For sometime now, we know that India has become a major economic zone globally and has been delivering its quality products and services. An industry, that is specifically being been noticed with keen eyes in the present scenario, is the Indian pharmaceutical industry. Increasing at 12.70 percent in 2015 and expected to expand at a CAGR of 15.92 percent by 2020 means that the Indian pharmaceutical industry would be worth a whopping US$ 55 billion! With these projections India will become the third largest pharmaceutical market in coming years.
The major growth in Indian pharmaceutical industry can be conferred to its processes and people. The manufacturing and production processes followed by Indian companies are not only compliance oriented, but also operate at significantly lower costs as compared to US and Europe. Indian companies also get competitive edge over other nations as they produce some of the best engineers and scientists on its homeland that contribute in innovating medicines.
With intensive global competition, it is now becoming imperative for Indian pharmaceutical companies invest in self examined automated ERP softwares that can help them save on man hours by automating the entire GMP Compliance and Audit processes. Handshake with the latest ERP technologies is an effective way for these companies to establish and retain their leadership globally.
A fully customizable reporting and alert mechanism are the key USPs of these ERP softwares that gain actionable data on every aspect of the system, including Yield, Quality, Compliance, etc. Also, through First Expiry First Out and customized expiry alerts for different verticals, businesses have reduced inventory wastage by as much as 50% in some cases.
To increase profits without increasing manpower, implementing the right software into businesses is the need of the hour. Some brilliant software’s that are used globally and yield great ROI include SAP B1 software. SAP B1 is used globally by leading pharma companies to streamline their processes and optimize costs. In India, SAP B1 is being implemented by Uneecops Technologies, an award winning SAP partner.