iNova Pharmaceuticals is a pharmaceutical manufacturing and marketing company located in NSW, Australia. iNova was founded on more than 50 years heritage from Riker Laboratories and 3M Pharmaceuticals through the purchase of 3M’s Asia Pacific pharmaceutical business by Australian private equity firms, Archer Capital and Ironbridge Capital in November 2006. iNova Pharmaceuticals develops and markets a range of over-the-counter and prescription medicines to Australasia, Asia-Pacific and other international markets.
Commencing in 2010 iNova embarked on a procurement change initiative with ADR to improve procurement performance and secure cost and value improvements for the business.
The aim of the project was to develop procurement as strength of the business aligned to the business growth objectives, secure cost and value improvements, place more spend under management and embed robust procurement processes.
ADR worked with iNova to create a core procurement focus, implement a robust category management process and develop a company procurement policy and processes covering packaging and indirect spend categories.
The assignment delivered considerable reductions in the cost of purchased goods and services (on average 30%). In addition iNova were left with a robust Category Management process and a rationalized and more competent supplier base.
In addition, most departments and senior management in the business gained an understanding of the benefits and issues flowing from category management. This enabled iNova to embed the new processes once credibility had been achieved by piloting and implementing a few sourcing projects with the support of ADR.
“ADR worked with iNova in a very positive and engaging way. The cost savings exceeded expectations but, more importantly, the procurement initiative has considerably raised the profile and understanding of procurement in the business.”
Develop procurement and secure cost and value improvement