As pharmaceutical firms are encountering rising costs and the threat of protecting the patient’s information, the industry is actively seeking advanced techniques to improve productivity. One of the most useful tools that is becoming popular in the industry is pharmaceutical manufacturing ERP solutions.
As with any other industry, the pharmaceutical industry has some challenges that power the need for an ERP Platform. Enterprise resource planning (ERP) software is defined as practice for managing the streams of data that are generated and managed by different processes including the processes of batch register management, batch processing logs, Quality Controls, managing raw materials, procurement processes, inventory control, and adherence to set rules and regulations guidelines.
In the pharmaceutical industry ERP systems are crucial in the management of production activities which are highly sensitive and critical within the production process. Such systems are responsible for the efficient control of attachments that include; formulation, raw material management, formulation management, and so on aiming at enhancing the manufacturing process.
Moreover, pharmaceutical ERP systems play an important role in the management of clinical trial studies, product shelf life management, batch management, and regulatory compliance in quality assurance processes. Because Odoo ERP solutions utilize cloud-based & stress-free, these systems can easily break the barrier in sharing data and resources, and enhance service delivery and overall management of the pharmaceutical companies. In this blog, we can explore challenges, benefits, and odoo features that can be helpful for Pharma.
The Challenges Faced By the Pharmaceutical Industry
- Complex Regulatory Compliance: complying with strict regulatory standards like EMA, FDA & changing govt. Regulations are a challenging task.
- Supply Chain Management: Managing a large network of distributors, suppliers, pharma API Manufacturers & online/offline retailers is crucial for daily pharma operations.
- Inventory Control: Maintaining inventory level accuracy of raw materials, finished goods, and in-transit products is essential to prevent stock-outs or over-stock in any conditions.
- Quality Control: Ensuring product quality and safety throughout the production process is the primary task.
- Financial Management: Handling complex financial transactions, budget management, & operating cost control is crucial for profitability.
Types of Pharma Businesses
- Pharmaceutical Manufacturing Business
- Pharmaceutical Marketing Business
- Active Pharmaceutical Ingredients (API) Bulk Drug Business
- Pharmaceutical Retail Business (Online and Offline Pharmacy Store)
- Pharmaceutical Distribution Business
- Surgical Products Business
Why Pharma Companies Need Odoo ERP
- Better Inventory Management
- To Keep up with the ever-changing regulations
- Marketing and Sales Management
- Drugs Formula Management
- Supply Chain & Distribution Management
- Quality Document Management
- Production Requirements Management
Benefits of Odoo ERP for the Pharmaceutical Industry
Efficient Inventory Management
Odoo ERP's inventory management system is designed to meet the complex needs of the pharmaceutical industry with manufacturing, wholesale, retail & distribution. It offers robust functionalities like batch and serial number tracking, Landed costs, product category management & Multi UoMs ensuring complete traceability throughout the supply chain.
Reduced Costs
Odoo ERP for the pharmaceutical industry is tailored to optimize operations and automate manual processes, resulting in significant cost savings and enhanced efficiency.
Batch Traceability
Odoo offers a scalable e-platform designed to streamline and manage complex warehouse operations with a strong focus on tracking and traceability. From raw material movement to drug manufacturing processes, Odoo’s standalone modules provide complete visibility over all activities. Additionally, it simplifies audit processes for pharmaceutical companies and enables seamless monitoring of on-site operations through a centralized software interface.
Product Packages Management
Odoo simplifies product packing and real-time tracking, ensuring safe and efficient transportation. With advanced packaging features, businesses can protect products from damage and enhance delivery reliability. Odoo ERP enables seamless shipping package creation, supports single packaging for multiple items, and allows multiple packages for a single product, optimizing logistics and supply chain operations.
Key Odoo Features for Pharmaceutical Companies
Sales Management:
Odoo's Sales Management module for pharma companies streamlines procurement by managing customer relationships, optimizing vendor coordination, improving sales operations, ensuring efficient supply chain management & timely order fulfillment.
Inventory Management
Stock and inventory management are necessary challenges to achieve operational excellence in any pharmaceutical company, and inventory management, in particular, is crucial in any industry but more so in the pharmaceutical industry because of the broader scope of products. Even a small pharmaceutical company may manage over 100 compounds or combinations, with millions invested in a single drug formula. Any unaccounted-for element can lead to costly mistakes.
Pharmaceutical manufacturers must monitor and verify their inventory and investments at every stage to ensure accuracy and profitability.
Purchase Management
Effective purchase management plays a vital role in handling orders. An ERP system is essential for businesses, offering valuable insights into supplier data, quote comparisons, and more. The purchase management module streamlines project-based procurement, and supplier order tracking, and enables budget planning and control for purchases.
Manufacturing & BoM
Creating and managing a Bill of Materials (BoM) is a crucial aspect of pharmaceutical manufacturing and production. Inventory and supply chain processes are equally essential. By implementing Odoo ERP, pharmaceutical companies can streamline BoM generation, ensuring a smooth workflow with minimal manual effort. Odoo ERP automatically updates material quantities during the manufacturing of medicines or healthcare products which helps businesses to optimize production efficiency.
Accounting Management
All companies have accounting as the backbone of the business which indicates the true financial standing. From general ledger, cash flow statements, profit and loss statements, balance sheets, and other important financial statements, an organization is required to know how far they are on the road to progress.
Another way in which the Odoo ERP helps is through accounts receivables, payables, audit trails, and other miscellaneous tasks. The pharma companies can also benefit from it by having automatic TDS and tax calculations. In other words, the Odoo ERP can bring together the entire financial status through multidimensional financial reporting.
CRM
Customer Relationship Management is an essential tool for positive business outcomes across most industries. In the pharma sector, integrating a pharma-based CRM with the Odoo ERP system can streamline the sales process, leading to improved business flow. A strong CRM module within an ERP ensures efficient data utilization, gives power to managers to make data-driven decisions & boosts sales performance.
With features like follow-up reminders & tracking pending actions, the CRM module plays an important role in building strong client relationships, ultimately increasing customer satisfaction & loyalty. By storing important customer information & product details, the CRM functionality within an ERP simplifies business operations, contributing to overall business growth.
Project Management
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Quality Check Management
Odoo’s Quality Management module for pharmaceutical companies helps get through the regulation standards by automating quality control, controlling audits, and managing complaints and recalls, adding value to product quality and regulatory concerns.
HR & Payroll Management
Odoo's HR and Payroll Management module tailored for pharmaceutical companies enhances workforce efficiency by automating payroll, tracking employee performance with check-in and check-out timing & ensuring full compliance with industry-specific labor regulations, enabling seamless HR operations and accurate compensation management. The below image shows modules of all HRMS operations.
Dashboard & KPI
The Odoo Dashboard and KPI Management module for pharmaceutical companies is of specific help as it provides knowledge of core business metrics in real-time, allowing fact-based decision-making, successful business activity assessment, and re-engineering of activities in R&D, manufacturing, and supply chain management.
Conclusion
A pharmaceutical company cannot disregard the necessity of ERP systems as these systems provide effective solutions to the obstacles faced by the industry. Odoo ERP platform simplifies the work processes for regulatory compliance and reporting, tracking the batch, and inventory and supply chain management while affording indispensable assistance to R&D. As the pharmaceutical sector is responding to changing market conditions, the adoption of a high-efficiency ERP for pharma becomes an asset. In the case of Odoo ERP usage, companies work efficiently and productively, achieve high quality, and stimulate growth and development of the company while operating within the strict regulatory requirements.
How Can SerpentCS Help You?
SerpentCS is your one-stop destination for custom Odoo ERP solutions. We assist you in simplifying processes for your pharma business with Odoo ERP Implementation. As a leading ERP solution provider with over 13 years of domain experience and an Official Odoo Partner, we know what it takes to make sophisticated ERP for the pharma industry.
Here are some of the reasons why SerpentCS is your preferred Odoo ERP partner for an ERP Implementation company.
- Comprehensive ERP Solutions All in One Place
- Our In-House with a team of skilled developers
- A CMMI-appraised company with a Global Reach
- Most Trusted Company by Startups and Large Enterprises
- Interested in our ERP Solutions for Pharmaceutical Companies? Contact us at contact@serpentcs.com, and we'll get back to you soon.
FAQs
Odoo ERP helps to simplify business operations, enhances growth & maintains regulatory compliance, helps to improve supply chain management, optimizes inventory control & also provides valuable insights through data analytics & data mapping methods.
Yes, Odoo provides supply chain management functionality which includes vendor management, procurement, multiple warehouse stock control & valuations with landed cost management.
The implementation time depends on the company's size, master data setup, user-related configurations, business workflow complexity & specific customization requirements. Typically, it ranges from 8 months to a year.
The odoo implementation cost changes based on the size of the company, the number of modules required & the level of customization needs.
Yes, we provide training and support options, including customized features documentation with help of a certified Odoo experts team.