Parexel values the contributions of all its workforce, patients, and suppliers, and seeks to ensure an inclusive environment and welcomes a wide range of perspectives. Parexel’s vision is one where all stakeholders can give their best contribution and agree that “This is the place for me."
Through its Supplier Inclusion policy, Parexel aims to work with a broad range of suppliers who bring forth varied perspectives, creativity, and innovative ideas to our customers, partners, and colleagues. This policy applies to all Procurement staff and employees that purchase goods or services from third party suppliers ("Purchasers").
Policy Statement:
Parexel makes procurement decisions based upon merit. To attract the best suppliers, Parexel is dedicated to creating an inclusive procurement environment that encourages participation from all qualified suppliers. We believe that having a supply chain comprised of different world views contributes to our overall success and helps us better serve our global community of clients and patients. Our goal is to foster strong, mutually beneficial relationships with suppliers who share our commitment to excellence, integrity, and innovation in the field of clinical research and development.
Parexel also recognizes the value that a wide range of perspectives brings to our employees, clients, patients, and communities we serve, and as a result we track certifications of our vendors. Our commitment to engaging with a wide range of suppliers enhances our ability to meet the varied needs of our global clients and patients.
The purpose of Parexel’s Supplier Inclusion policy is to promote the inclusion of all businesses in our purchasing process, regardless of size or background. We aim to provide opportunities for growth and development to all suppliers at varying stages of their journey.
Scope:
Geographic Scope: North America based suppliers
Inclusion Process:
Parexel's Supplier Inclusion program is open to all suppliers and consists of two tiers. Tier 1 focuses on monitoring purchases to track certifications of suppliers providing quality goods and services to Parexel. Parexel is currently tracking the following certifications: Minority-and-Women-Owned Enterprises (M/WBEs), Veteran and Disabled Veteran Business Enterprises (V/DVBEs), Small Business Enterprises (SBEs), Disability-Owned Business Enterprises (DOBEs), Disadvantaged Business Enterprises (DBEs) and LGBTQAI+: Lesbian, gay, bisexual, transgender, queer or questioning, intersex, and asexual or allied.
Tier 2 tracks our supplier’s engagement of certified diverse vendor spend to maintain an inclusive supply chain of their own.
Supplier Selection Process:
While we appreciate the diverse experiences of our supplier network, we want to emphasize that all our procurement decisions are based on merit. Our supplier selection process is designed to be fair, transparent, and objective, focusing on key factors such as:
- Quality of goods or services
- Cost-effectiveness and value
- Reliability and timeliness of delivery
- Technical expertise and innovation
- Alignment with Parexel's values and standards
- Capacity to meet our specific business needs
We believe that this merit-based approach ensures we consistently select the most qualified suppliers to support our mission of delivering high-quality clinical research services. It also upholds our commitment to fairness and equal opportunity for all potential suppliers, regardless of their background or characteristics.
Policy Objectives:
The intention of this policy and the overall goals of Parexel’s supplier inclusion are:
- Effectively identify and engage suppliers that align with Parexel’s service requirements
- Train and encourage Procurement staff and Purchasers to consider a wide range of vendors in the merit-based purchasing process where there is appropriate alignment with our business needs
- Monitoring and measuring the effectiveness of our Supplier Inclusion efforts
- Leverage Parexel’s Global Inclusion strategy and executive leadership to drive awareness and momentum
To learn more about this policy and assist us in our continuing efforts to build a inclusive supply chain designed to foster more powerful competitive dynamics that deliver quality services in a culture of respect and inclusion, please email the Supplier Inclusion team at SupplierInclusion@parexel.com.