, laboratories can access and cover the needs of thousands of pharmacies, as this tool detects in real time the stock needs of all users associated with the ebuyfarma Marketplace. You also have access, with just one click, to the available offers in real time.

3- Study the advantages offered by vertical integration. The recommended inventory management model is planning, forecasting and collaborative replenishment, remembering that the main objective is to improve integration with laboratories through the joint support and assistance offered by ebuyFarma to carry out best practices.

4- Performance measurement. We speak of continuous improvement and for this it is necessary to measure the fulfillment of the objectives that you have planned from the beginning. As well as measuring the impact generated by the application of best practices in inventory management: cost reduction, efficiency and customer satisfaction. You need to be sure about the necessary investments to carry out the integration. In addition, you will need time to see positive results.

5- Take action. Research and recent studies in this field have stated that vertical integration is no longer a selection strategy, especially for the pharmaceutical sector.

Vertical integration is the best way to "survive" and succeed in the pharmaceutical sector. This idea is based mainly on the fact that information and communication technologies have reduced transaction costs between a company, suppliers and customers. .

ebuyFarma, with its online platform, makes it easier and safer, facilitating the arduous task of finding customers, without losing control of what you are selling by having control of your stock.

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Tuesday, 26 May 2020

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