To Study the Issues in Procurement of Raw Materials in Pharmaceutical Industry

Published: 2021-06-29 06:59:19
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Category: Business

Type of paper: Essay

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ABSTRACT
Procurement today has become an integral part of any manufacturing business. Procurement is now not seen as a function but as a department that affects the entire supply chain and finances of the company. It is not just about purchasing effectively but it is about beginning to offer that value which the company promises to its customers. Various factors affect the purchase decisions made by the executives, may it be quotations or negotiations. This paper identifies various such factors that affect the purchase decision and which among them are the most important and critical factors. It also focuses on identification of some critical problems that are linked to the procurement function and their severity.
Primary as well as secondary data has been used in order to make this paper worth the value what is expected to be deliver. The statistical methods used in analysis of data are, T-test, and pie charts are used where needed.
Responses were collected from purchase executives of different geographical regions and with an in-depth knowledge, experiences and designation ranging from purchase manager to associated director.







CONTENTS

Sr. no CONTENTS PAGE NO.
1 Acknowledgements 3
2 Abstract 4
3 Table of contents 5

4 Introduction
Statement of problem
Purpose of study
Significance of study
6
6 Review of Literature 7
7 Methodology 14
8 Interpretation of output 19
9 Conclusion, Recommendations and Limitations 23
10 Annexure 1 24
11 Bibliography

INTRODUCTION

STATEMENT OF PROBLEM:
There is a need to understand the various parameters that affect procurement decisions for purchase of raw materials in pharmaceutical industry. Also to find out potential issues in procurement and their impact on supply chain.
PURPOSE OF STUDY:
The procurement function in the pharmaceutical industry has made its way to new heights. Today, it is an important tool that offer a new value to the customer and the company itself. Still there are a lot of issues pertaining of this study is to identify what are the important considerations and pitfalls during procurement process.
SIGNIFICANCE OF STUDY:
This type of study is significant in order to have a clear information of the factors that are to be considered while performing strategic procurement. How the priorities amongst various factors can be allocated and how risks can be summed up and contingency plans can be developed, can be gained from this type of study.
OEJECTIVE OF STUDY:
• To understand the different factors affecting procurement decisions in the pharmaceutical industry

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