Enterprise Resource Planning System for the Medical Industry
Development of medical devices and drugs as well as manufacturing are a complicated procedure that involves numerous supply chains, a variety of monitoring systems, as well as a myriad of participants from R&D to commercialization. Because of the delicate nature of the product and the potential consequences should something go wrong during manufacturing and distribution. The medical field is constantly under pressure to pay focus on detail, adhering to rigorous methods and compliance with regulatory requirements. While many products that we use in our lives are used even if they have a small fault, pharmaceuticals and biotechs aren’t able to sell products with a poor quality.
The FDA monitors the manufacturing sites of companies that sell their products in the US. Quality of medical and pharmaceutical equipment is a top priority Site monitoring includes other sites that are involved in the chain of supply, including packaging and labeling facilities as well as “no-application” sites.
It is no surprise that it is the industry of medicine that’s accountable for the high-quality of its products at each stage of the process. Being faced with a recall or withdrawal is a cost that any business would not want to face.
The intricacy of the life sciences industry along with the recent healthcare reforms and ever-more rigorous regulations creates a problem. How can we cut costs in a very competitive market, without compromising product integrity? To find a solution the once-paper-heavy businesses have now turned to cutting-edge production methods in addition to Enterprise Resource Planning technology.
ERP in Medical Industry
Process Shift: From Batch Manufacturing to Continuous Manufacturing
The traditional process for manufacturing drugs involves batch production across multiple locations. Production ceases at every step to allow the time for quality control offline. This is time-consuming and disrupts the flow of supply in addition, it is more risky for quality.
In order to improve production processes and reduce the need for downtime and expenses manufacturers are shifting to continuous production. Through incorporating quality directly into the manufacturing process (quality through design) Automation replaces the need for cumbersome sampling, and enhances flexibility of production (demand spikes).
This method also has the ability to feed data and it is integrated with a more integrated scheduling system designed to handle all aspects of manufacturing and distribution. ERP.
Benefits of ERP in the Medical Industry
The ERP software is a software application that is designed to be interconnected into various modules that work and exchange data in real time. Every action that is taken by one module could change one or more data elements. It functions as a super brain which transmits data to the connected systems, centralizes information, analyzes data and then provides data analytics. It is not only an efficient tool to reduce manual procedures, but it can be a valuable partner in risk and compliance management.
A few ERP-related biopharma benefits are:
Ingredient and Product Management & Tracking
From ingredient sourcing to the final inventory of the product, ERP gives a complete overview of what’s in stock in the market, its location in the first place, from where it came and the place it’s headed. It could create replenishment orders, provide notifications of low supply and eliminate any shortages in supply chains. This is one of the risks that are often ignored within the industry.
Formulation Management
A fierce battle leaves no room for mistakes in the recipe or materials waste. The drugs must be on the market with the lowest price. Then comes ERP for keeping formulation exact and to avoid additional costs that are incurred due to a variation in efficacy, however small as it is.
Regulatory Compliance
The integration of norms and regulations into the system can result in achieving compliance quicker and with less hassle. From the checklist for validation of protocols to FDA guidelines all of it is in one location and any missing components are quickly found.
Fulfillment Optimization
Efficiency and visibility from the beginning to the end-user is an essential aspect of the operation. Billing, specifications, orders and shipping requests depend on each other. The less manual intervention, the faster response and a more efficient execution results in less shortages/overstock and a better bottom line.
Production Planning
In the medium to long term, historical data can be an efficient method to control production on certain market segments and products. Analytically-based analysis of seasonal changes and trends can optimize time, cost and operational demands.
Sales & Marketing Strategies
Achieving alignment between sales and marketing strategies is essential for maximizing reach and conversion. From prospect management to client’ purchases and their records Sales and marketing teams are able to design and execute inbound marketing campaigns and determine which areas to concentrate their energies and attention in relation to response and target suitability.
Document Management
Every industry that is heavily regulated knows the stress of assembling records and documents. ERP systems specifically designed for the pharmaceutical industry take the task of ensuring and controlling the compliance of documents to a stress-free degree, acting as a central place to store all required documentation.
Analytics and Data
Data collection and exchange of cross-functional data can aid in identifying gaps or silos, risks, or opportunities. Through data analysis and prediction, businesses can utilize ERP tools to verify the business strategy and make use of information to help in better management of projects. It significantly aids in making better decisions and gives a clear picture of the company’s financial health and growth indicators.
Few other industries face similar business issues like the medical sector. From the expectations of patient media scrutiny, media oversight and regulatory requirements to the costs of creating new products as well as risk reduction, businesses fight on multiple fronts at the same time.
To remain ahead of the competition from global newcomers in a volatile market, ERP presents the much-needed options to lower costs, simplify processes, boost efficiency and increase transparency without sacrificing safety, quality, or efficiency.