TGaS Vendor Insights Hits 3,000-Rating Milestone by Companies Seeking to Optimize
East Norriton, Penn., June 29 2017. Data tracking external spending for pharmaceutical vendor services shows a steady rise over the past decade as budgets become increasingly constrained, according to the TGaS® Advisors Annual State and Future Trend of Commercial Operations Landscape. The benchmarking and advisory services firm found that eight out of every 10 dollars pharma spends on commercialization is with vendors, an increase of 14% in just 10 years. (“Proportion of External Spend is on the Rise”) These increases are prompting companies to try to optimize external services, according to TGaS. In keeping with this trend, TGaS Vendor Insights, the firm’s online vendor management solution, has seen a dramatic rise in participation. The solution recently reached a 3,000-rating milestone for the 540 rated vendors in its database.
Vendor Insights provides life sciences companies with a comprehensive set of peer ratings for vendors across virtually all business functions with vendor profiles, commentary and other information. The solution provides access to a deep repository of searchable vendor profiles, including product offerings in each functional area, reach, areas of specialization and utilization information. Users also have access to data from peers who have used vendors under consideration.
TGaS President Gary McWalters said, “In this age of transparency, when consumers consult reviews for almost every purchase they make, it makes perfect sense that our customers want us to apply that concept to the high-stakes arena of pharmaceutical spend. TGaS has expanded on our unbiased, fact-based, peer-driven approach to help pharmaceutical companies ‘know what good looks like’ when it comes to vendor services.”
TGaS based the vendor profiles on the company’s in-depth knowledge of life sciences commercial operations. Vendors have an opportunity to customize their profiles at no charge. Profiles are paired with usage ratings on such factors as subject matter expertise, value, quality and dependability. TGaS aggregates, verifies, analyzes and anonymizes all ratings information to ensure it is objective and fact-based, never disclosing any one single rater or rating company.
Tim Wohlgemut, who heads TGaS Vendor Insights, noted, “The 3,000-rating milestone is the best indication that Vendor Insights is productive for both sides. Clients tell us this is the first tool they’ve been able to use to optimize vendor services. Vendors have the opportunity to showcase their services, and several have invited their clients to provide ratings.”
For information: contact@tgas.com
About TGaS® Advisors
TGaS Advisors is the leading benchmarking and advisory services firm for commercial organizations in the life sciences industry. With a roster of top 50, emerging and precommercial life sciences companies, TGaS provides robust comparative intelligence and collaborative network membership services. The team includes more than 60 experienced professionals, most with senior-level experience in the life sciences and related industries. To learn more, visit www.tgas.com.
