Ep. 258, Chapter 2: Biotech Procurement Fundamentals with Tom Wells

7:04 – 19:38

Wells defines procurement as the "front end of demand flow," a strategic function that brings new ideas and suppliers into a business rather than just a back-end process. He explains that the basic principles of procurement are consistent across industries, but success in life sciences demands a deep understanding of the scientific and business objectives to truly identify and create value. Wells emphasizes that effective procurement goes beyond simply negotiating lower prices; it involves anticipating and mitigating supply chain risks, driving operational efficiency, finding innovative solutions, and, crucially, becoming a "customer of choice" for critical suppliers.