Sourcing Specialist

Company Description Dr. Reddy's Laboratories Ltd. is a leading multinational pharmaceutical company based across global locations. Each of our 24,000 plus employees comes to work every day for one collective purpose: to accelerate access to affordable and innovative medicines because Good Health Can't Wait.We started in 1984 with a modest investment, 20 employees and a bold vision. Today, we have research and development centres, manufacturing facilities or a commercial presence in 66 countries. For nearly four decades, we have stood for access, affordability and innovation based on the bedrock of deep science, progressive people practices and robust corporate governance. As the pharmaceutical industry evolves and undergoes disruption, we see an opportunity – to strengthen our core further (the next steps) and to build the future (the new bets).'The Next and the New' is how we aim to continue to be the partner of choice – purpose-driven, future-ready and sustainable.  Our aim is to reach over 1.5 Bn+ patients across the world by 2030 by growing our core businesses and building for the future with sustainability at the core of our purpose and strategy. Sustainability for us means operating in a manner that respects people, planet and purpose – helping us conserve precious resources, serve our patients, create value for stakeholders, give back to society, fulfil our potential and maintain our integrity and transparencyDr Reddy's maintains a work environment, free from discrimination and is an equal opportunity employer. We are committed to employ & nurture all qualified diverse workforce without regard to race, colour religion, nationality, sex, age, disability status, genetics, sexual orientation, gender expression, citizenship or any other characteristic or classification protected by applicable law(s) of the country we operate in. We treasure every talent, and recognize merit and diversity in our organization. Job Description Job Summary We are looking for an experienced Sourcing Specialist for leveraging market insights, conducting clean sheet costing, and implementing effective negotiation strategies. The role involves continuous monitoring and negotiation with suppliers, optimizing purchase order management, and contributing to cost optimization, supplier relationship management, and strategic sourcing initiatives for Trade Generics business.Roles & Responsibilities • You will be responsible for sourcing and procurement of KSMs, Intermediates and other materials for API development and filing being taken-up at DRILS, IPDO and other places. You will have to work closely with product development teams, RDO, planning, production and other CFTs in sourcing and procurement of materials at right right time, with right cost and quality.• You will be responsible for utilizing commodity intelligence to gain market insights, predict future prices based on micro/macro trends, and monitor price trends for input materials.• You will be responsible for preparing and analyzing clean sheet costing for products, creating effective negotiation strategies with suppliers to ensure cost efficiency.• You will be responsible for leading continuous monitoring and negotiation with partners to secure the best prices for all trade generics products, maintaining Price Information Records (PIR) for products.• You will be responsible for ensuring purchase orders are placed on suppliers based on lead time considerations, optimizing the procurement process.• You will be responsible for continuously exploring alternate options/suppliers to secure the best prices. Track and monitor supplier performance, providing financial data support to team members for effective negotiation strategies.• You will be responsible for monitoring On-Time-In-Full (OTIF) and Delivery in Full, Complete, and On-Time (DCO) metrics to maximize weightage. Stay informed about emerging technologies and suppliers to optimize cost models.•• You will be responsible for generating ideas for process and cost improvement action points, actively participating in the implementation and regular monitoring of these initiatives.Preparing strategy documentAnalyzing procurement dataSigning-off Supply Agreements with suppliers in accordance with 3-year Strat PlanPrice & Volume adherence in accordance with FY Budget Cost reduction/avoidance adherence [OE Savings Target > 95% achievement]Supplier OTIF [Associate responsibility] & RM Support to New launches [No Launch Miss]% rejections for category supplies (Rejections