Pharmaceutical and Medical Technology
Life changing products created efficiently
The pharmaceutical and medical device industries are complex ones. Product development takes years and requires many resources. You also must comply with more regulations than almost any other industry. And, as if these challenges were not enough, your end consumers often depend on your products to sustain their life or improve its quality. With so much riding on your success, you can’t afford to risk your business with ill-fitting, disconnected healthcare accounting software. Instead, you need the right tools, tools that bring each area of your business together and can meet the unique, unwavering demands of your industry.
Why pharmaceutical and medical device manufacturers need an ERP
In the pharmaceutical industry, your recipes or compounds are the lifeblood of your business. You must keep a tight control on your formulations to ensure each batch contains exactly what it should, nothing more or nothing less. But recipe management is also key also for keeping your intellectual property safe. In this competitive industry which often has tight margins, your competitive edge often lives and dies by the confidentiality of your intellectual property.
Inventory and materials management
Since the profit margins in the pharmaceutical industry are sometimes tight, it is very important none finished goods or raw resources go to waste. To help with this, an ERP system gives you a single place of record for all your inventory information. That way, you always know exactly what you have on hand. Often, ERP systems will also assist with materials requirement planning for production and automate much of your procurement and replenishment tasks.
Yet another ERP feature which is especially useful for pharmaceutical companies is the ability to track batches and lots. With these tracking tools, you can follow ingredients throughout the production process, and finished goods from the time they are done until they reach the distributor or end user.
Sales and marketing management
The pharmaceutical and medical device industries have some of the longest and most complex sales cycles in all of business. When you’ve spent so much time and energy developing a product, you need to go to market quickly and efficiently. Used in tandem with a CRM (customer relationship management) system, an healthcare accounting solution makes this easier.
The pharmaceutical and medical device industries have so many regulations governing them it’s hard to keep track. Luckily, healthcare accounting systems offer tools to help make meeting key regulations, like FDA 21 CFR part of the fabric of your operations. So, you can comply without having to give it a great deal of thought.
With all the regulations you face, proper document controls and audit trails are a must. Doing this without an ERP can be extremely difficult and time-consuming. The right software will offer built-in tools to assist with this. Also, an ERP acts as a single place of record for all your important business documents. It keeps everything from processing instructions, laboratory information, sales orders, customer inquiries and just about everything in between in one central location. Better yet, if you choose a cloud ERP, your staff will have access any of these important documents from anywhere, using any device with an Internet connection.
Healthcare Accounting Solutions We Recommend
Acumatica Cloud-Based ERP
Microsoft Dynamics GP
Dynamics GP is one of Microsoft’s longest used and most popular accounting packages, with over 47,000 customers as of 2015. Software doesn’t become this widely used by chance. A few key features rocketed this Microsoft accounting software to success.
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