The bigger picture
The trade of pharmaceuticals across borders in the EU/EFTA territory (parallel trade) is complex. Regulatory requirements provide their own level of complexity, but the trading patterns in themselves are complex and governed by many manual processes.
With the Trade Management System (TMS), we offer pharma traders a system to digitize the critical manual processes.
Why is this important?
A first reason is, that manual processes come with a high cost in time and money. It simply takes more time to process information manually than digitally. Secondly, the manual process adds risks. Risk of errors in the processing, wrong or missing data etc.
Manual processes can look like digital processes. After all both excel sheets and emails are digital. But both excel sheets and emails need to be treated manually, updating data, attaching updated files to new emails. In short, the digital tools have not been digitalized into efficient processes.
How is this experienced?
When asked, what is most important for good trading, most people will respond it is good relationships between buyers and sellers. Relationships are a human element. It takes personal contact and interaction to build trust. It is reasonable to expect, that traders will spend a considerable amount of their working time on building relationships. However, most answer, that they spend a lot of time on preparing excel sheets, updating excel sheets, emailing excel sheets and receiving excel sheets. Opening emails and attachments, copying information from one sheet to another to consolidate the information. In between these activities, much time is spent on calling to verify that emails have been received and to enquire about replies.
This is what inefficiency feels like. Recognize any of it?
Digitalize the process
The TMS eliminates the need for excel sheets and (most) emails. It takes away the need to make follow up calls to make sure, your email gets priority and doesn’t drown in some inbox.
Instead, you and your trading partners have the relevant information on your screens in the TMS. So, when you call each other, you can discuss business instead of looking for emails and opening excel-sheets. You negotiate and agree on prices and quantities in the TMS and since both buyer and seller see the same information, there is no need to send another email to confirm, what you have just agreed.
What would you do, if you could reduce the amount of emails by 50%? More time to manage your relationships? Expand the business? As the saying goes, time is money.
This is just the beginning
How many times have you opened an excel-sheet attached to an email, only to discover that most of the products offered are irrelevant for you? How much time is lost in this process of no value?
The TMS organizes offers and requests, so that buyers and sellers can go straight to the relevant products. Everybody saves time (and money).
But let’s be clear about one thing. If a product is hard to sell in the market, it will be hard to sell with or without the TMS. But with the TMS you will know that much faster!
When your trading is organized inside the TMS you get a full overview of how the trading is progressing. Teams will have the same full picture updated in real-time, which means everyone on the team can act based on the same up-to-date information. Not so easy if the information is spread on 10 different email accounts in multiple emails.
And this works both ways, because both stock-offers and orders are processed in the TMS allowing both planned requests and opportunistic offers to be processed efficiently.
Let’s face it. Privacy is a concern for both people and businesses. Privacy is essential for everything you do and for everything we do. So, the TMS is designed to give you full control over your privacy. Business requires openness towards your trading partners. The TMS lets you manage, exactly who you want to share information with and who you want to trade with. The principle is:
Transparency when you need it. Privacy when you want it.
This means, that you always know, who you are trading with. No mystery auctions. No anonymous profiles. You can in fact consider the TMS as your own portal.
On a personal level we ask very limited information and never ask for more information than, what is strictly required to create a user account.
Last, but not least, we do not trade in the market and are not affiliated with any trading company. We have no influence on pricing, quantities or any other parameter, nor who trades with who.
In the end it is about money. In a market trading on margins, business acumen is vital, but so is managing overhead costs. Some overhead costs are only increasing due to regulatory requirements. Digitization and digitalization are the way forward to protect and grow profitability.
The TMS is based on a flat subscription fee, which means that the more you use it the higher the returns. Fully implemented a 20% improvement of profitability from trading is a reasonable expectation (reduced costs of doing trading and improved results).
For some companies it will be interesting to opt for further enhancements with our Rational Assistant technology. This technology offers the potential for significantly higher returns. If you are interested in learning more, use the Contact Us form below to reach out.
If you want to get started with the TMS proceed with the registration via the Registration button below.
For further reading on the TMS, go here.
For more general info on parallel distribution of medicines in Europe, visit the EAEPC here.