The pharmaceutical industry is one of the most unknown industries in the business world. The reason behind this is a lot of major changes taking place in the pharma healthcare sector. while,
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Let’s take a quick look at the benefits of a pharmaceutical ERP system, and some specific ways in which ERP can make a big difference:
Formulating and preforming
Logically, there are some strict regulations governing the drug’s manufacturing process. These regulations include guidance on how employees formulate and control raw materials, as well as how to manage returns on finished products for batch production. In the pre-formulation stage, employees must follow strict quality processes that include:
- Define drug production procedures
- Scheduling the stages of drug production
- Measuring the quantities of drug production
With a pharmaceutical ERP system in place, companies can organize these formulations automatically, with confidence that the margin for error is minimal. In addition, they can do this without constantly monitoring overproduction, which leads to improved throughput through the board.
Determining the cost of the medicinal product
Several factors go into determining the cost of a medicinal product. Among other considerations, companies must account for expenses associated with:
- material purchase
- Raw material management
- Supply Chain Monitoring
Without a central pharmaceutical ERP platform, these costs are recorded individually in certain departments. Substantively, any time the information is updated; It may take some time for the new numbers to sync. This makes it difficult to fully determine the costs of the final product.
Track and trace inventory using pharmaceutical ERP
It has always been important for pharmaceutical companies to ensure proper inventory management. The recent pandemic situation has highlighted this concern by several factors. By implementing an Enterprise Resource Planning (ERP) system, pharmaceutical companies can track and trace products in real time.
They can also use sequencing to manage inventory and avoid hurdles that take time and, most importantly, can overwhelm when out of stock. Many platforms also include tracking functionality that enables companies to make quick withdrawals if needed.
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