A 2015 study by The Hackett Group states that on average, supplier diversity programs add $3.6 million to the bottom line for every $1 million in procurement operation costs.
Investing in diverse suppliers doesn’t just make economic sense; we believe that it helps grow the economy, create employment opportunities, and make the communities in which we live, work and operate better for all. It also benefits our company to better understand and anticipate the needs of the people we serve. Our patients are not from just one race or religion or nationality or background — we provide for everyone. Our suppliers should reflect the people we are in business to serve... our customers.
Since MSD started this program in 2005, we have seen a tremendous overall growth of our program globally, and in the U.S., in particular, where, in 2017, we achieved membership in the Billion Dollar Roundtable (BDR) – an organization that recognizes corporations who have been able to achieve $1 billion of annual spend with women-owned (WBE) and minority-owned (MBE) enterprises. MSD is one of 27 companies who have received this status.
While we are proud to be recognized as a leader in the area of supplier diversity, that doesn’t mean we can rest. We look continuously for ways to expand and improve our program and to have greater economic impact around the globe; that’s not just good for our local communities, it’s also good for business.
Read more about MSD’s work in this area.