The pharmaceutical industry is connected to people’s well-being and hence has numerous stringent regulations to be followed. These are across different business functions like operations, research and development, distribution, finance, manufacturing, quality management, sales, and marketing.
For a pharma company to be successful, it has to follow all these rules and regulations. They need a platform like Microsoft Dynamics 365 Business Central to ensure that their house is in order.
Let us look at the benefits Microsoft Dynamics 365 Business Central offers from a pharma industry standpoint.
The biggest challenge a pharma company faces is that of complying with the multiple rules and regulations. Also, these compliance requirements, more often than not, change from one region to another. A pharma company puts in a lot of efforts to meet all the compliance regulations and fulfil them.
Business Central makes these compliances a lot easier to achieve. It contains multiple features and functionalities that help companies follow good automated manufacturing practices that result in quality output at each stage. Also, it assists in integrating robust protocols and processes as per the compliance regulations. For e.g. A pharma manufacturer can use integrated quality control measures and lot tracking capabilities to link raw materials at all the stages of operations from production to final delivery.
It helps reduce a lot of paperwork and increases the overall efficiency due to automated processes.
Business Central as a platform provides you visibility across all areas of your business from manufacturing to finance with workflows and integrated information flow that will help you make informed decisions about various aspects of your business.
It also ensures that there are no data silos and all the important information is made available to the relevant stakeholders which can help them take quick informed decisions.
Business Central helps you manage your inventory across different locations and regions. It can be critical for managing the necessary co-products and by-products availability that is crucial for your formulae or recipes. It helps you in balancing the batches of ingredients based on their availability and potency levels. It ensures the availability of all necessary ingredients at the right time and in the right proportion.
It also helps you determine which inventory to use and when, depending on different factors like shelf lives, storage specifications, etc. It provides an accurate picture of the stock available for all the items. Hence it can be managed better to meet the production demands.
The Research and Development department is the most critical part of the pharma business. It is the department on which hinges the success or failure of the company. It is capital intensive, and if not managed correctly, the costs could be astronomical.
Business Central’s budgeting and forecasting modules allow companies to identify the process related inefficiencies and inaccuracies and manage the budgeting and accounting accordingly.
For e.g. it can calculate lead times and look at available shelf life on a lot-by-lot level. It enables the R&D department to keep track of all the necessary ingredients as per their shelf lives. They can proactively plan their processes based on stock availability, seasonal variations of raw materials, and other aspects ensuring no wastage of raw materials. Also, a delay in raw materials procurement can shoot up the costs. Hence the research and development department should track and monitor these aspects diligently and efficiently.
With Business Central, you can have a definite plan for product recall. Product recall, although undesirable, but are a part of the pharma products. Each pharma player has to plan a recall process that is quick and efficient. For it to be effective, a complete 360-degree view of the entire logistics process is critical.
Business Central provides you with tracking capabilities to monitor the product right from the initial stage till fulfilment. It makes it easy for a business to identify the product within the supply chain and recall it accordingly. A complete forward and backward distribution process traceability makes Business Central the perfect solution to plan a product recall.
In the pharma industry, time is of the essence and making quick decisions is critical. Also, to make better decisions, they should be data-driven. As a business, you need to have access to all the data across different departments within your organization.
Also, it has the ability to make this data available instantaneously to the relevant stakeholders and decision-makers to empower them to make informed decisions.
This data is highly confidential, especially around ingredients, recipe formula, and other research and development related data.
Business Central has security features like user-role based access that ensures that your data is available only to the right set of people. Also, as it is a cloud-based platform and hence makes it possible that the right people can access the correct information, anytime, from anywhere, and on any device.
It has become even more critical due to the pandemic as most of the companies will have a distributed workforce across multiple locations.
A pharmaceutical company may have vendors spread across different locations globally. Managing the vendors is essential for the business.
Business Central has a vendor management module that assists businesses in ensuring timely payments, placing orders, tracking vendor supplies, and various other aspects related to vendor management.
It offers multiple features for invoicing, purchase orders, payment processes, etc. These features can help businesses streamline their vendor management issues.
As we can see, Microsoft Dynamics 365 Business Central offers numerous benefits for a pharma company. If you are interested to know more about Microsoft Dynamics 365 Business Central for your business, you may connect to us at CocoonIT Services Pvt Ltd. We are a leading Microsoft Business Central ERP and Microsoft Dynamics 365 partner located in Mumbai.
We are a trusted Microsoft Gold partner offering intuitive Enterprise Technology Consulting and Automation implementation. We also provide ongoing support as per your business requirement.
We help businesses in their digital transformation journey by delivering Microsoft Business Automation tools, Power Apps, Microsoft Dynamics 365 Business Central, Microsoft Azure, Microsoft Power BI, and other technology solutions services and support.