The Indian Pharmaceutical industry has been witnessing tremendous growth for quite some time driven by the rising drug demands within the country and across the globe. A recent study by IBEF says that the Pharmaceutical market in India is expected to grow US$100 billion by 2025, while the medical device market might reach ~US$25 billion.
From extensive R&D, clinical trials, sample testing, etc. in diverse Pharma domains including drugs, vaccines, nutraceuticals, and biotechnology; there has been a wide scope of improvement and innovation in the Indian Pharmaceutical market. However, the ultra-competitive business scenario coupled with highly sensitive regulations and multiple radical changes happening across the industry are forcing the Indian Pharmaceutical and Healthcare segments to adopt new technological advancements to quickly adapt to the changing market situations and become more responsive to the evolving needs of the customers.
No wonder, to keep up with the ever-changing market trends of the industry, Pharma professionals are in perpetual pursuit of advanced tools and technological innovations to ensure drug quality and cost-efficiency in overall business operations. Since the outdated IT systems and monolithic legacy software barely suffice in meeting the evolving demands of the industry, the Pharma manufacturers are in desperate need of next-gen enterprise solutions armed with state-of-the-art technological advances to make an impact on their Pharma business.
Let’s understand in detail the current Pharma solutions and the need for more revolutionary solution to help Pharma manufacturers gain more operational efficiency.
The Need for Industry-Specific Technology for Pharma Business
The current solutions do not offer a comprehensive solution although they can streamline one of any business functions. However, this is just not everything that a Pharma professional would require for a visionary business. Integrated business departments such as planning, purchasing, inventory, sales, marketing, and distribution along with the real-time flow of information and cost-efficiency in processes are the foundation to a successful business. But, to make the Pharma business more future-ready, efficient, and profitable; Pharma manufacturers need additional features in the system like maintaining GMP compliance, batch tracking and yield reconciliation, quality management, and waste elimination, and formulation management, etc. This would require adopting an industry-specific system blended with advanced technology features in a single platform.
Although the current solutions might be capable of handling the present-day requirements of the manufacturers efficiently, they aren’t capable of addressing the future needs and challenges of the industry. The fact that with time, the pain points of the Pharma manufacturers will only multiply has got them seeking modern-age Pharma ERP software capable of encountering present needs as well as future business challenges of the Pharma industry.
SAP Business One for Pharma industry is one such powerful, modern-age solution that not just integrates the business processes but offers a single view of the entire business enabling improved growth, productivity, and profitability.
Take a closer look at this modern-age ERP software that can make an impact on the Pharma business.
SAP Business One – Next-gen ERP for Pharma Industry
SAP Business One for Pharma Industry is a comprehensive software solution designed to meet the unique needs of the Pharma Industry. This software efficiently automates the fundamental business processes while effectively managing formulation, routing, costing and quality control operations in Pharma manufacturing.
With precision being the critical requirement in the Pharma domain, SAP Business One helps in achieving more uniformity, enhanced accuracy, compliance, and quality in producing the same formulations, eliminating manual errors in sample handling and reporting, and improving the overall shop floor management.
Improved batch control and traceability feature of SAP Business One solution helps the Pharma manufacturers in gaining digital momentum in the supply chain management. With this being implemented in the business, every single product in the supply chain can be tracked in real-time enabling timely deliveries, improved transparency, and enhanced security in the process.
Management Information Reporting at various levels in SAP Business One empowers the Pharma manufacturers to identify the bottlenecks in the business processes with prior information related to inventory and warehouse, overused, underused, and faulty equipment, etc. It also empowers manufacturers to shift the paradigm from batch manufacturing to continuous manufacturing.
Product costing and estimation using SAP Business One Supports Pharma leaders with financial controlling operations, costing methods, and analysis. Using this software, the Pharma manufacturers can efficiently calculate the cost/hour of manufacturing and better plan and schedule the drug formulation and testing operations, ultimately making their business more predictable and future-ready.
To Sum It Up
Pharma Manufacturers need to realize today that the old-school systems won’t be able to stand the test of time. Growing complexities in the manufacturing processes and mounting challenges would require modern-age Pharma ERP Software to meet the future demands of the Pharma industry.
The amalgamation of the modern-age ERP Software – SAP Business One in the Pharma business can prove to be the biggest game-changer the industry. It will help Pharma Businesses stay competitive and react to the changing market conditions with speed and agility.