The bid included two suppliers who placed multiple lowering bids throughout the 30-minute event. Manufacturers and distributors of this highly specialized material must be FDA approved and meet tough regulations.
During the reverse auction event, first place changed hands four times and suppliers’ final bids were less than 2% apart, indicating true market value was achieved. The final savings was 66% versus budget and the incumbent’s price was $100,000 lower than the existing contract.
This state and eBridge have an exclusive contract and have run millions of dollars through the reverse auction saving an average of 22% overall.