6 Steps to Winning at Life Sciences Bid Management

By Bob Steller, Director of Industry – Life Sciences

Discover the Secret to Success to Plan, Execute and Win Profitable Deals

Did you know that 85% of medical technology market revenue comes from tenders? For life sciences companies like yours, one of the keys to growing and growing your business is mastering the art and science of offer management.

Bid preparation takes time and resources, and with so much emphasis on results, it’s important to get it right. Having an efficient process, along with the right tools, ensures you get the results you want.

The 6 key steps to an integrated end-to-end approach to RFP and Bid Management.

To plan
What is your strategy? Whether you want to enter new markets, grow market share, or simply protect your position, you need to gather all the basic data about your offerings and understand your entire landscape.

Assess
Study the offers and select which ones to respond to. Use price advice to understand your floor, ceiling, and target prices. Run real-time what-if analyzes for pricing and forecasting scenarios, leveraging data science to determine your optimal bid price.

Answer
After proper planning and evaluation, prepare your response and submit it to the client. Store all documentation with the offer and develop an appropriate workflow.

Execute
Bids awarded are converted into contracts to be executed. Automate all key processes for greater accuracy and efficiency.

Track
Monitor and maintain executed offer. Did the customer buy what was expected? Use the sales data to calculate the discounts defined in the offer.

Analyze
From start to finish, you need good analytics. From the pre-bid phase through execution, analytics provide a better understanding of your process and help you win the best deals.

Learn how to create an integrated, end-to-end approach to auction management by downloading the eBook, 6 Steps to Winning in Life Sciences Auction Management.

Content sponsored by Vistex