Science Exchange Named Finalist for Coveted Procurement Leaders World Procurement Awards

March 30, 2018 | Posted by Team in News |

Science Exchange shortlisted in two categories – Best New Procurement Consultancy Project and Best P2P Specialist Provider

World Procurement Award P2P Platform WPA Finalists-Consultancy project

PALO ALTO, CA, March 30, 2018Science Exchange, the world’s leading and most secure enterprise platform for outsourced research and development (R&D) services, today announced it has been named a finalist in two categories for the esteemed World Procurement Awards, the most sought-after and recognized accolade in procurement, run by Procurement Leaders. Alongside industry leaders like Microsoft, Coupa, IBM, and KPMG, Science Exchange is on the shortlist for two awards: Best New Procurement Consultancy Project, with pharmaceutical client GlaxoSmithKline (GSK) Consumer Health, and Best Procure-to-Pay (P2P) Specialist Provider.

Science Exchange was recognized for its P2P platform, which empowered procurement teams and increased R&D operational efficiency at GlaxoSmithKline Consumer Health (GSK-CH) and another major global pharmaceutical client with rapid access to innovation through outsourced R&D.  

“We are honored to be recognized once again by Procurement Leaders for the work we are doing with our clients to help accelerate breakthrough discoveries,” said Dr. Elizabeth Iorns, Ph.D., CEO and Co-Founder of Science Exchange. “Outsourcing with scientific service providers is crucial for increasing R&D efficiency, but finding and qualifying providers can be a time-consuming process. Our platform accelerates scientific breakthroughs by  connecting researchers to thousands of scientific services from a network of thoroughly vetted providers.”

The winners of the awards will be announced on May 17, 2018 at the World Procurement Awards Ceremony in London, England. To find out more and see a list of all the finalists, visit the website at www.worldprocurementawards.com.

Best New Procurement Consultancy Project

In the category Best New Procurement Consultancy Project, GlaxoSmithKline Consumer Health (GSK-CH) implemented Science Exchange to increase the productivity of their R&D operations. Through the Science Exchange platform, GSK-CH researchers gained instant access to the 2,500+ outsourced service providers on the Science Exchange network, including niche and innovative technologies. Science Exchange was able to broaden the GSK-CH R&D organization’s geographical reach, capitalize on local demand, help spur innovation, and advance their timelines to bring products to market faster. Some of the results included an 11% increase in GSK-CH’s access to innovative providers (YTD) and 44 new niche providers selected by GSK-CH during scouting efforts this year.

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Best P2P Specialist Provider In the category Best P2P Specialist Provider, a leading global pharmaceutical company explored the potential to increase their R&D productivity by using the Science Exchange technology platform to improve its outsourcing processes. Instead of spending hours a day exploring service providers, the scientists logged into Science Exchange and quickly reviewed service provider satisfaction ratings, secured competitive quotes, and selected a supplier to meet their research needs. After one year of using Science Exchange, this global pharmaceutical company’s preclinical services group reported that scientists saved 1,300 hours, the legal and procurement teams saved 2,730 hours, and the combined time-savings translated to hundreds of thousands of dollars in cost savings.


About World Procurement Awards The World Procurement Awards, in association with SAP Ariba, are the most celebrated and sought-after awards in procurement, representing the best projects, people and organizations across the world. They reward the collective efforts of individuals and teams and are an affirmation of the hard work, innovation and dedication of those at the forefront of this dynamic global profession. This year saw a record number of entries from some of the most influential companies across 36 countries for the 12th annual awards. The judges were impressed with the sheer quality of this year’s submissions, commenting that the bar had once again been raised, with innovation at the heart of each project as teams across the globe work hard to position themselves as valuable business partners.

 

Learn more about how Science Exchange can help your organization accelerate innovation through outsourced R&D — request a demo of our platform today.

Survey of Outsourced R&D Leaders Reveals Barriers to Innovation

December 17, 2017 | Posted by Team in Outsourcing Trends |

At our recent 2017 Science Exchange Outsourced R&D Leadership Summit, procurement leaders met with the Science Exchange team to discuss the challenges and opportunities they are facing as they seek to effectively accelerate innovation while mitigating risk in outsourced R&D.

Summit attendees responded to a survey asking them about specific aspects of their R&D outsourcing process. 72% of the respondents agreed that procurement was viewed as a “necessary partner” in an “arduous process”– neither standing in the way nor adding value. In the survey, we uncovered these ‘arduous’ aspects of outsourcing that posed major barriers to innovation.

Science Exchange Summit Survey Highlights fig 1

The bottom line: although outsourced R&D represents a source of expertise and novel technologies that researchers could tap in order to increase their R&D productivity, the barriers to onboarding new providers and the perceived risks to intellectual property are driving many R&D leaders to continue using previously contracted providers.

At our summit, procurement leaders discussed how technology platforms, particularly Science Exchange and its integrated marketplaces for custom synthesis and human biospecimens, could open up access to aggregated reviews of provider quality, streamline contracting, and protect IP — making it easier and faster to access emerging and novel service providers. With these resources, procurement leaders can become truly instrumental in driving innovation in R&D.

More survey results

See how challenging each step of the outsourced R&D process was perceived to be by outsourced R&D leaders:

Science Exchange Summit Survey Complete Results

 

Visit us to learn more about how Science Exchange can help you accelerate innovation through outsourced R&D.

Accelerating Innovation and Mitigating Risk in Outsourced R&D

October 25, 2017 | Posted by Team in Outsourcing Trends |

Science Exchange Summit 2017

by Elizabeth Iorns, Ph.D., CEO and Co-Founder, Science Exchange | www.scienceexchange.com

Science Exchange recently hosted a group of procurement executives from multiple industries for our 2017 Science Exchange Outsourced R&D Leadership Summit. During the informative and interactive sessions, we discussed both the challenges and opportunities that organizations are facing as they seek to effectively manage outsourced R&D services.

From presentations by procurement leaders from major pharmaceutical companies on how they’re structuring procurement to enable innovation, to insights on how Science Exchange is pioneering new ways to make it easier to access innovation from our service providers, one of the key themes of the day was the potential for the procurement function to empower scientists to achieve breakthrough discovery. Here are some of my notes around the theme of innovation:

  • Procurement leaders can drive innovation, with the right tools. A pharmaceutical company procurement leader responsible for driving innovation shared that, in less than six months of working with Science Exchange, they had been able to increase their use of new, niche service providers by 11%.
  • Innovation can be hampered by complex processes. Natalie Foote, our Director of Service Provider Operations, presented with two of our service providers — iSpecimen and LabNetwork, a WuXi AppTec company– about new technology integrations with our platform. These integrations allow Science Exchange users to access the iSpecimen and LabNetwork marketplaces through a seamless access point on our platform — no barriers to innovation!
  • Flexible, agile procurement support helps drive innovation. During a panel discussion that I moderated, procurement leaders from three global pharmaceutical companies examined the need to more flexible and agile when it comes to managing R&D requests, and supporting the R&D business through an end-to-end process. They also discussed how their organizations must strategically examine the best mix of internal and external capabilities, core strengths and capacity when it comes to maximizing R&D innovation.

Another theme that surfaced during the Summit was risk mitigation, including the need to better manage confidentiality, data security and intellectual property (IP), and how to prepare for business continuity — whether caused by security breaches or natural disasters. My notes on the theme of risk mitigation:

  • Proactively mitigate risk. During the panel discussion, procurement leaders talked about the need to move beyond a “paper exercise” for managing risk, to a more proactive and rigorous approach to protecting their companies from data and security breaches and business continuity issues. One panelist discussed the drive for holding the business accountable for third-party risk oversight on a global scale, to move beyond that “check the box” mentality.   
  • Balance risk and innovation opportunity. Another panelist emphasized how important it is to strike the delicate balance between managing risk and enabling innovation, to ensure that businesses are protected without slowing down or blocking important scientific discoveries.  
  • Ask the right questions to assess risk. Our Director of Contracts & Compliance, Andrew Gutierrez, highlighted the need to ask the right questions in developing contracts and programs that will protect a company’s confidentiality and IP.He also talked about the need to verify how your data is being protected by your partners to ensure compliance with global regulations.

The Science Exchange Summit gave our entire team an opportunity to deepen our understanding of the needs of global procurement leaders, and our attendees gained insights to bring back to their own organizations, and a network of experts to collaborate with in the future. I look forward to continuing these discussions with our customers so we can continue to learn from one another and accelerate scientific discovery!

Learn more about how Science Exchange can help you — request a demo today.

Science Exchange Releases Latest Version of its Enterprise Dynamic Report Tool

September 11, 2017 | Posted by Team in New Feature |

Latest release gives enterprise clients access to real-time data to improve reporting and decision-making for outsourced R&D investments

Dynamic Report Tool

PALO ALTO CA, Sept. 11, 2017 – Demonstrating the company’s commitment to support its clients’ growth plans by optimizing data aggregation and business intelligence, Science Exchange, the world’s leading and most secure platform for outsourced research and development (R&D), recently released the latest version of its enterprise dynamic report tool. The tool enables Science Exchange’s enterprise clients, including some of the world’s top pharma and biotech companies, to perform real-time tracking of key performance indicators (KPIs) related to their outsourced R&D investments.

“The Science Exchange enterprise dynamic report gives me the ability to tease out diverse suppliers and export spend data. Our procurement management team has been thrilled with the report,” said Gregory Smith, Associate Director, Indirect R&D Procurement, Teva Pharmaceuticals Industries, Ltd.

This latest enterprise dynamic report update allows enterprise clients like Teva Pharmaceuticals Industries, Ltd., to:

  • Track spend, budget performance, and outsourcing efficiency in real time;
  • Gain visibility into service provider performance metrics; and
  • Better assess efficiency of outsourced R&D programs.

“With this dynamic reporting tool, our enterprise clients are able to gain a whole new understanding of category-specific purchasing behaviors within their organizations. R&D and procurement leaders can receive and proactively analyze – in real time – data and business intelligence that can help them quickly assess the performance and impact of their outsourced R&D programs, ” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “Science Exchange helps our clients make data-driven business decisions, while at the same time giving researchers quick and secure access to more than 2,500 scientific service providers – allowing researchers to focus on innovation and discovery.”

Learn more about enterprise partnerships with Science Exchange, and request a demo of our private marketplaces for outsourced R&D:
www.scienceexchange.com/enterprise

 

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