Vested Outsourcing Rules
Vested Business Model – 5 Rules
The Vested model follows a set of five simple rules, which when applied and adhered to have the ability to transform how outsourcing works to create a true win-win relationship.
Details of these 5 rules are outlined below, but to find out how a vested approach could transform your pharmaceutical outsourcing please contact Vikki Renwick on +44 (0)1506 424270.
Rule Number 1 – We focus on what the company strongly wants to achieve (outcomes) not on the activity (transactions). It is of vital importance that all stakeholders understand and are committed to what it is that we are trying to accomplish. If the stakeholders are agreed, through their statement of intent, then we move away from activity based thinking and pricing!
Rule Number 2 – We focus on “what” not “how”. As a services provider people are coming to us to provide them with a solution to a problem. As such it should be up to the service provider to use their experience, knowledge and capability to determine how best to solve the problem, within the confines of the requisite regulations, specifications and market authorisations.
Rule Number 3 – We set clearly defined and measurable outcomes. At the end of the day the cost of doing something will always be the cost but through a Vested approach you are paying for the delivery of the results not the activities required to get there.
Rule Number 4 – We are brought together through Mutual Opportunity. In any relationship every stakeholder is looking to achieve something. Therefore we look to create pricing models that optimise the delivery of those outcomes to the satisfaction of all the stakeholders. We share the risk but we also share the rewards and acknowledge the right of stakeholders on delivery of the outcome to celebrate those rewards.
Rule Number 5 – Governance. Insight not merely oversight. We institute a process which ensures that all parties are equally and fairly represented, we observe, deduce and use discernment, holding each other to account and to the rules!
Vested outsourcing is the application of a business model and cultural shift which seeks to create a truly highly collaborative business relationship that results in a true win-win for both parties who are equally committed to each other’s success. By sticking with the rules it has the power to build alliances and partnerships, which not only recognise but deliver on meeting the needs of all the stakeholders, building a mutually agreed set of objectives that look to the long term rather than the here and now, unlocking innovation and ultimately improving patient outcomes.
To find out more about Vested outsourcing, please visit the following pages:
You may also find the following white paper on Outsourcing in the CRO space useful.
A review of outsourcing business models in the CRO space.
March 2016, by Dr Vikki Renwick, Tepnel Pharma Services.
Source: Used with permission. Vested®. www.vestedway.com. Vested Outsourcing, Inc.