The life sciences industry is one of the most complex and regulated industries in the world. To succeed in this industry, companies need to have a robust and compliant enterprise resource planning (ERP) system in place to help manage the frequent changes, complex product approval processes, and the sheer number of stakeholders involved in the process of bringing a new pharmaceutical, medical device, or biotech product to market. Here are some of the key ERP features that life sciences companies should look for:
Compliance with Regulatory Requirements
A life sciences ERP should help companies meet all the regulatory requirements imposed by agencies such as the FDA, EMA, and other global regulators. The system should provide a complete audit trail of all activities related to product development, manufacturing, and distribution as well as reporting that supports the data and evidence required to submit applications for approval.
Traceability Management
Whether you manufacture your products in-house or rely on contract manufacturing organizations (CMOs), there needs to be clear traceability of all materials used in the manufacturing process – from raw materials to finished products. This traceability needs to extend beyond the company’s own walls to include suppliers and subcontractors. Your ERP should have the functionality to streamline the process of capturing this data and making it available through customizable reporting.
Quality Management
Quality is of utmost importance in the life sciences industry. An ERP system can help companies manage and control quality at every stage of the product lifecycle – from development to manufacturing to distribution. Quality management features in an ERP can include quality control, product recalls, and customer complaints management and resolution.
Product Lifecycle Management
A good ERP system will either have native or integratable comprehensive product lifecycle management (PLM) functionality that can help companies manage the complexities of developing and bringing new products to market. PLM features can include formula and recipe management, process development, regulatory compliance communication history, and more.
Supply Chain Management
In the life sciences industry, where rapid upscaling of just-in-time manufacturing is often the norm, an ERP system with a powerful supply chain management (SCM) module can be a critical success factor. SCM features can help companies plan production, track inventory levels, and optimize the delivery of goods and services to distributors and healthcare service providers.
Analytics and Business Intelligence
A life sciences ERP should also have powerful analytical and business intelligence (BI) capabilities to help companies make sense of the vast amounts of data they generate. BI features can include dashboards, reporting, and data warehousing that give managers visibility into all aspects of the business, from product development and clinical trials to manufacturing, quality control, and supply chain management.
In Summary
The life sciences industry is one of the most complex and regulated industries in the world. To succeed in this industry, companies need to have a robust and compliant enterprise resource planning (ERP) system in place to help manage frequent changes, complex approvals, and expansive in-house and external stakeholders.
NetSuite for Life Sciences, together with Zanovoy's Life Sciences enhancements offers a comprehensive and compliant solution for life sciences companies of all sizes. To learn more about how NetSuite can help your company, contact us today.
Zanovoy are Life Sciences ERP Experts
Zanovoy is a leading provider of implementations, managed services, and support for Life Sciences companies who have chosen NetSuite as their preferred Business Management Platform.
Our team of industry and technical experts have a deep understanding of the complexities and challenges faced by companies in the Life Sciences sector. We can help you to streamline your operations, improve compliance and drive growth.
To learn more about how we can help your company, please contact us today.
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