Leading pharmacy benefits manager (PBM) that partners with leading health plans, hospitals employers to manage benefits for millions of patients around the globe. Their model delivers value by controlling costs for plan sponsors. The company achieves high customer satisfaction by delivering performance in cost control along with transparency and flexibility in transactions.
Strategic Sourcing – e-Sourcing, eAuction, Optimization
Integration Services – Customization
Implementing a procurement platform that improved both the economics and efficiency of securing prescriptions from suppliers was critical to the business model of the pharmacy benefits manager (PBM).
With ProcurePort as an integral partner, the PBM deployed an e-Sourcing platform that allowed it to successfully source thousands of SKUs with an efficient, competitive process and generate up to 50% in annualized cost savings per sourced category.
Improve economics and efficiency of managing pharmacy benefits by providing a platform for competitive bidding and automating collection of drug pricing from suppliers
Lack of capability to implement market-based pricing on tens of thousands of generic and branded drugs, resulting in lost sales and higher costs
No mechanism to efficiently drive supplier competition and increase supplier participation
The client evaluated a range of procurement solution providers and selected ProcurePort for two reasons:
1) ProcurePort demonstrated understanding of the unique business and procurement needs for the client. Beyond that, the ability to customize the platform to meet the client’s unique process needs was a key differentiator.
2) ProcurePort’s technology platform provided both the basic and advanced functionality that was essential to implementing the procurement requirements. For example, the capability to upload and manage large data sets for each auction and run multiple auctions in parallel was a key requirement met by ProcurePort’s platform.
Configurable solution to meet procurement and business requirements
- Integrated with internal ERP system to obtain real-time volume requirements and pricing updates
- Simplified setup and bid page with customization to maximize user experience and improve bid efficiency
Advanced capability to create efficiency for both buyers and suppliers
- Real-time bid analysis, optimization and visibility for participating suppliers.
- Bid optimization at the group or item level
- Ability to dynamically update price for thousands of SKUs
- Utilize advanced configuration of proprietary rules engine to calculate pricing and overall ranking, based on contracted, negotiated and wholesale pricing
- Suppliers can change bid in real-time, based on current rank of their bid
- Self-run by commodity managers, after initial training by ProcurePort
The ProcurePort solution offered the capability and integration to handle complexity at scale and address key procurement challenges
ProcurePort Sourcing Suite utilized to source 50,000 to 60,000 SKUs monthly
The Pharmacy Manager realized annualized savings for individual categories, ranging from 5% to 50% in procurement costs depending on the category
ProcurePort is a leader in providing cloud hosted e-procurement solutions and strategic sourcing services. The ProcurePort® Procurement Solution Suite provides an easy to use, powerful, comprehensive and proven e-sourcing toolkit for organizations of any size.
ProcurePort’s consulting services and flexible deployment options, enable organizations across a range of industries to improve spend management, automate processes and achieve procurement excellence.
ProcurePort’s on-demand e-procurement solutions are cloud hosted in a Tier IV SSAE 16 Type II compliant data center, providing the highest level of data security and confidentiality.
Chat with one of our experts to discuss how we can help bring your business idea to life. Its easy to implement your custom auction solution with ProcurePort.