Why is ERP important for the pharmaceutical industry?
One cannot underestimate that pharmaceuticals are the backbone of human civilization, which has helped increase women's and men's longevity. According to a recent survey of proclinical.com, pharma-related advancement accounts for 73% of the overall improvement in life index between 2000 and 2009 observed in 30 developing & high-income nations. Essentially, medical developments improved life expectancy between 2000 and 2009 by 73% of the general rise across 30 developing and high-income nations.
Imagine going to a hospital or visiting a doctor, expecting to get the treatment but you heard that the required medicines are unavailable as hospitals are experiencing a medical shortage. Humans will be doomed if that happens. So, pharmaceuticals are nothing less than unsung heroes that translate drugs and effective treatments from laboratories to patients.
Pharmaceuticals companies worldwide are knee-deep with unique challenges such as changing consumer dynamics, increasing process complexities, healthcare reforms, growing data without the infrastructure to leverage it, and more.
To prevent their profits from crash landing and to combat the ever-changing requirements of the workforce and markets, many pharmaceutical businesses have started implementing pharmaceutical ERP software in their business operations to establish productivity, efficiency, and scalability in their workforce.
In today's blog, we'll understand the importance of Pharmaceutical ERP in supporting pharma manufacturers and business owners; keep holding till the end!
What Is A Pharmaceutical ERP System?
A pharmaceutical ERP system is advanced business software that addresses the critical value-added processes of pharma companies and adheres to legal requirements and industry best practices to increase effectiveness.
Pharmaceutical ERP software integrates with existing technological solutions. Also, it enhances processes like research and development, product development, production, quality control, inventory management, costing, FDA tracking, compliance, planning, scheduling, and warehousing. Pharmaceutical ERP system software is designed to solve many specific needs of an organization.
Challenges in Pharma Industry
From ensuring quality standards & compliance to managing inventories at all levels, managing a pharmaceutical business can be nerve-racking. Whether starting as a drug manufacturer or a manager in charge of a growing pharma company, having pharmaceutical ERP software is the one-stop solution.
Here, we've listed common challenges that most pharma businesses face and why you should implement pharmaceutical ERP software-
Changing Government Regulations
The regulations made by the government concerning the software for the pharmaceutical industry are ever-changing. To ensure the safety of the patients, precision is paramount and can't be understated. Due to this, pharmacy companies face many challenges in meeting international quality standards and adapting to changes in drug and healthcare regulations.
Supply Chain Disruptions
Supply chain downtime can significantly affect a business's workforce and company's output and can even rampage your reputation among your prospects. For seamless supply chain management, businesses should be able to address unique supply chain needs and challenges, such as procurement, order management, transportation & logistics, and more!
Quality Control
Quality control in the pharmaceutical business can’t be overlooked or underestimated. Hence, it’s important to ensure strict quality standards to ensure that it achieves safety, efficacy, and compliance. As many tests, inspections and documents are undertaken, the process of quality control could get very complicated and might only sometimes be manageable through manual operation or an older system.
The Role of Best Pharmaceutical ERP Solutions Provider in India?
Powering your workforce with advanced Pharmaceutical ERP solutions can make a world of difference in your business operations, especially when you're into the drugs and treatment manufacturing industry.
Here we have mentioned few reasons for organizational ERP system that how it automates many complicated business processes of pharma companies-
Inventory Management
Inventory management is crucial for pharmacy businesses to ensure that critical raw materials are available for timely drug delivery to patients in need. Helping an AI-powered Pharmaceutical ERP software helps businesses to precisely assess stocks via real-time tracking module.
The real-time tracking modules enable tracking of batch numbers, when particular products are due for expiry, and when stocks need to be restocked. This advanced module of pharmaceutical ERP has dramatically helped an organization’s attempt to mitigate the risk of stock shortage, as evidenced in the literature.
Production Planning
The pharma ERP software management can effectively manage the production plan, by maintaining, guaranteeing the market needs for the product. As well, it is beneficial for businesses in several ways which includes; workload distribution, demand planning, monitoring production efficiency and also studying the health of the machinery.
Quality Control & Compliance Standards
Pursuit of quality is the key motivator of pharmaceuticals, a segment of the economy where compromise is not feasible since it is in direct contact with the consumer. The presence of the Pharma ERP solutions indicates appreciation from the industry for quality systems where the systems come with the added advantage of an automated quality evaluation.
Regulatory Compliance
Ensuring strict compliance comprises a series of essential and complex operations that, if missed, can keep a company's reputation at stake. A reliable ERP solution ensures that a product justifies strict quality and compliance regulations, such as the FDA (Food Drug Administration), before landing a final product in the market.
Conclusion
In today’s fast-changing environment in the pharmaceutical industry, where these problems such as harsh compliance standards, multifaceted supply chains, and high-quality measures are still problematic, having the proper tools is no longer desirable but a must. An ideal and advanced ERP system adopted for the pharmaceutical industry alleviates work complexity and addresses compliance, efficiency, and decision-making requirement issues.
A pharmaceutical ERP is, therefore, a crucial tool for organizations seeking to optimize key operations such as inventory, production scheduling, quality control, and compliance that would enable them to offer vital drugs and medicines to clients competitively.