Formulation and Pre-Formulation
Logically, there are some strict regulations that regulate the medicine manufacturing process. These regulations include guidelines around how employees should formulate and monitor raw materials, as well as how they should manage finished product yields to produce a batch. In the pre-formulation stage, employees must follow stiff quality processes that include:
- Defining medicine production procedures
- Scheduling medicine production stages
- Measuring medicine production quantities
With a Pharmaceutical ERP system in place, companies can automatically regulate these formulations, while having confidence that the margin of minimal error. Additionally, they can do so without keeping constantly keeping an eye on overproductions, which optimizes productivity through the board.
Assigning Medicine Product Costing
Several factors go into assigning a cost to a medicine product. Among other considerations, companies must calculate the expenses associated by:
- Procuring materials
- Managing raw materials
- Monitoring the supply chain
Without a centralized ERP platform for pharma, these costs are recorded individually in particular departments. Intrinsically, any time this updates the information; it can take a while for the in-sync of the new numbers. This makes it integrally difficult to nail down final product costs.
Track and Traceability of Inventory with Pharmaceutical ERP
It’s always been important for pharmaceutical companies to ensure proper management of inventory. The recent pandemic situation underscored this concern with several factors. With the implementation of ERP, pharmaceutical companies can track and trace products in real-time.
They can also use serialization to manage inventory and avoid time-consuming blockages and most importantly they potentially overwhelm stock-outs. Many platforms also include traceability functions that enable companies to perform rapid recalls if required.
If you’d like to know more about how Multiable ERP system can help your business grow, contact for a free consultation with one of our experts at Multiable.