Biotechnology companies have an enormous impact on the improvement of healthcare, but they face many challenges. They must comply with strict government regulations, adapt to rapid technological advancements, and contend with volatile market forces.
Those in the pharmaceutical business require faster, more accurate, and more transparent operations to keep up with these challenges. Many of these companies still rely on traditional business methods that use outdated technologies, leading to inaccuracies, inefficiencies, and lengthier product development cycles.
ERP systems automate many fundamental enterprise operations such as planning, procurement, inventory, sales and marketing, and production for faster and more efficient outcomes. They collect data from different departments and consolidate it into one centralized and secure database so that there is only one source of truth.
When you compare pharmaceutical ERP software that is available in the market, you must look at the functions that are most relevant to your business.
ERP for the pharmaceutical industry helps companies with formulation management. This ensures that formulation data is secure and the processes in manufacturing drugs are kept within the strictest parameters to guarantee purity, potency, and safety.
Clinical trials are an important part of the research and development process. A large amount of data is collected over several trials, so organizing all that information is critical in arriving at accurate results and making sound decisions. ERPs can help collect the recorded data points from trials for easier analysis.
The U.S. Food and Drug Administration (FDA) enforces good manufacturing practice (GMP) regulations to safeguard consumers against hazardous food, cosmetics, drugs, and medical equipment. GMPs set standards to ensure the correct design, monitoring, and control of manufacturing methods and facilities.
ERP software contains quality control features that gather data from testing sources and store the results in either numeric, alphanumeric, or pass/fail formats. This ensures full compliance with GMP regulations, optimizes material procurement, and minimizes waste.
Because of the growing proliferation of counterfeit drugs, the FDA requires pharmaceutical companies to keep track of the drugs they manufacture. ERP systems make this possible by assigning lot codes to each batch produced–this is crucial for maintaining supply chain integrity.
A lot number contains information such as the expiration date, the batch number, and the date it was manufactured. This makes it easier for manufacturers to recall products that are substandard or found to be harmful to consumers. It helps avoid the prospect of recalling an entire product line rather than just the affected batch.
As companies grow, so does the complexity of their operations. This also increases human resource requirements that may rely on talent from all over the world.
ERPs can help companies handle increasingly complicated hiring, onboarding, and training processes. With a centralized system, tedious and error-prone paperwork is eliminated, and mistakes are minimized. ERPs also make it easier for teams to communicate by breaking down geographical barriers because everyone has access to the same real-time data, making collaboration easier and more seamless.
Reliable ERP solutions, such as those provided by NBS, are a boon to biotechnology or pharmaceutical companies. They help maintain quality and increase productivity. Investing in the right ERP software saves time and money, reduces risks and liabilities, lowers costs, and improves the bottom line.
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