Implementing ERP software in the pharmaceutical industry

Medical facilities and hospitals around the world are facing the need of handling large scale challenges both in terms of the number of cases they need to handle as well as the extensive management of records and finances. In order to carry out such tasks effectively, it is necessary to make use of healthcare ERP software solution programs. These software systems serve as the perfect platforms for identifying and tracking every single raw material used in the production, from the receipts through processing, the packaging and shipping and then finally delivering to exact customer location. These programs also help a medical facility to serve the patients in a better manner.

While the benefits of pharmaceuticals ERP solutions are known by medical facilities all around the world, many hospitals and pharmaceutical companies are yet to make use of these tools. The main reason behind that is the high cost factor of these programs. Good ERP programs are always costly and many companies operating within the medical industry are not clearly sure of how to make the most of such programs even if they somehow manage the financial aspect of implementing them. It is due to this reason that many providers of ERP programs are now coming up with their own training solutions that can help their clients to use and benefit from these programs.

When used correctly, a Pharmaceuticals ERP Solution can help manufacturers of pharmaceuticals to effortlessly track all of their properties while at the same time optimize and improve other business processes such as batch production, inventory control, quality assurance, sales functions, purchasing, financials, accounting and regulatory reporting. Here are some of the ways in which a Healthcare ERP Solution can be used.

Batch Process Record

The Batch Process Record is a process that involves keeping track of batch manufacturing rights from raw materials requisition until a release order is issued by Quality Assurance department. The ERP program can also handle In-progress quality Check (IPQC) as well as the Quality Assurance records for the batches after beginning and ending of each process.

Finance and Accounts Management

Since a pharmaceutical industry needs to handle large number of client details all the time, it is necessary to implement an ERP program for finance and accounts management. These programs can gather essential financial data from the different functional departments and come up with valuable financial reports like trial balance, balance sheet, quarterly financial reports, general ledgers, account statements, cost center wise analysis, gross profit analysis, profitability report, branch wise profit analysis, tax management, asset and depreciation management and ABC analysis.

Inventory and Materials Management

Implementing an ERP program can help a healthcare and pharmaceuticals firm to make use of a range of powerful and flexible features that can be used for managing and reporting all inventory information. This can help to maintain the proper levels of stock within a warehouse. Inventory control activities involve identifying the inventory requirements, developing targets, providing the replenishment options and techniques, monitoring the item usages, reconciling inventory balances as well as reporting inventory status.

ERP in Pharmaceutical Distribution

The pharmaceuticals industry is considered to be among the most widely expanding sectors in India as well as in other parts of the world. These companies always need to manage large scale production tasks and make sure that there is effective communication between the different departments. Due to this reason, a pharmaceuticals ERP solution can serve as an effective tool for carrying out their business processes and ensuring better overall performance quality for all their departments. Plenty of pharmaceutical companies have already benefitted from making use of these programs. These software systems come with a wide range of features that make them ideal for a pharmaceutical company of today to carry out all of their production and management tasks.

Any leading pharmaceutical company of today needs to handle a number of critical challenges that form an integral part of their work. While they need to improve the quality of products and carry out the necessary research and development to do so, they also need to take care of market competition which is always on the rise. Moreover, they also have to manage large scale information about clients and research work. Such extensive tasks can be easily managed by using a well design ERP software system that can be used to attend to the complex requirements of a pharmaceutical firm.

There are numerous ways in which a PharmaceuticalsERP Software Solution can assist the pharmaceutical industry in carrying out their business. Some of them are discussed below:

Efficient Integration

Pharmaceutical companies are generally huge and are therefore divided into numerous departments. In order to maintain the highest level of efficiency of all of these departments, it is necessary to make sure that effective integration is performed across the departments. It naturally enables flawless communication and collaboration among the departments. Making use of pharmaceutical ERP Solutions can help in streamlining and integrating all of the pocesses.

Inventory Management

Inventory management is crucial for a pharmaceutical company whether it is looking to handle manufacturing processes, sales or distributions. By choosing the best ERP Applications in the market, a pharmaceutical company can guarantee maximum success of its inventory management requirements. It can help in making the process of order management hassle-free and boost customer satisfaction.

Reporting

In order to make informed business decisions, a pharmaceutical company needs to analyze performance reports every now and then as it helps in understanding which areas of work need improvement. Choosing ERP implementation in a pharmaceutical company can allow in generating relevant reports within a short time.

Exports

Pharmaceutical companies regularly export their products to other areas. Therefore they need to have a centralized system that will allow them to handle such requirements smoothly. A well chosen Pharmaceuticals ERP Solution can automatically enhance the efficiency of such processes.

Multi-Location Environment

Pharmaceutical companies need to deal with transactions carried out at multiple locations. They also have to take care of their business environment effectively. An ERP program helps in real time decision making process and allows the company to improve its prospects. 

Benefits of ERP Software in Pharma Sector

Enterprise resource planning or ERP software has currently become a vital component for business companies to wholly integrate their business processes. The benefits of ERP implementation have also been aptly noted in the pharmaceutical industry. Pharmaceutical companies and manufacturers need enterprise systems to streamline and effectively manage their business processes. In order to survive within increasingly competitive business environments, pharmaceutical companies need to change their various business processes continuously.

Over the last ten years or so, new conditions within the marketplace have presented with a distinct stimulus to streamline business processes. This includes situations like:

• Competitive sales conditions;
• Product development expansion; 
• Development of global distribution networks; 
• Setter informed customers;
• The orientation of the various businesses towards fulfilling the requirements of the customers

Due to such factors, the need for implementing business process reengineering has often been felt, and this need is fulfilled through IT which helps in improving business processes. The modern day information technology strongly focuses toward business communications and processes between the persons involved in these processes.

ERP Applications help in integrating and automating the main functionalities of an organization thus facilitating the smooth flow of information within the different functions and departments of an enterprise as well as permitting the sharing of information across organizational units even if they are geographically separated.

The development of modern ERP solutions for supporting these business operations started with projects that are meant for advancing individual modules. The innovative SAP solution happened in individual phases, and involved two major areas of profit and cost accounting that allowed better control of the financial resources, the forecasts and also a new form of analysis.

The increasing demand for enhanced and new pharmaceutical products has led to an extremely competitive market which has put a lot of professional pressure on the pharmaceutical manufacturers within the Medium and Small Businesses to meet up to the ever-increasing demands for production of these drugs in high quantities. The pharmaceutical companies are also bounded to the stringent norms that are laid down by the government authorities. Therefore pharmaceuticals ERP solution systems are needed by these companies to streamline the procurement of the raw materials, bring down procurement times as well as delivery cycle times and track receivables and payments to the suppliers for handling credit facilities. Pharmaceuticals ERP Systems are also needed to function as a decision supporting tool for the purpose of management analysis as well as serve as collaborative portal for the supply chain management.

Therefore pharmaceuticals ERP software solution systems are of utmost importance in today’s pharmaceutical companies for the effective management of machinery, materials and man power. Using these resources in the best manner can naturally lead to better performance and higher efficiency. The enterprise software systems can help the companies to utilize their resources in the best manner and also obtain most productivity from their man power. These systems can serve as connecting links between the various departments of a single company and facilitate ease of communication and understanding.

5-Reasons-to-Consider-Healthcare-ERP-for-Your-Business

Healthcare ERP implementation in pharmaceutical businesses is as important as the industry itself.

There is immense competition in the healthcare industry which explains why it is absolutely important for the pharmaceuticals companies/hospitals to incorporate ERP software to improve their services.

In any health care institution, there are many services run by various department simultaneously which needs to be streamlined for efficiency in the operations. This is because the health care industry strives to efficiently improve quality and operations while lowering the costs and optimizing the back-end operations. 
Once you have selected the right Pharmaceutical ERP for your institution, you would wonder how to implement it to provide higher quality in terms of services to your patients (or customers).
You might want to hire experts who would handle the implementation process or an ERP consultant who would advice on the best model that could be implemented. You could also outsource the entire project to development firms who have the best people for this kind of job and you get the best results.
Thus, it will reduce the cost sustainably in the long run.

What should be your intentions while incorporating pharmaceutical ERP software?

• On-demand Service
  

There are thousands of activities going on in your hospital and keeping a track of everything manually could be quite a task!
With the world moving forward to automated services and online activities, having a healthcare ERP in place will give you an upper-hand in your efficiency levels. Booking appointments and following up with the reports will be easier.
Even booking appointments can be a lot smoother process based on the availability of the doctors.

• All-round patient care
  

Healthcare is no longer bound to the operation theatre or treatment of the ailment. It is more of a wholesome approach from treatment to recovery process which makes it even more competitive in nature. Patients have a variety of options while choosing the best institution for their health issue. The factor that plays an important role here is how technologically forward the institution is. With a sound software installed, admissions, treatment, recovery, billing and all the other data with be smoothly accessible thus making the entire process efficient.

• Trimmed Operational costs
  

Optimum implementation of technology will help reduce the overhead costs. Various departments like Administration, Finance, Healthcare, Inventory, etc can be centralised and would require far lesser people to manage.

• Better Recordkeeping
  

With thousands of patients and even more overlapping cases, keeping a record of each data is a tedious task. With a solid ERP in place, fetching data will be a lot easier. ERP system logically stores patient data and makes it reporting easier too.
Let the piles of folders be a ‘thing of the past’ in your hospital now!

• Decision Support system
  

Access of real-time data will be made easier with the implementation of Pharmaceutical ERP. Real-time data and the reporting thereof becomes smoother, helping the authorities take proper decisions about patient care.

This lowers the chances of miscommunication as well.

Healthcare ERP solutions can be customized based on the industry or the size of your institution. This, in turn, gives you a competitive edge over your rivals in the business. ERP solutions are a necessity now.
Lack of updated technology might make you lag behind and lose few patients. Why let that happen when implementing consolidated software can make you their hospital of choice.