The pharmaceutical industry is one of the most uncertain industries in the business world. The reason behind this is the lot of major changes happening in the Pharma healthcare sector. Whereas,
Let’s take a quick look at the benefits of Pharmaceutical ERP, some specific ways that how an ERP can make a major difference:
Formulation and Pre-Formulation
Logically, there are some strict regulations that regulate the drug manufacturing process. These regulations include guidelines around how employees should formulate and monitor raw materials, as well as how they should manage finished product yields to produce a batch.In the pre-formulation stage, employees must follow stiff quality processes that include:
- Defining drug production procedures
- Scheduling drug production stages
- Measuring drug production quantities
With a Pharmaceutical ERP system in place, companies can automatically regulate these formulations, while having confidence that the margin of minimal error. Additionally, they can do so without keeping constantly keeping an eye on overproductions, which optimizes productivity through the board.
Assigning Drug Product Costing
Several factors go into assigning a cost to a drug product. Among other considerations, companies must calculate the expenses associated by:
- Procuring materials
- Managing raw materials
- Monitoring the supply chain
Without a centralized ERP platform for pharma, these costs are recorded individually in particular departments. Intrinsically, any time this updates the information; it can take a while for the in-sync of the new numbers. This makes it integrally difficult to nail down final product costs.
Track and Traceability of Inventory with Pharmaceutical ERP
It’s always been important for pharmaceutical companies to ensure proper management of inventory. The recent pandemic situation underscored this concern with several factors. With the implementation of ERP, pharmaceutical companies can track and trace products in real-time.
They can also use serialization to manage inventory and avoid time-consuming blockages and most importantly they potentially overwhelm stock-outs. Many platforms also include traceability functions that enable companies to perform rapid recalls if required.
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