It is easy to assess FMV for almost anything you buy in your personal life, from houses, to cars, to personal items, and early R&D procurement has advanced tremendously in providing the intelligence to expert buyers. But why not clinical outsourcing? Outsourcing experts are still in the dark when determining whether they are paying the fair market value for a study. This is challenging to both emerging and mature biopharma Sponsors who constantly struggle to bring the study costs down, often focusing on rate cards rather than effort, and spending countless hours on budget negotiation.
Clinical Maestro SOURCE brings benchmark costs seamlessly into proposal comparisons so that outsourcing managers can be confident in their decision-making process.
SOURCE enables smart, effortless bid due diligence by:
Import a study benchmark into your RFP template by using Clinical Maestro PORTFOLIO in conjunction with SOURCE.
Rate Card Benchmarks
Compare response and data trends against Fair Market Value.
Total Cost Benchmarks
Highlight relevant differences so you can focus your negotiation on the variances that matter.
Fair Market Value (FMV) gives outsourcing managers greater confidence to conduct informed budget negotiations in the due diligence process.
Full RFP workbooks have >300 tasks. How will you rapidly capture key deviations from both historical bids and bid revisions? SOURCE is programmed to simplify budget comparisons and save >75% time spent in budget analyses:
SOURCE not only compares total cost but digs deeper into what drives the cost variances by examining differences in number of units, unit-level effort, and rate cards. Now you can have a productive conversation with your bidder.
Easily highlight “min-max” costs or variance ranges so you can zoom in the tasks that are most likely out of line with market or historical behavior.
R&D procurement experts save valuable time by comparing budget summaries and discrete line items with the push-of-a- button in SOURCE.
We have personally experienced the classic outsourcing process: create an RFP; send RFP to vendors by email in either competitive or strategic settings; receive bids back by email; download the attachments; save the attachments in shared company folder; compare Excel budgets side by side. By 2nd rebid the effort exceeds 100 hours. At 3rd rebid everyone is ready to close. Should management ask for historical bid comparisons against the current bid, eyes start rolling. Comparing Excel budgets during bid due diligence is a time-consuming, frustrating experience.
Bring organization and intelligence to R&D procurement by leveraging a powerful bid database. Search and compare historical bids in minutes and turn history into intelligence.
The search, filter, and sort engine of SOURCE makes the job of digging through past bid records a breeze:
Central Management of Proposals
Look up proposals by study phase and type, outsourcing lead, service, and date range.
Advanced Search Engine
Compare bid performance across different Service Providers.
Compare bid performance of preferred service providers across multiple historical bids.
Evaluate realized efficiencies over time.
Analyze outsourcing strategies.
A comprehensive bid database and ability to search historical records at the granular level is one of the most time saving features in SOURCE. Outsourcing teams are empowered to perform trending analyses, identify deviations, and drive analytics. Sponsors have invaluable insights into their outsourced cost structure and Service Provider performance.
Scoring proposals is a very dramatic activity. Each scorer has a workbook to evaluate the proposals on multiple dimensions. Outsourcing leads aggregate scores manually and weigh them by importance. The entire process consumes countless hours.
With more transparency and objectivity, choosing the right provider for your clinical study, or evaluating the performance of an existing strategic partner, should be an easy decision:
Eliminate Scoring Spreadsheets
Easily access the scoring criteria library in Settings or instantly define criteria at the RFP level.
Empower Your Team
Upon proposal receipt and review, users score and provide comments.
SOURCE automatically weighs criteria based on importance and aggregates scores for streamlined score analyses.
Procurement teams are empowered to make strategic decisions based on data-driven input from your scoring team.
SOURCE removes manual processes for scoring, creating a clear decision vendor selection or strategic partner management.
Clinical Maestro SOURCE offers instant scoring by outsourcing leads and SMEs based on your preferred criteria, eliminating guesswork from the sourcing decision. Better insight is paramount to greater confidence.
Having access to a comprehensive bid database and searching at the most granular level for historical records is arguably the most time and effort saving feature in SOURCE. Outsourcing teams are empowered to perform trending analyses, identify deviations, and drive analytics providing invaluable insights into the Sponsor’s outsourced cost structure and Service provider performance.