The pharmaceutical industry is experiencing fast-paced changes for the last few years. The consumers demand the highest quality of healthcare services at affordable prices. Rapidly changing market trends, consumer demands, and cut-throat competition make it inevitable for the Pharma companies to adapt faster to changes.
An Enterprise Resource Planning (ERP) system provides a consolidated microscopic view of the organization-wide processes as per requirement. This makes it easier for businesses to keep track of their operations across functions like batch manufacturing, inventory control, quality control, compliance, and data security, among many others.
With such lucrative benefits of implementing ERP, many popular industries are embracing ERP solutions. The Pharma companies are also seen opting for ERP solutions to streamline their business operations. The Pharma ERP can seamlessly sync several operations and make them available at a central location.
Some of the processes that can be streamlined with Pharma ERP are:
The Pharma industry relies heavily on batch manufacturing processes. This can be made an easier process with the use of systems and technology like ERP.
Quality control cannot be considered a separate module in the pharma industry, like other industries. Quality control has to be maintained at each phase right from manufacturing to distribution. This is possible through a seamless integration of all processes using ERP and QC being implemented through each process.
ERP ensures the implementation of data security features like access controls, digital signatures and data encryption that can help protect confidential data across the entire organization. Since Pharma industry deals with top level confidential data, it is important to have a secured system to access it.
Inventory Management & Control
Like other industries, Pharma needs proper maintenance of inventory levels. All materials for production need to be readily available. The managers can create triggers that help identify any replenishment or procurement action. Monitoring material usage becomes easier with ERP at hand.
Consistent data is available throughout the organization with an ERP system. This dismisses redundant and low-quality data. This central data is available online and hence can be accessed by anyone in the organization. The consolidated data helps different departments access the same data and formulate their strategies accordingly. In the absence of consistent data, every department may have its version of data, causing authenticity problems.
The Pharma industry has to adhere to strict regulatory compliances amid consistent changes in the rules and regulations. Pharma ERP helps integrate the formulation management with the regulatory mandate. With ERP, it becomes easy to record all facts and maintain the database for compliance audits. It does not just record the financial transactions but also enhances employees’ accountability and traceability of products through each process.
These are just a few of the aspects among many others, why the Pharma industry is preferring ERP implementation. ERP systems may also see significant advancements in the near future with respect to integration of artificial intelligence and machine learning. ERP is a well-suited piece for the Pharma industry; however, every Pharma manufacturer must also check the flexibility, level of customization, and suitability it provides before implementation.