CHAPEL HILL, N.C., Nov. 20, 2015 /PRNewswire/ -- Market research groups in the pharmaceutical and biotech industries often rely on external vendors to support their internal clients. But in this vendor manager role, market research leaders often struggle to strike the optimal balance between cost control and quality insights.
One of the vendor management strategies that helps biopharma market research groups provide support and value is the use of exclusive vendor partnerships.
Pharmaceutical organizations that contract Exclusive Vendors [EV] cite "cost efficiency" as a primary objective for using this contracting model, according to a research study from Best Practices, LLC.
"We have utilized the EV model or contracts in a specific business unit (based on Therapeutic Area) for low-level primary research activities. These chug-and-plug research activities are bundled together and awarded to one vendor for an annual contract. We have been able to show a positive return on investment in the hundreds-of-thousands-of-dollars range by comparing the existing contract to historical contracts of multiple vendors for these same research activities," said one business analysis director who participated in the research.
The study, Market Research Vendor Management: Evaluating the Use of Exclusive Vendor Partnerships, examines vendor management strategies and, in particular, evaluates the use of exclusive vendor partnerships. In addition to providing key vendor benchmarks around outsourcing levels and number of vendors used, the study presents the benefits, problems and management approaches for exclusive vendor partnerships.
There are also sections that present perspectives from companies not using exclusive vendor partnerships and insights from executive interviews.
Key topics addressed in this study are:
- Vendor Partnership Benchmarks - Highlights outsourcing levels, number of vendors used, and common contracting models
- Exclusive Vendor Partnerships - Outlines usage patterns and mapping, levels contracted, study types contracted and future use
- Evaluating Exclusive Vendor Partnerships –Reviews goals and benefits, drawbacks, and ROI and measurement
- Managing Exclusive Vendor Partnerships – Highlights resources & account management, collaborations with marketing teams, penalty and incentive systems, training and employee engagement
- Perspectives from companies not contracting exclusive vendors
- Insights from executive interviews
A total of 37 representatives from 26 companies participated in this research, including 13 of the Top 25 Pharmaceutical companies. Deep-dive interviews were also conducted with 10 market research executives to harvest additional key insights.
Go to http://www3.best-in-class.com/rr1395.htm to review a complimentary summary with samples of key metrics.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC