In order to find the best vendors to handle the 1,300 meetings it holds each year, Schering-Plough Corp. now uses online reverse auctions. These are fixed-duration online bidding events in which multiple suppliers compete for a buyer’s business. “Reverse auctions have proven to drive pricing to true market values and have reduced negotiation time,” says Donna Solazzo, Schering-Plough’s manager of global strategic sourcing. The Kenilworth, N.J.–based pharmaceutical company held its first ...

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