Understanding Pharmaceutical industry challenges through ERP
1. Recipe and formula management
In the current industry, recipe and formula management is a critical concern due to the constant and urgent need of the formulation of new drugs. It’s a significant challenge in the manufacturing process if you do not have a reliable technology that can manage this critical step.
Absolute Pharmaceutical ERP manufacturing designed for the pharma industry effectively handles the critical ingredients formula/drug recipes.
Absolute ERP for manufacturing industry includes the following functionalities – New Formula Development, Formula Management, Sample Management, and Formula Costing to prove beneficial.
2. Strict regulations & compliance requirements
When it comes to regulations and norms, pharmaceutical manufacturing is a highly regulated industry. Enhanced drug regulations, as well as approval processes by government institutions, are put in place on strict grounds.
When human health and well-being are at stake, it is ensured that the drugs are effective and safer to use before they enter the global pharmaceutical market.
Therefore, the ERP system for pharmaceutical industry is designed to monitor and manage the numerous strict regulatory compliances that are mandatory.
It provides industry features that encompass the entire spectrum of quality management, formula management, and traceability.
3. Dealing with the product costing
The final cost of a new drug product cannot depend upon one single factor. It can be associated with procuring materials, managing raw materials, implementing data-driven manufacturing.
Each process has a different cost margin associated with it which is managed and handled separately.
So when it comes to nailing down the final costing of a drug product, it takes time for the stakeholders and employees, and other interested parties to be in sync with the update.
To install and implement the pharmaceutical ERP system in the company then it is useful to give the centralized data and real-time data on which the decision can be taken. This data is used to make the strategies and plans ultimately reduced the cost and increase the efficiency
4. Managing the Inventory:
The key factor associated with the pharmaceutical business is to maintain an appropriate inventory and supply of the pharma products as per the current and future demand.
Pharmaceutical ERP system helps to establish an automated tracking of their inventories; balance risks associated with inventory shortages and complete asset lifecycle.
5. High-end Quality Control & Processes
When it comes to quality, market demands compel pharmaceutical manufacturers to create safe and top-quality products. It has to ensure that the quality of the product is consistent with no error to be detected.
Quality Analysis and Control on each section of production (drugs) are required to be effectively achieved with a well-maintained pharmaceutical ERP system.
At every minute of the hour, robust quality compliance and management are required to be maintained.
6. Meeting the future Demands:
The most common issue which is addressed in the manufacturing process is to meet the supply and demand of the product in a real-time situation. Due to the lack of inefficient demand forecasting, losing the market’s competition becomes a critical situation.
Due to the inadequate analysis for the forecast of the demand for a product or service, we fail to meet the demands of customers and manage properly the inventory, avoid the disruption of the supply chain, added the decision-making process for forecasting and managing the Sales Targets.
Using a Pharmaceutical ERP system - real-time organizational data can be generated which can be used for analysis for the demand appropriately as per the targets decided by the enterprises.