A new B2B marketplace for the life sciences industry is making its market debut. It launches with promises of lowering costs and easing supply chain pain points for buyers and sellers.
The new marketplace from Science Exchange is promising buyer access to about 3,800 suppliers. Science Exchange is a cloud-based software company that also offers research and development professionals a marketplace to buy and sell scientific services.
“Our supplier orchestration platform sits on top of P2P [peer-to-peer] and ERP [enterprise resource planning] systems and includes a powerful workflow engine and integration platform, automating the entire process of collaborating with suppliers from intake to payment,” says CEO Elizabeth Iorns. “This improves how life sciences companies collaborate with suppliers, enabling faster project execution, improving compliance, significantly reducing costs, and ultimately bringing therapeutics to market faster.”
The Science Exchange marketplace’s features
- Users can access Science Exchange’s existing network of 3,800 suppliers under a standard legal agreement and synchronize existing suppliers they use daily.
- Automated guided buying tools also help each transaction comply with purchasing and third-party risk management (TPRM) policies.
- Configurable workflow automation supports purchasing and compliance requirements across sites, teams and purchase categories, among other areas.
- Digital catalogs from contract research organizations (CROs) normalize complex product attributes and specifications for human biospecimens and reagents.
- AI-powered payment processing will automate invoices and documents to match line-level supplier invoice data to the buyer’s purchase orders for complex purchases. Additionally, it will accelerate invoice approval, management, goods receipt, and payment processing.
- Finally, live dashboards and analytics can be parsed in real time to analyze metrics across all supplier touchpoints.
“Traditional procurement processes in the life sciences industry pose significant challenges, exacerbated by economic constraints, causing delays and inefficiencies that hinder critical research, data, and operational efficiency,” the company says.
Science Exchange’s enterprise clients include top pharma and emerging biotechnology companies, including Merck, Amgen, Gilead Sciences, Astellas, AbbVie and Regeneron.
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