Reasons why Pharma companies need an ERP

  • 05 February 2020
  • Share:
why Pharma companies need an ERP

The Pharma industry has picked a surprisingly rapid pace to develop new drugs, conduct clinical trials, manage patient records, tackle new diseases while adhering to regulatory compliance. 

The goal for all these companies has been to improve the health of patients and deliver care within estimated costs while enhancing the goodwill of the business. 

The Pharma industry is continuously innovating and stepping ahead from its legacy mode to manage multiple patient records, expiry dates, transport partners, and not to mention fierce competition, to be the best. 

Digitization is expanding the opportunities for Pharmacists

Some Pharma companies have held onto the traditional way of running a business. But, as the benefits of automation can be felt in the Pharma industry, even those who were skeptical have started to contemplate digitization and business automation. They have started realizing that ERP Software can help in sales forecasting, analyze sales per medical rep, estimate expenses, reduce the possibilities of delays, improve production planning and supply chain activities and so much more.  

These benefits also extend to:  

Market Outreach for New Drugs 

We know it takes years of research, time, experience, patience, determination and relentless approach to bring a new drug in the world of Pharmacy. So, a lot of time and money has already been invested before a drug comes into the market. 

When everything is automated, healthcare players can glean insights and invest in one of the drugs which have the greatest demand and can capture a good market. So, market outreach for new drugs can be well planned and executed if you have dependable software to work on such as SAP Business One.  

No Ground for Errors

Accuracy is one of the major concerns faced by the leading Pharmacy business. Even the most dependable employee is likely to make a mistake. In the line of medicine, one cannot afford any scope for errors. A slight error can cause adverse effects or even stake a life. When you automate processes with SAP Business One, you can greatly reduce the instances of errors.  

Drive Accurate Decisions

Driving accurate and timely decisions is probably one of the critical aspects of the Pharma industry. Since health and life are directly at stake in this industry, one cannot make decisions on stale insights. So, the accuracy of decisions is highly important in this industry. Business automation software such as SAP Business One facilitates business users to make confident and on-time decisions.    

There are other benefits that too that indicate why SAP Business One is the need of the hour for Pharma industry 

  • Records clinical and relevant data such as products, suppliers, patients, date and prescriber details
  • Automate and streamline supply chain operations  
  • Calculate an estimated cost of formula & packaging material which includes labor, raw material cost, overheads, etc.
  • End-to-end bi-directional traceability; from raw material to the finished products
  • Generate drug labels, maintain electronic BMR, and ensure compliance 
  • Consolidate batch information, manage production, control costs and overheads
  • Maintain full version control and audit history
  • Batch tracking in WIP with yield reconciliation 
  • Eliminate the instances of wastage with expiry alerts  
  • Evaluation of product costing and its calculation
  • Perform BOM formulation and quality checks 
  • Automate bin allocation and containers with great ease
  • Automate complex Batch Manufacturing Records (BMR)  

Business automation can be easily regarded as the next big thing in the Pharma industry, and for good reasons. No wonder that a surprising number of Pharma companies are deploying SAP Business One and digitizing their business environment to win big. 

Let’s automate your business 

Do you want to automate your Pharma business like Mankind Pharma, Simpex Pharma, MaxHeal, Healthcaps India and Vee Excel Drugs And Pharmaceuticals Private Limited? We can demonstrate how you can scale your Pharma business to new heights with an enterprise-ready ERP.  

Nidhi Batra

About the author

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.