5 Ways ERP Systems Can Help Pharmaceutical Companies

By CIOReview | Friday, September 27, 2019

The integration of robust ERP software will enable pharmaceutical organizations to streamline their production process while also maintaining compliance with the regulations.

FREMONT, CA – The pharmaceutical industry is bound by compliance regulations related to safety, quality, marketing, patenting, and testing. Combined with this, they are dragged down by a horde of business challenges, including healthcare reforms, administration requirements, customer demands, global competition, and market trends. The incorporation of robust enterprise resource planning (ERP) software offers an excellent opportunity for organizations to handle complex situations efficiently. The ERP acts as a centralized platform for all the data, enabling organizations to establish robust connectivity between multiple departments, thus leading to the optimizations of workflow and enhancement of business efficiency.

The pharmaceutical sector can achieve greater agility with the capabilities of ERP. As consumers seek high-quality products at affordable prices, organizations have to reduce costs, streamline operation, reduce downtime, and maximize efficiency to remain relevant in the market. As a result, the demand for ERP systems is also rising. Some of its primary capabilities include batch and lot tracking, compliance, quality assurance, sales and marketing management, process management, enhanced visibility, revenue tracking, supply chain management, operational cost optimization, inventory tracking, inventory management, documentation handling, data access, and customer support.

The ERP system can be compared to a central nervous system. It connects and consolidates processes from various divisions, including purchasing, inventory management, planning, sales, marketing, and human resources. It enables organizations to gather real-time data and facilitate seamless accessibility for various departments. It not only ensures the smooth functioning of the organization but also enhances transparency.

The integration of ERP systems with their processes is helping organizations achieve new capabilities, including:

Regulatory Compliance

ERP systems empower organizations to achieve business growth, helping them meet the necessary quality and compliance requirements. The software is designed according to the unique needs of the pharma sector and enables the organizations to enhance their business model to meet the industry standards and government regulations.

Inventory Management

The capabilities of ERP software enable pharmaceutical companies to reduce material wastage and efficiently monitor the inventory management process. It allows them to plan material requirements for production and set specific goals for procurement and replenishment. It can also formulate accurate inventory status reports on time. The batch and lot tracking features of ERP enable it to monitor batches from the starting stage till the end.

Quality Control

The adoption of ERP systems enables organizations to improve their production standards and manufacture high-quality products. It will allow them to overcome compliance challenges and experience streamlined growth in the market. Most ERP systems accommodate regular quality control tests, result tracking, and implementation of corrective action.

Sales and Marketing

The ERP system can help sales and marketing teams to streamline sales order and contract management. It can accurately assess customer history and records, create effective sales quotations, automatically transfer information to the sales order, enhance marketing workflows, and deploy promotional campaigns.

Document Management

In the wake of legal and compliance challenges facing the pharma industry, document management has gained prominence for organizations. It has enabled them to record the historical data, facilitating seamless audit checks, and document analysis. It provides a centralized database for laboratory information to be stored and accessed seamlessly by different departments. It also enables them to document the recipe of all the batches for safety and quality purposes.

Incorporating the right pharma ERP system will enable organizations to modify individual batch tickets and include sign off and quality control assessments during various stages of production. They can configure real-time regulatory reports based on the formulations set up in the system. It will ensure the fulfillment of unique business needs, eliminating third-party providers.

Check out: Top Revenue Cycle Management Technology Companies

Top Pharma and Life Sciences Tech Solution Companies

CIO Review Client: Flagship