PALO ALTO, CA--(Marketwired - Mar 22, 2017) - Science Exchange, the world's leading marketplace for outsourced research & development, today announced it has been named a finalist for the prestigious World Procurement Awards, the most sought after and recognized accolade in procurement, run by Procurement Leaders. Alongside giants like IBM, Science Exchange is on the short list for the Procurement Service Provider Award.
Science Exchange has been recognized by Procurement Leaders because of its ability to accelerate breakthrough discoveries by giving scientists access to more than 3,000 of the world's best experimental providers.
As part of its application, Science Exchange shared a case study of a leading BioPharma company that demonstrated the firm had saved 1,180 hours in contracting and legal resources, and 876 hours in procurement and business operations by using Science Exchange's platform. The firm also measured increased access to innovation by working with more than 50 new suppliers, and saved $1.1M on $10.5M of spend (across 292 orders with 118 scientific service providers) achieving 11% direct cost savings in this category. Surveys of scientists at the firm showed that using Science Exchange saved them 10+ hours per project typically spent identifying a qualified service provider, comparing capabilities, and obtaining quotes; and 2+ months in project initiation by eliminating the need to establish each new supplier contract. With 292 orders processed this can be quantified as 2,920 hours in scientist time savings (292 x 10 hours per order). In addition, 584 months were saved in project initiation (292 x 2 months per order), demonstrating significant potential for cycle time reduction.
"We are thrilled to be recognized by the Procurement Leaders for the work we do here at Science Exchange," said Dr. Elizabeth Iorns, Founder & CEO of Science Exchange. "Our goal is to make it much more efficient for scientists to advance innovation and bring their vital research to market faster. The top 10 BioPharma companies in the world rely on us to streamline the procurement process for their scientists and researchers, saving them time and money and opening avenues for working with new suppliers. Being shortlisted for this award alongside leaders like IBM really validates the work we are doing in the procurement space."
The winners of the award will be announced on May 17, 2017 at the World Procurement Awards Ceremony in London.
About Science Exchange
Science Exchange is the world's leading marketplace for outsourced research. Science Exchange provides an efficient procure-to-pay platform for ordering services from the world's largest network of scientific service providers. Through Science Exchange, clients gain access to 3000+ qualified service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. This increases scientists access to innovation and significantly improves their productivity because they are freed up from the administrative tasks and delays associated with sourcing, establishing and managing supplier contracts. At an organizational level, the Science Exchange enterprise program enables organizations to consolidate the long tail of research outsourcing spend into a single strategic supplier relationship driving significant efficiency and cost savings. To date, Science Exchange has raised over $30 million from Maverick Capital Ventures, Union Square Ventures, Index Ventures, OATV, the YC Continuity Fund, and others. For more information visit www.scienceexchange.com.