Processes in a Pharma company expands to include a multitude of sections especially research and development of new Pharmaceutical products. Usually setting up of new processes or researching for new medicines comes with the baggage of a huge investment which the Pharma Company may or may not want to incur. In such cases, the company can outsource the specific task to Contract Manufacturing Companies that provide specific and comprehensive services from drug development through the manufacturing of the drug. This helps the major Pharma companies to scale higher by outsourcing.
The outsourced company in this way becomes a part of the client company for that particular project and duration. Since the stakes are pretty high, the Pharma Company would like to keep monitoring the progress of the CMO (Contract manufacturing Organization) regularly. To bring the CMO on lines with the parent company, they can make us of ERP for pharmaceutical manufacturing company. Here are the following reasons to support the statement:
Overview of the entire project
CMOs are emerging as a single comprehensive source provider for the outsourcing clients, from drug development through commercial manufacturing. In this case, the management can use an ERP for pharmaceutical manufacturing company to see the stage that the vendor is in, what all has been done before, the extensive documentation and forecasting important timelines based on the progress. An interactive dashboard can help the management see and give their feedback to the CMOs in terms of the timelines or the processes.
Safe Data Sharing
During research and development there is a lot of data created which the management might want to go through. They may find that the traditional ways of sharing are not safe and can take help of ERP where data is mapped to specific people and can be set with multiple steps of authority for viewing. Data in a pharma company becomes asset and from initial recording to how many levels of modification has been done can be traced back to the user.
The reasons why CMOs come into picture is because they have specific technical knowledge and experts which the company might not find feasible to hire independently otherwise. The parent company gets the benefit of hiring experts without much change in the overhead. Costing, forecasting and calculating the ROI are some of the essential elements that can be done easily with an ERP for pharma contact manufacturing company.
Data leakage Identification
A lot is lost in data leakages especially when there are multiple departments, suppliers and vendors that you are trying to bring on one platform. Hence, when an ERP is in place, a lot of data flows in a structured format and data leakages can be identified and stopped. This helps in saving a lot of money and getting an accurate forecast of sales, supply and development.