The Life Sciences industry is unique in many ways, especially because it “evolves” as companies go through the life cycle from pre-clinical to market. Each of the phases of this life cycle have their own unique requirements, but commonly we come back to the same 5 key features that companies need to address with their business management and ERP systems:
When the FDA is in charge of the market you’re launching your new Life Sciences product into, patient and customer safety extends far beyond company guidelines. They set the standards for thresholds and validation of your business systems including security, manufacturing, quality controls, audit trails, and overall Good Informatics Practices.
You hope the day never comes where your product has quality issues or has some adverse effect, but you can’t be any too careful to ensure you have the right tools to minimize the impact on the patients or customers. It also makes good business sense to understand the quality of products that are going to the customer in order to make improvements to future products.
- Real-time access to information
There aren’t too many industries where change is so rapid or control of ‘spend’ is more important than in the Life Sciences industry. Therefore, you need a system that can give you the right information at the right time through powerful reporting tools.
- Cost Management
Access to funds isn’t quite as easy as it once was, and a significant amount of funding is needed to support R&D efforts for the creation of the next big drug or device. Therefore, you need a system that can monitor the ‘spend’ to vendors and provide visibility into day to day expenses.
- Commercialization Support
The big day comes with approval of your new drug or device and now you need to ramp up sales, production, and fulfillment. This needs to happen yesterday and you need a system that can support the many processes that come with the product going to market including; manufacturing (or integration to manufacturer), 3PL integration, sales and marketing, production planning and quality management.