What is a “tender”? Wikipedia defines a request for tender (RFT) as “formal, structured invitation to suppliers to submit a bid to supply products or services”. Government entities deploy this procurement method to minimize and ultimately remove any bias in the selection process for goods and services. Nico Bacharidis, the Global Tender & Contracting Lead for Established Products at Pfizer, in an interview with Suzanne Elvidge of eyeforpharma said “Around 25% of business in the pharma market is now coming through tenders or contracts, so it is important to get a solid process in place.” Here at Gartner, we observed an increased number of questions from life science CIOs and IT leaders evaluating their revenue management platforms. Our recent research in this area offers three key steps life science CIOs must take to drive a global approach for tenders.
Summary: Using a global deployment approach to support complex price management, tenders and international reference pricing is essential to maximize corporate revenue goals. Life science CIOs must implement tender management solutions with complex architectural considerations.
- Appoint a Global Lead for Revenue Management Systems in IT
- Lead the Organization to a Global Perspective for Revenue Management
- Architect the Tender Management Platform Aligned With Global Requirements
Contact Gartner to discuss your revenue management platforms and how to globalize.
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