Advanced Negotiation Strategies for High-Value Procurement Contracts in Global Pharmaceutical Industries
Author(s): Oluwafunmilayo Kehinde Akinleye, Olatunde Taiwo Akin-Oluyomi, Michael Efetobore Atima
DOI: 10.54660/STMJRD.2019.2.4.01-18
Abstract:
High-value procurement contracts in the global pharmaceutical industry are uniquely complex, involving not only high financial stakes but also stringent regulatory requirements, intellectual property considerations, ethical obligations, and supply chain vulnerabilities. Negotiation strategies in this domain therefore require more sophistication than those employed in routine procurement contexts. While traditional approaches to negotiation emphasize cost reduction, delivery, and quality assurance, the contemporary pharmaceutical landscape demands advanced strategies that integrate risk management, long-term supplier partnerships, sustainability, and global compliance. Drawing exclusively on existing scholarship up to 2019, this paper develops a comprehensive understanding of negotiation strategies employed in high-value pharmaceutical procurement. The introduction provides an extensive contextual foundation, highlighting the economic, regulatory, and ethical imperatives shaping negotiation practices. The literature review synthesizes theoretical and practical contributions, tracing the evolution of negotiation frameworks from distributive tactics toward integrative, collaborative, and data-driven approaches. Special attention is given to cross-border contract negotiations, intellectual property licensing, and managing global supplier relationships in environments of uncertainty and asymmetric information. By consolidating diverse strands of research, the study identifies key strategic levers such as transparency, multi-criteria decision support, stakeholder alignment, and adaptive risk-sharing models that enable effective negotiation outcomes in the pharmaceutical sector. The findings underscore the critical need for integrative frameworks that balance financial performance with ethical, regulatory, and sustainability considerations, offering insights for both scholars and practitioners engaged in shaping procurement strategies in one of the world’s most high-stakes industries.
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How to cite this article:
Akinleye, O. K., Akin-Oluyomi, O. T., & Atima, M. E. (2019). Advanced Negotiation Strategies for High-Value Procurement Contracts in Global Pharmaceutical Industries. The Scholars Time: A Multidisciplinary Journal of Research and Development. 02 (04). 1-18.