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Digitization: The Business Imperative for Pharma industry

Managing a Pharmaceutical business is no easy task, especially in the present context.  Businesses are overburdened by increasing supply chain complexities, clinical trial management, compliance and regulatory hurdles, and an abundance of data to sift through. Pharma companies need the requisite infrastructure and tools to streamline and automate processes for on-time delivery of their products. The challenge for most Pharma companies is a need for a complete overhaul of processes from manufacturing to delivery.

A pharma ERP software is an all-inclusive system that looks to overcome all these challenges simultaneously. Among other things, it helps businesses keep track of raw materials, inventory, quality control, and compliance. If you’re having trouble gaining complete control of key processes, it’s time you tried an ERP solution as an exact panacea to all your business hurdles.

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Here are five crucial areas that an ERP solution can help you resolve:

  • Complete Traceability and Transparency of Supply Chain Management

The Pharma industry relies heavily on traceability and transparency in managing its supply chain operations. It’s no surprise that Pharma companies are increasingly turning to the best ERP system to gain visibility and take complete control of their supply chain management. For instance, an ERP renders greater transparency when it comes to materials and ingredient usage, batch control, and ensures that no expired inventory is left unattended.

  • Regulatory Compliance Adherence

With Governments around the world clamping down hard on drug safety and quality, staying on top of regulatory requirements has become a tightrope walk. An ERP system helps support Pharma companies by reporting on the latest compliance regulations. These systems help pharma companies stay ahead of safety and healthcare protocols to maintain global standards. Pharma companies are required to maintain strict compliance for regulatory adherence in different countries. An ERP solution helps you remain compliant with Government regulation irrespective of the country of operations.

  • Monitoring Drug Formulation and Tracking

The entry of spurious drugs into the supply chain is one of the biggest problems for Pharma companies today. The dilemma is also dangerous for both patient health and company goodwill. The objective of monitoring drug formulation and tracing is to ensure automated management at every stage of production without worrying about errors creeping into the formulation process. ERP facilitates tracking and gives unprecedented visibility for Pharma leaders to keep a tab of everything. This also ensures zero manual interventions and minimal monitoring during production.

  • Inventory and Real-time Tracking

Maintaining the right inventory and managing a smooth supply chain has traditionally been a cause for concern among Pharmaceutical companies. These issues have reached global levels with governments intervening in the procurement process to ensure sufficient vaccines are supplied and the correct inventory is maintained for a smooth supply network. A pharma ERP software can help companies manage their inventory efficiently with real-time tracking to avoid potential missteps. Product traceability also implies that in the event of an inventory glitch, the system can trace where the glitch occurred and recall products quickly.

  • Managing Supply Chain Variables and Scalability

Efficient management of supply chain involves juggling between different variables; understanding their origins, and avoiding potential failures in the future. Pharma companies also have to contend with forecasting product demand and scale manufacturing capacities when the need arises. A key function of an ERP solution is to bring a greater level of transparency and communication at all levels of manufacturing and supply chain. Without this data, managers will face a major hurdle to react to changing times and the business will lose out in the long run.

  • Conclusion

The Pharma industry is probably one of the largest and most critical industries globally. The industry poses a unique set of problems that require a comprehensive and all-inclusive solution. Through this article, it’s clear why an ERP solution is the need of the hour for Pharma companies. Implementation will ensure that Pharma companies are all set to face the next wave of digitization set to hit the industry.

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