In recent years, India’s pharmaceutical business has experienced extraordinary expansion, owing to increased domestic demand and strong demand from export markets. To stay competitive, pharmaceutical businesses must be able to respond swiftly and flexibly to changing market situations and legal environments, such as cost cuts in the health care industry. The unspoken rule nowadays in any industry is that the faster market needs change, the more flexible a company’s business operations must be.
Because of the competitive nature of the pharmaceutical industry, ERP is required. Pharma ERP streamlines numerous procedures in pharma firms, helping them to produce optimum output. ERP software not only automates the entire organisation but also connects all of the operations, allowing the pharma company to keep track of every crucial procedure.
Ayurvedic and pharmaceutical enterprises can use ERP software as a stand-alone solution for all of their business needs. Expiry management, quality, formulation, price, and compliance are only a few of the operations. The organisation requires the best ERP software for the pharmaceutical industry to manage all of the procedures.
Best ERP for Pharmaceutical Industry
The scalability, functionality, and available reference customers are used to rate the pharma ERP solutions.
Here are some of the best ERP Softwares used in the Pharmaceutical Industries.
SAP Business One
SAP Business One is a Cloud ERP solution for small and medium-sized pharmaceutical companies.
- It supports important business flows that can be quickly modified by non-technical users to meet new requirements.
- Production orders of many types, such as standard, unique, and disassembly can be processed with the help of SAP Business One.
- It allows everything, from production to repair, services, and more.
- With a single mouse click, you can see all of your production costs analysis on one screen using SAP Business One’s drill-down capability.
- It has inventory, transfer, and invoicing functions built-in, allowing businesses to easily manage inventories at customer locations.
- Allows simplified data flow management and allows businesses to automate business procedures while taking a proactive approach to concerns.
Oracle NetSuite ERP
Oracle NetSuite is the world’s most popular cloud system, offering a single unified cloud platform for all back-office functions like accounting, CRM, and eCommerce.
- Oracle NetSuite provides real-time market data and statistics, allowing pharmaceutical companies to respond and adapt to changing market conditions in real-time.
- Pharmaceutical firms may control and monitor their manufacturing for optimal results by utilising cutting-edge features such as predictive analysis and forecasting.
- Oracle NetSuite makes stock and inventory management more organised and laser-focused.
- Pharmaceutical firms can gain a 360-degree perspective of their complete supply chain by using Oracle NetSuite.
Infor M3TM is a robust cloud enterprise resource planning (ERP) system that uses cutting-edge technology to provide the groundwork for digital transformation.
It has significant capabilities for pharmaceutical firms in the SMB and SME space, with integrated functionality that caters to pharmaceutical-specific processes such as computer system validation and compliance.
Infor M3 has the following features:
- Audit Trail
- Customer Management
- Document Management
- Event Calendar
- Expense Tracking
- Financial Management, etc.
TallyPrime is one of the most popular business management software programmes in the world, with functions such as accounting, stock control, reporting, and payroll. Compliance with GMP and FDA requirements is a top priority for any Pharmaceutical ERP. Hence, Tally is one of the top preferences in the world.
The salient features of Tally are as follows.
- It performs quality control, approves and rejects material receipts concerning orders.
- It can print labels from the system.
- Assigs an R No. to varied batches.
- Stock is issued in accordance with established formulas based on requisitions generated by the system.
- Validations on the issue of expired based material and the FEFO (First Expired First Out)
- Material retesting is done in accordance with the Retest Overdue Report
- Conversion of various grades based on Quality Control approval
Orion ERP is a powerful pharmaceutical solution with built-in process manufacturing functionalities that ensure quality, consistency, and speed of medicine delivery in order to meet not only the complex laws but also the ever-increasing needs of patients.
ERP Modules for Pharma company
ERP software is made up of numerous modules that interact with one another to provide easy access to information, forming a network that connects all of the pharmaceutical industry’s divisions. The important modules are as follows:
- Easy Integration – Enterprise resource planning enables seamless integration of supply chain planning, production, sales, and finance, as well as effective and compliance procurement. Pharmaceutical procurement necessitates a high level of control for both cost efficiency and compliance. Ingredient and material traceability are critical, as is sourcing products from reputable suppliers with well-vetted supply chains.
- Reduce Costs Operations – Having powerful manufacturing capabilities within your ERP system is critical for running an effective organisation. A good production management module can collaborate with other modules to collect data and information for proper equipment and resource usage thereby minimising the overall production costs.
- Inventory Control – Pharmaceutical organisations require robust inventory management capability in their ERP systems to gain real-time information into stock availability and perform on-the-fly stock valuations. Many pharmaceutical organisations must be able to track stock across several actual and virtual warehouses since they operate in multiple countries and locations or sell on consignment.
- Optimize Resource Utilization – An ERP system tailored for the pharmaceutical business makes managing your supply chain and other proceedings considerably easier. Pharmaceutical firms can use enterprise resource planning software to make their processes more efficient and robust by integrating sales, production, procurement, or purchasing, as well as historical data. Thus, optimizing the resources available to get the highest returns possible.
- Large Data Monitoring – The Batch Control and Traceability module keep track of all pharma product manufacture, separating it into batches that can be dispatched for distribution. This module keeps track of production and shipping by keeping a complete record.
- Error-Less Bill Generation – Financial management is at the heart of every ERP solution, and this is no different when it comes to pharmaceutical ERP. Operating globally and across many legal entities with inter-company trading and financial consolidation is a crucial requirement for many pharmaceutical companies. To decrease errors and save up time, modern ERP solutions for the pharmaceutical industry include different localizations to enable global commerce and cater for inter-company transactions and trading.
Due to the highly regulated and controlled nature of the pharmaceutical and biotechnology sectors, properly installing an ERP solution is critical to avoid a failed ERP project.
We cannot leave without saying that choosing an ERP implementation partner with little or no industry experience who has completed similar ERP projects with other CMOs, pharmaceutical manufacturers, wholesalers, and biotechnology companies is a bad idea.
This is why, MegathermErp, being an Authorized SAP Business One Partner in Kolkata would be the best choice, who intends to provide solutions to both private and public sector businesses, depending on their needs and requirements.
MegathermErp makes the most use of all available resources, resulting in increased efficiency and performance. With our ERP software, you can track properties with ease while streamlining and improving other company processes such as batch production, sales functions, inventory control, purchasing, quality assurance, accounting and financials, regulatory reporting, and so on