Sourcing & Contracts Specialist (Pharmacy Experience)

Job Summary: The Sourcing and Contracts Specialist leads procurement optimization by sourcing high-quality products and services at competitive prices while ensuring compliance with healthcare regulations and organizational policies. This position is responsible for managing the entire contract life cycle to include vendor relationships, negotiating contracts, and supporting strategic sourcing initiatives to enhance cost efficiency and operational effectiveness across the health system.

Essential Job Functions & Accountabilities:

• Identifies and evaluates potential suppliers for medical and non-medical goods and services.
• Conducts market research to stay informed of industry trends, pricing, and emerging suppliers.
• Acts as a subject matter expert on sourcing and contracts matters, providing insights on trends, regulatory requirements, and risk mitigation strategies.
• Drives cross-functional collaboration with stakeholders (clinical and non-clinical) to understand sourcing needs and ensures alignment with organizational goals.
• Leads the development and execution of sourcing strategies to drive cost savings and improve supply chain efficiency.
• Negotiates contract terms, pricing, and service levels with vendors to secure the best value.
• Drafts, reviews, and manages contracts to ensure compliance with legal, regulatory, and organizational policies.
• Collaborates with the Legal team to review contract terms and mitigate risks.
• Monitors contract performance and vendor compliance, addressing issues as needed.
• Maintains a contract database to track expiration dates, renewal options, and pricing agreements.
• Develops strong relationships with key suppliers to foster collaboration and performance improvement.
• Works with internal departments (e.g., Finance, Legal, Clinical Operations) to align sourcing strategies with business objectives.
• Conducts supplier performance evaluations and provide feedback to ensure continuous improvement.
• Ensures all sourcing and contracting activities comply with healthcare regulations (e.g., HIPAA, FDA, Joint Commission standards).
• Supports supplier diversity initiatives and ethical sourcing practices.
• Mitigates supply chain risks by developing contingency plans and alternative sourcing options.
• Analyzes procurement data to identify cost-saving opportunities and efficiency improvements.
• Prepares reports and dashboards on sourcing performance, contract spend, and supplier metrics.
• Uses data-driven insights to optimize procurement strategies and decision-making.
• Designs and delivers training for internal stakeholders on sourcing strategies, contract compliance, and procurement tools, as applicable.
• Job description is not an all-inclusive list of duties and may be subject to change with or without notice. Staff are expected to perform other duties as assigned.