EVERSANA INTOUCH recently hosted an insightful panel at the 2024 ProcureCon Marketing conference in Los Angeles. The panel, titled “The Balancing Act: Sourcing & Pricing Meet Innovation in Life Sciences,” brought together industry leaders to discuss the intersection of cost efficiency and innovation in the dynamic field of life sciences.
Moderated by Raphaela Cristiano-Davis, SVP, Finance Managing Director at EVERSANA INTOUCH, the panel featured distinguished experts who discussed the challenges and strategies for driving innovation while maintaining cost efficiency in marketing procurement.
One of the key themes was the importance of building strong, trusted relationships between internal marketing teams, procurement teams and agency partners. One panelist emphasized viewing agencies as partners rather than suppliers, as it fosters a collaborative environment conducive to achieving shared goals. Brands that recognize the importance of collaborating closely with their procurement teams will achieve their objectives. This partnership ensures agencies can deliver top-quality work while staying within budget.
Recent economic conditions and their impact on business relationships were also a focal point. The panelists spoke about how recent economic challenges have necessitated a balance between short-term performance marketing and long-term brand building. Additionally, they highlighted the need for empathy and alignment of values to navigate these turbulent times effectively.
Another key topic was the role AI plays. Panelists mentioned how AI-driven pricing models and applications can optimize costs and time to market without sacrificing quality. They shared insights on leveraging AI for innovation, including the gradual adoption of AI technologies to improve business processes.
This engaging discussion demonstrated the delicate balancing act required to drive innovation in life sciences procurement, offering valuable takeaways for procurement professionals striving to elevate their efforts. In conclusion, brands that turn marketing procurement into a strategic asset and a catalyst for value creation are likely to succeed.
