Director, Procurement

About Formation Bio

Formation Bio is a tech and AI driven pharma company differentiated by radically more efficient drug development. 

Advancements in AI and drug discovery are creating more candidate drugs than the industry can progress because of the high cost and time of clinical trials. Recognizing that this development bottleneck may ultimately limit the number of new medicines that can reach patients, Formation Bio, founded in 2016 as TrialSpark Inc., has built technology platforms, processes, and capabilities to accelerate all aspects of drug development and clinical trials. Formation Bio partners, acquires, or in-licenses drugs from pharma companies, research organizations, and biotechs to develop programs past clinical proof of concept and beyond, ultimately helping to bring new medicines to patients. The company is backed by investors across pharma and tech, including a16z, Sequoia, Sanofi, Thrive Capital, Sam Altman, John Doerr, Spark Capital, SV Angel Growth, and others. 

You can read more at the following links:

• Our Vision for AI in Pharma
• Our Current Drug Portfolio
• Our Technology & Platform

At Formation Bio, our values are the driving force behind our mission to revolutionize the pharma industry. Every team and individual at the company shares these same values, and every team and individual plays a key part in our mission to bring new treatments to patients faster and more efficiently.

About the role

The Director, Procurement will be responsible for establishing and managing a strategic procurement function, ensuring cost-effective and value-driven vendor partnerships. This individual will lead vendor negotiations, implement procurement best practices, and collaborate with cross-functional teams to enhance financial efficiency and mitigate risks. The ideal candidate has deep experience in procurement, strategic sourcing, and vendor management within the biotech, pharmaceutical, or life sciences industry.

Responsibilities

• Develop and implement a company-wide procurement strategy to optimize vendor spend, enhance operational efficiency, and mitigate risks.
• Lead high-value negotiations with vendors across multiple categories, including software, contract research organizations (CROs), contract manufacturing organizations (CMOs), and other drug development service providers.
• Establish procurement policies, procedures, and governance frameworks to ensure consistency, compliance, and cost discipline.
• Collaborate with finance, legal, R&D, and operational teams to align procurement strategies with business objectives.
• Drive competitive bidding processes (RFIs, RFPs, RFQs) and vendor selection methodologies to ensure the best value for the company.
• Monitor vendor performance and enforce contractual obligations to maximize service quality and efficiency.
• Partner with Legal, Quality Assurance and Data Governance teams to understand and monitor vendor compliance with company policies, industry regulations (e.g., FDA, EMA, GxP), and data security requirements.
• Identify opportunities for cost savings, contract optimizations, and risk mitigation.
• Implement procurement analytics and reporting tools to provide visibility into vendor spend and procurement trends.
• Stay informed of industry trends, supplier market dynamics, and regulatory changes impacting procurement.

About You

• Bachelor’s degree in business, finance, supply chain management, or a related field (MBA preferred).
• 8+ years of procurement, strategic sourcing, or vendor management experience, preferably in the biotech, pharmaceutical, or life sciences sector.
• Strong negotiation skills with a proven track record of securing favorable terms with vendors.
• Experience managing procurement processes for high-value contracts, including CROs, CMOs, software vendors, and other biotech service providers.
• Knowledge of contract law, risk management, and compliance in vendor agreements.
• Ability to work cross-functionally and influence senior stakeholders.
• Excellent analytical, financial, and strategic thinking skills.
• Proficiency in procurement and contract management software is a plus.

Formation Bio is prioritizing hiring in key hubs, primarily the New York City and Boston metro areas, with additional growth in the Research Triangle (NC) and San Francisco Bay Area. Please only apply if you reside in these locations or are willing to relocate.

Compensation:

The target salary range for this role is: $182,000 - $230,000.

Salary ranges are informed by a number of factors including geographic location. The range provided includes base salary only. In addition to base salary, we offer equity, comprehensive benefits, generous perks, hybrid flexibility, and more. If this range doesn't match your expectations, please still apply because we may have something else for you.

You will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

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