Pharmaceutical is undeniably one of the vast and complex industries with unforeseen challenges and market trends. It is facing radical changes in form of health reforms, strict regulations, surging demand and fierce global competition. While customers seek for quality products at reasonable prices, pharma companies are looking for innovative ways to streamline operations and cut down their costs to offer products at compelling rates. All this fostered the need for an all-in-one technology solution that works at the central point to manage, monitor processes, speculate market trends and unpredictable challenges for the company. An ERP software is like an one-stop solution for all businesses that serve all the above roles effortlessly. To delve into the matter further, here is a detailed list of reasons that are making ERP a pressing need in pharmaceuticals.
Inventory and materials management became a complex function
Needless to say, every pharma company deal with hundreds of thousands of products. Keeping data of the materials procured and inventory stocks are lot complex and working with spreadsheets for that is not going to help anymore. It not only leads to wastage of time for the manufacturers but creates hardships in managing inventory and in keeping records of the number of finished products, that are in stocks or sold out. In such a scenario, an ERP can prove its worth as it bears separate modules for controlling material usages and speculating the inventory level.
Recipe management is difficult manually
A key process in pharma manufacturing is recipe management which involves deciding of ingredients and their composition to make sure the effectiveness of the drugs made. Further, due to enormous competition, drug manufacturers are more willing to undercut the prices of products. A practical ERP system can help seamlessly in the formulation of ingredients which directly keeps a check on the cost overheads.
Quality issues are a high focus
Quality assurance is the top priority for businesses in pharmaceuticals and a little negligence can bear a huge cost for the manufacturers. Keeping these in mind, ERP is purposely moulded by development agencies to include a separate quality control module which monitors the materials and finished products in the pre and post-production stage. It also gives a real-time process view and capability index to the manufacturers for ready review.
Challenges in sales and marketing are huge
Competitive market structures and line of stringent regulations resulted in radical transformations in the pharmaceutical industry for which companies must adhere to the quality standards to enjoy their market share. An ERP system helps seamlessly to deal all such market challenges. From maintaining records of customer purchases, creating precise quotations, migrating information across sales channel and executing marketing campaigns, an ERP solution helps in that.
Complying with the stringent regulations in necessary
Ensuring the compliance of products with major regulatory requirements is imperative for the pharma businesses to maintain their competitiveness in the global market. A pharma ERP software is built specifically keeping in mind the stringent regulations or quality aspects. It integrates the formulation management well with regulatory provisions of the industry to give assurance about the quality of products to the customers.
To cut it short, the pharma industry is passing through severe transformations owing to increasing competition, volatile demand conditions and strict production norms besides being complex in internal operations. Thus, it is obvious that a suitable one-stop solution for ERP is a must-have for businesses in the sector to cope with the challenges.