For healthcare providers outside the U.S. (United States), tenders serve as the primary mechanism for procuring products, including securing inventory defining contractual terms. In fact, 80% of all medtech revenue is derived from tenders. To do business successfully, medtech companies must stay abreast of all new tender opportunities and figure out if and how to best respond to them.
Tendering processes vary by country. There are single-payer systems, such as the U.K., that issue relatively few tenders, but each one may cover the supply of a product to an entire region or country for an entire year or more. That means if a company misses this opportunity, they can be locked out of a market for a significant period of time while waiting for the terms to expire.. Conversely, Poland – issues many small to midsize tenders, increasing the volume that teams are left tracking down and managing.
When life sciences organizations respond to tenders, it is common for their regional and corporate offices to not have full visibility into pricing and capacity at the local level. This lack of transparency can create supply chain capacity crunches and put unnecessary pressure on company margins.
These difficulties are exacerbated by the fact that many companies continue to rely on an inefficient mix of email, spreadsheets, phone calls, and meetings to manage the tendering process. These tools are limited, which expose companies to missed opportunities, unapproved bids, and ineffective pricing that may be difficult to unwind from in the future. And with all this fragmented information, life sciences organizations simply may not have the ability to understand tender outcomes and learn from the experience. When data is hard to collate and analyze, stakeholders cannot effectively evaluate why a bid was successful or unsuccessful.
Taking advantage of tendering software can break down internal barriers to successfully managing tenders. Software programs can help streamline the tendering process and provide competitive advantages to companies that adopt them. In the white paper, “Medtech Tendering: How Software Is Taming Complexity and Driving Market Success,” you will learn how software can help you automate analysis of open tenders, evaluate opportunities, and optimize your pricing.
Download the white paper today and discover how you can use software to tame tendering complexity and ensure you have what it takes to succeed in international markets.
