Event recap

ThinkLive Trade 2024

ThinkLive Trade is a yearly event designed to strengthen relationships between Cencora and manufacturing partners. This year’s event, held in October, centered around the theme of “Innovating with Our Customers” and provided the opportunity to network, share knowledge, and discuss the state of the industry.

Jan Pallone, President, Strategic Global Sourcing, kicked the event off by reiterating that Cencora wants to continue to work in partnership with our manufacturer partners to deliver impactful solutions to improve access to therapies and create healthier futures needed around the world.”

Cencora's President and CEO, Bob Mauch, delivered inspiring words, emphasizing Cencora’s commitment to its partners and the ongoing evolution of the healthcare landscape. Mauch spoke about the strategic direction of Cencora, highlighting the importance of innovation and collaboration in driving success for both the company and its customers. His message centered on the belief that a strong commitment to maintaining and improving relationships with customers and stakeholders is essential.

Tommy Bramley, SVP of Global Consulting at Cencora, delivered a compelling presentation on Cencora’s strategic expansion into new markets. He provided insights into Cencora's service offerings, including the integration of regulatory affairs and market access capabilities. Bramley's focus on accelerating innovation, optimizing patient access, and maximizing health outcomes underscored the importance of navigating the complex landscape of pharmaceuticals and healthcare.

Top 5 Takeaways

  1. Global Expansion: Cencora's global consulting services have evolved significantly over the past 3 years, expanding into various international markets.
  2. Comprehensive Services: The integration of regulatory affairs, quality management, and pharmacovigilance allows Cencora to offer a wide range of services that support clients through the entire product lifecycle.
  3. Focus on Market Access: Ensuring that patients can access necessary therapies is a central focus, and with the increasing complexity of market access and reimbursement environments, innovative solutions are required to overcome challenges.
  4. Patient-Centric Approach: The ultimate goal is to maximize health outcomes for patients, ensuring they receive the therapies they need efficiently.
  5. Unified Expertise: Cencora's team of experts works collaboratively to address clients' challenges and ensure successful navigation through the approval and reimbursement processes.

David Senior, SVP of Market Economics, and Jason Dinger, SVP of Strategic Execution, addressed the pressing issues in the healthcare landscape, the evolving dynamics of market economics, and the necessity for innovative solutions to enhance patient access and ensure the sustainability of the healthcare ecosystem. 

Top 5 Takeaways

  1. Proactive Market Monitoring: The team is dedicated to not only addressing current market trends but also anticipating future disruptions, such as legislative changes and supply chain challenges.
  2. Interconnected Challenges: Drug shortages are complex issues that intertwine supply and demand; understanding this relationship is crucial for finding effective solutions.
  3. Supply Chain Resilience: There is a growing emphasis on understanding and reinforcing supply chain resilience to mitigate risks associated with market volatility and shortages.
  4. Innovative Solutions: The introduction of new products, such as the committed inventory solution, aims to create virtual warehouses that enhance the availability of essential medications.
  5. Partnerships and Collaboration: Both speakers stressed the importance of collaboration with customers and stakeholders to innovate and adapt to the evolving healthcare landscape.
Claire Biermaas, President, Corporate Partnerships, Tim Cernohous, President, Community Retail & Long-Term Care, and Matt Glucksman, President, Health System and Government Services, discussed the unique needs of Cencora’s customers. The discussion, moderated by Francesca LaMonaca, Vice President, Strategic Operations, underscored the critical role of collaboration and innovation in enhancing patient care and ensuring operational efficiency.

Top 5 Takeaways

  1. Customer-Centric Approach: The panel emphasized the importance of placing the customer at the center of operations, striving to understand their unique challenges and needs.
  2. Financial Challenges: Many customers are navigating financial pressures, which impact their operational viability and patient care.
  3. Trust and Accountability: Building trust with customers is essential; accountability and effective communication are key components of maintaining strong relationships.
  4. Collaborative Problem-Solving: The importance of collaboration between manufacturers, distributors, and healthcare providers was underscored as a means to address complex challenges in the market.
  5. Focus on Patient Care: Ultimately, all efforts are geared towards enhancing patient care, ensuring that medications are accessible and that healthcare providers can deliver effective therapy management.

Beth Mitchell, Vice President of U.S. Policy and Advocacy for Cencora was joined by industry leaders to discuss the current policy environment surrounding the Inflation Reduction Act (IRA) and its implications for stakeholders in the pharmaceutical supply chain.

"At the end of the day, we all are in this together, and we all need to find a way to implement this in a responsible way."
- Tyler Novotny, Vice President, Market Economics, Cencora

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