Cost Reduction Specialist

4th November 2021

Cost Reduction Specialist

QuantuMDx Careers

QuantuMDx are looking for an experienced and enthusiastic Cost Reduction Specialist who is looking to take on their next challenge and use their knowledge and experience to determine and implement a cost reduction methodology to current and future equipment parts and consumables. This position would suit someone with an engineering and procurement background and able to examine alternative technical and sourcing opportunities.

Reporting directly to the Operations Director, the position holder in this newly developed role will liaise with leaders across commercial, manufacturing, and development to ensure parts and processes within the supply chain are cost optimized and managed within an operational excellence framework. This will involve liaising with CMO’s and a complex array of suppliers of precision mechanical, electrical and moulded parts to identify and implement costs savings with current and alternative suppliers including negotiation of supporting QuantuMDx protective supply agreements.

Key Roles & Responsibilities

Performing a combination, but not necessarily all, of the following duties:

  • Liaise with key department leaders to determine reduction opportunity on restricted supply and expensive items. Assist in the redesign of components to reduce material cost/avoid material price increase while improving product quality, function, and reliability
  • To understand product manufacturing processes and develop ground up cost estimates analysing how much a component should cost to manufacture.
  • Achieve determined timelines and highlight potentially problematic issues and drive internal/external teams in resolving these.
  • Responsible for a wide variety of components and projects, so flexibility and enthusiasm to transfer knowledge and learning to a new challenge is essential and with an open mindset to challenge project timelines, current designs, and/or manufacturing methods to improve product costs
  • Assess total costs of company purchases and seek opportunities to reduce costs tracking PPV (Product Price Variance) with awareness and impact upon TVM (Total Value Management) & PCE (Product Cost Estimating)
  • Work with manufacturing on scheduling and performing production pilot runs to support the new item process qualification
  • Nurture long term relationships with suppliers in an open and proactive manner that’s supports continuous high quality and timely supply.
  • Where necessary lead identifying potential new suppliers and the subsequent negotiation of commercial supply agreements.
  • Participate in risk management to all aspects of product development including process risks and product risks. Able to apply sound judgment and act quickly to contain, address and mitigate any risks that occur and in conflicting activities and manage both self and others to deliver on time.
  • Perform and manage all work in a safe manner and in compliance with local procedures/company standards and current health, safety, and environment legislation.

Experience, knowledge and requirements

  • A highly motivated, organised, proactive and enthusiastic individual with a proven ability to work and motivate with utmost tact and diplomacy in supplier negotiation
  • Relevant degree in Engineering, Procurement management and/or equivalent experience.
  • Experience of working with ISO 13485 is essential with direct experience working in the IVD industry an advantage.
  • Ability to manage multiple projects simultaneously, resolve problems, meet deadlines, and handle fast paced critical work environment
  • Strong analytical skills and spreadsheets including should cost modelling and budgetary analysis of projects and recommendation presentation
  • Outstanding teamwork and ability to interact with external and internal partners on fastpaced projects utilising significant influence, negotiation, and collaboration skills and strong communicator.
  • Expertise in manufacturing processes and the cost drivers associated with them. Material flow and awareness of process (lead times in tooling, testing, developing, tier 2 suppliers, etc)
  • Knowledge of ERP systems or equivalent.
  • Be eligible to work full time in the UK without restriction and be able to travel freely as required to facilitate project implementation
  • APICS certification would be desirable
  • Lean experience would be anticipated

Company Overview

QuantuMDx is a UK-based developer of transformational point-of-care diagnostics, with global operations.

QuantuMDx has developed Q-POC™ – a rapid, portable, PCR point of care diagnostic system. Q-POC™ compresses an entire molecular diagnostic laboratory into a simple to use, accessible and affordable single device, for use at the point of care, with results in approximately 30 minutes. Q-POC™ has been designed for front-line healthcare professionals within a wide range of settings, including emergency rooms, ICU and birthing centers, clinics and pharmacies. Patients are tested, diagnosed and given treatment options in one efficient consultation.

Our first Q-POC™ test detects SARS-CoV-2, the virus causing COVID-19.

The intent of this job description is to provide a representation and level of the types of duties and responsibilities that will be required of positions given this title and shall not be construed as a declaration of the total of the specific duties and responsibilities of any particular position. Employees may be directed to perform job-related tasks other than those specifically presented in this description.

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