Just like every other business today, pharmaceutical manufacturing businesses are also experiencing alarming competitiveness in the unpredictable market today. They are perplexed between whether to deal with changing healthcare reforms, stringent production requirements, regulatory changes from the government, new and innovative product requirements or to take charge of their business processes. Not only this, seeing the demand of consumers, pharmaceutical companies are now required to sell best quality healthcare products at comparatively low costs in order to withstand in the market.
You may also be dealing with similar issues. But, have you ever thought what needs to be changed in the working style of the pharmaceutical sector? It’s the use of technology or precisely implementation of a software solution (ERP).
Yes, today’s manufacturing procedures are very complicated and are changing day by day, also the scale of operations and timeliness is becoming critical in any manufacturing process and thus you need an advanced ERP software to streamline all these processes to sustain and run the business.
Let’s understand how an ERP system ensures that you don’t fall behind on the evolutionary scale for your pharmaceutical business.
Inventory Management: Pharmaceutical business involves regular management of various salts, drugs, medicines, and types of equipment which is a time-consuming process but a very critical process- that needs to be error free. Pharmaceutical industry software should be capable of helping you monitor inventory levels regularly, ensure availability of materials required for production, maintenance of records of material usage, set reorder points to replenish stock, and report inventory status in a timely fashion.
Sales Management: With the help of sales management feature in an ERP software, Instant sales order processing can be implemented. A unified and strong ERP system helps you easily verify and keep a check on medicines which are out of stock. You can plan for the dynamic market requirement as per your requirements.
Patient’s Record Management: ERP system maintains a record of patients, stores their history and current status so that whenever the same patient re-enters in the premises, his old records can be of help for the doctor attending him and give a better understanding of the patient’s health issues. This module also keeps a track of their bills, payments made and payments yet to be received.
Reporting: An efficient ERP software for pharmacy business generates 1000’s of other reports & MIS out of which some reports are maintained for drugs bifurcated into various categories like Narcotics, Tuberculosis, Schedule H & Schedule H1 drugs.
Drug Recipe Management: To stand in the competitive market today, pharmaceutical businesses are required to undercut the price of their drugs but maintain the number of salts used as scheduled by GMP norms as the formulation of ingredients used is important to maintain the effectiveness of drugs. Thus in this situation, a specialised ERP software is all that a pharmaceutical company requires as it streamlines the whole manufacturing procedure and assures a good ROI. An ERP software integrates the regulatory requirements as per the industry and government norms with ingredient formulation.
The aforementioned information brings us to a conclusion that an efficient ERP software is an essential appendage to every pharmaceutical industry as it streamlines all the mandatory processes, gives real-time information of inventory, keep record of patients and most importantly, it allows the pharma professionals to look into the areas that require more of their attention such as medicine quality assessment, plan out their next batch production of medication enlisted in their monthly plan schedules, and follow GMP rules i.e Good manufacturing practices.