Novartis reports £1.1 billion savings...
Healthcare giant, Novartis has reported it made procurement savings of £1.1 billion during 2014. In its 2014 results the company said it made overall savings of £1.9 billion with net sales of £38.2 billion and core operating income of £9.6 billion. Novartis' annual report said: “The most significant savings of the £1.1 billion came from ongoing efforts in procurement to manage spending on goods and services across all our divisions. That represents 7 per cent of the annual spending of £14.5 billion managed by the procurement organisation. ”The company said half a billion dollars of the savings were made in the fourth quarter of the year. - See more at Supply Management.The report said spending on travel was cut by around 23 per cent, primarily by increasing the use of virtual meetings, while standard technical requirements were adopted for machinery.