Digitization touches every aspect of our lives. Every day, we see a more advanced way of communication where technologies and applications are being launched. This advancement not only facilitates us a better life, but it is now a necessity.
In this way, shifts in market trends force the pharmaceutical industry to take the necessary steps to obtain strong technical support that improves drug efficiency and quality of life.
The pharmaceutical industry is one of the most challenging industries that always face rapid growth. These changes promote frequent changes in the healthcare market trends and generate global competition with other pharmaceutical companies. Thus, the change forces drug manufacturers and distributors to find solutions to reduce costs, improve efficiency, and streamline operations.
A dedicated pharma software is a driving element of the pharmaceutical industry that keeps it in line with market trends and maintains its stability.
Index…
- 5 Pharmaceutical Industry Statistics that you need to know
- Role of Pharma Software in Covid-19 Pandemic
- Role of Information Technology in Pharma Business
- Various Pharma Business Software Used in Pharmaceutical Industry
- Tech Trends That Will Shape the Pharmaceutical Industry in 2021-22
- 12 Reasons Why Pharmaceutical Manufacturers and Distributors need Pharma Software
- Benefits that Pharmaceutical Manufacturers and Distributors can attain from Pharma Accounting Software Solution
- The growing popularity of Pharma Software
- Points that Helps you Choose the Best Pharma Software
5 Pharmaceutical Industry Statistics that you need to know
- The pharmaceutical industry is expected to increase to 1.5 trillion dollars by 2023.
- About 38% of pharmaceutical industry experts believe that big data has the most impact on the pharmaceutical industry.
- More than 450 medications were withdrawn over the past 25 years as a result of adverse reactions.
- The United States holds 66 biologic patents that will expire from 2020 to 2025.
- Pharmaceutical companies can spend up to 100 million dollars per year on labeling mistakes.
Role of Pharma Software in Covid-19 Pandemic
It has been almost 1.5 years since the Covid-19 pandemic. But even today we are living in the shadow of fear and are not able to get rid of this pandemic.
In such a situation, the most important is medical facilities, from which we are protecting ourselves.
This pandemic, we have seen rising demands everywhere, as well as increased consumer demands complimenting the competition. Thus, the complexities in manufacturing processes have seen the pharma business to be differentiated from other industries.
It enhances the demand for Pharma software that offers centralized management, cloud data back-up, analytics, and streamlined workflow. You’ll be able to make better decisions for market fulfillment and business success.
Role of Information Technology in Pharma Business
The Indian pharma industry is highly fragmented and has grown significantly over the last two-three decades. India is one of the top five pharma emerging markets. Due to its expansion in the rural sector market, it is expected that the Indian pharmaceutical market will grow to 55 billion US dollars by 2020. According to consultancy firm Deloitte by 2019 Global Life Sciences Outlook, “Worldwide prescription drug sales are expected to increase from 900 billion US dollars in 2019 to 1.2 trillion US dollars by 2024.
The IT sector plays an essential role in the development of the pharma industry. The information technology sector grabs various opportunities in the healthcare sector. In the pharma industry, information technology reduces manual work by managing inventory and documentation by pharma software.
Also, with the help of pharma software solutions, a pharmacist can prevent a medication error, alert to prevent any kind of damage, and update you about stock/buy/sell data with minimal resource occupancy.
In short, the software used in the pharmaceutical industry helps automate the pharma process by increasing productivity, efficiency, and quality of the analysis.
Various Pharma Business Software Used in Pharmaceutical Industry
A.) Enterprise Resource Planning (ERP)
An ERP system can help your pharma business grow in the market. It provides business/industry a competitive format with managerial requirements such as competitive assurance and inventory management. ERP-based pharma software is a dedicated software model designed to meet the need of individual businesses.
This software efficiently manages wastage control and inventory management. It also generates status reports, informs about the loss of sales, sets targets, and gives you centralized control over the business.
B.) Laboratory Information Management System (LIMS)
A LIMS is another software solution provided by the pharma software companies in the field of the medical and pharmaceutical business. A LIMS system allows you to effectively manage the flow of samples and associated data to improve lab efficiency. It helps in workflow management, tests, and procedures, reporting, and provides accurate controls over the process.
You can say, it improves efficiency in lab operations by cutting down on manual tasks.
C.) Sales Force Automation (SFA)
An SFA is a pharma software solution is developed for the specific industry need. The fundamental process of SFA is to collect the right data from the right people at the right time and reduce manual work. Also, it streamlines the collection, analysis, and distribution of data in a sales pipeline. Pharma businesses use this software to track sales-related activity and productivity.
Tech Trends That Will Shape the Pharmaceutical Industry in 2021-22
In recent years, the pharmaceutical industry has seen tremendous growth. The latest technology trends act as a bridge between pharma companies and patients/customers. In response to the developing pharma market, the pharma industry is adopting new technologies that provide growth opportunities with innovation in emerging markets.
Also, it provides a strategy for operational efficiency that enhances traditional sales, marketing, and research and development.
Let’s take a closer look at the trends that will change the pharmaceutical industry in 2021-22.
1. Use of Internet of Things (IoT)
IoT is a form of technology that has immense potential to benefit pharmaceutical companies. Mainly popular in pharma manufacturing-related companies. This ensures the correct utilization of the smart devices present in the business.
The Internet of things (IoT) provides the pharmaceutical industry with a selection of new opportunities, including:
- Tracking pharma business problems
- Better control of drug manufacturing
- Maintenance of clinical equipment
- Improved supply chain management
- Reduce the risk of machinery breakdown
- Ensuring correct output
2. Use of Big Data & Analytics
Big data and analytics help pharma businesses to analyze data properly and derive value from it. To gain a competitive advantage, pharmaceutical companies need to open their critical data to analyze the true customer need.
Advances in analytical techniques through Big Data and Analytics give pharmaceutical companies the following benefits:
- Provides real-time data pharmaceutical business
- Gives predictive, diagnostic, prescriptive, and descriptive analytics
- Helps in maintaining patient records, medical imaging, and hospital data
- Reduces Research and development cost
- Focus on Sales and Marketing
3. Use of Artificial Intelligence
Today, no company wants to see failure. Thus, the company seeks efficiency and accuracy in business. Artificial Intelligence (AI) helps businesses to gain efficiency in data analysis that leaves a great impact on their entire businesses.
AI in Pharma Industry:
- Analyzes medical test report
- Manages data
- Analyzes Healthcare System
- Digitalizes medical consultation process
- Administers medicine
4. Integration of Blockchain Technology
The integration of the blockchain technology pharma business solves almost all the potential challenges of the industry. Basically, it helps you to save money and resources. This helps to cut operating costs and support function costs to save unnecessary costs.
Blockchain in the pharma industry:
- Manages inventory
- Checks drug authenticity
- Checks clinical trials data quality and reliability
- Pharma supply chain compliance
5. Implementation of Digital Processes
The implementation of digital processes in the pharmaceutical industry gains momentum. The digital process minimizes manual work and supports minimal resource occupancy. This will increase operational efficiency, transparency, and more ease in the industry.
6. Use of Cloud Technology
Cloud technology enables pharmaceutical companies to associate with multiple stakeholders with greater effectiveness. It also provides an opportunity to improve the integrity of the data.
12 Reasons Why Pharmaceutical Manufacturers and Distributors need Pharma Software
It is difficult for any pharmaceutical company to manage the drug inventory or records manually. Pharma accounting software can ensure that you don’t behind in the pharmaceutical business. It manages all your business processes with ease and at the same time eases stock/inventory management and minimizes losses due to expire and dump stocks.
The software will help your pharma business for the following reasons:
1. Easy and Fast Billing
The Pharma business needs to ensure that the bill is generated professionally in the shortest possible time. Pharma software makes billing simple and quick, as well as simplifying the process of generating invoices.
All you need to do is enter the purchased items and print the invoice.
2. Reorder Management
Customers always demand more personalized experiences. They need everything to be done, whether they are ordering drugs or returning them. Pharma software helps businesses in proper management for order and re-order things.
With software, staff serialize each product item, generate serial numbers, scan the product item barcodes, and print the labels, and ensure successful delivery or return.
3. Free Drug Information
Drug information references play an important role in pharmaceutical practice. Pharma software has a feature that informs the employees and customers about the details of the medicine and gives them an easy understanding of the medicines.
4. PushSale/Expiry Management
Managing a pharmaceutical company is not easy, but you must put in extra effort to increase sales.
Pharma software comes with sales management features, monitors every process including drug purchase to its final delivery, and ensures higher sales.
Its expiry management feature informs pharmacists about drugs that are about to expire or need to be replaced.
5. Restricted Drug Management
The Pharma business is an important business where every step of yours is related to someone’s life. As a result, you must have pharma software that offers information on banned drugs.
This saves you from any penalties.
6. GST Filing & Returning
GST return filing is an important task for the business that comes under it. There is a lot of mistakes in doing this manually. Good pharma software comes with a GST solution, which makes it easy for you to file a GST return.
7. Import Purchase Report
Pharma software comes with a reporting facility to know the status of the business on sale/purchase. It helps the business to know what is lacking or where to improve for better selling and purchasing.
8. Purchase and Sales Claim Management
Pharma software has a facility that provides claim/settlement and past/current sales and purchases details. It manages the future transactions of your business in such a way that you never face any problem in the future.
9. Barcode Management System
Barcode systems help businesses to manage, monitor, and track inventory items. It also aids in the selection of the appropriate medicine for customers. With it, customers will get real-time availability of drug stock and business owners are free from any fraud/theft.
10. Expired or Wastage Management
This pharma software feature prevents the pharma business owner from any wastage. It informs them of expiry dates before trying to sell expired/damaged drugs.
11. Point of Sale (POS) Management
Managing a pharma business consists of many administrative and operational work. The right POS system integrated pharma software ensures that all operations are working properly from order taking to billing to final delivery.
12. Delivery Management System
Delivery management is the process of transporting drugs from one area to another. It ensures that the delivery is done at the right time and place.
Benefits that Pharmaceutical Manufacturers and Distributors can attain from Pharma Accounting Software Solution:
Following are the benefits that pharmaceutical manufacturers and distributors can attain from pharma retail software:
Benefit No. 1: Production Management
Production is one of the important parts of any business. In the pharma industry, many processes are involved where correctness and quality play an essential role. A pharma software used in pharmaceutical industry comes with a feature that helps in production, planning, responding to various changes, and tracking of products.
Benefit No. 2: Inventory Management
Inventory management is the most crucial part of pharma software companies. Lots of products are involved in the inventory, which needs proper resource management. Pharma software is designed in such a way that it helps in monitoring inventory management and controls any wastage. Also, pharma software enables you to create reports and targets.
Benefit No. 3: Distribution Management
It is required for any industry to distribute their manufactured products through different channels. Pharma industry software can track the products. The software monitors product batches and plans to deliver them.
Benefit No. 4: Patient’s Records Management
Pharma software solutions also keep records, history of patients, and current information. This helps management when the patient visits the store again. Management can check their records to have a better understanding of their health issues, payments, drug bills, and pending payments.
Benefit no. 5: Marketing & Sales Management
Software for pharma industry comes with sales management functionality. This feature helps you to regulate your sales and marketing activities, create automated marketing campaigns, transfer information, and maintain customer records.
Benefit no. 6: Proper Status Reporting
Reporting is essential for the pharma industry. This is necessary for future analysis and audit checking. The pharma software also comes with an appropriate status reporting feature that increases overall software usage.
The growing popularity of Pharma Software
Nowadays, almost all pharmaceutical industries are facing new business or market challenges. With the onset of digitization, it becomes more difficult to satisfy customers with their increasing demands and establish themselves in the growing global competition.
A pharmaceutical industry software works as a lifeline for any pharmaceutical industry. It helps businesses in sales and purchases, inventory management, marketing, planning, and collects real-time data. This facility facilitates smooth functioning throughout the business process and enables transparency among the concerned authorities.
Points that Helps you Choose the Best Pharma Software
- Establishes a strong relationship with customers.
- Provides a user-friendly environment to its customers.
- Helps you to promote your business.
- Improves customer service
- Provides accurate data analysis and reporting.
- Focuses more on software efficiency.
Conclusion
The pharmaceutical industry is one of the most volatile industries experiencing a paradigm shift with IT advancement. Pharmacy software helps automate the process that easily maintains records and handles all business challenges.
Thus, to reduce your time and money with minimum resource occupancy to develop your pharmacy business, you must have the best pharmacy software.
If you are looking for Pharma software in India, you can contact SWIL India. SWIL is India’s leading software company dealing in retail-based software solutions for retailers and wholesalers. A team of experts will help you deliver and provide customized solutions to your business needs.
