Pharmaceutical distributors and wholesalers form an important link between drug manufacturers and hospitals, pharmacies, and other pharmaceutical institutions. The relations between the drug manufacturers, the distributors, and the end customers are complex and taken with some of the basic features of the pharmaceutical supply chain, introduce a number of challenges for ERP systems.

Here are the most significant challenges:

Lack of transparency

One of the most common supply chain issues in the pharmaceutical industry is the difficulty in tracing problems to their source. Whenever pharmaceuticals arrive in a very unsuitable condition for human consumption, or an imitation drug gets into the shipment, or prices rise for no obvious reason.

Digitization

The digitization of documentation and standardization across industry platforms, digital signatures for regulatory documents, smart contracts, blockchain, and automation. The main challenge for pharmaceutical industries is the way to deliver changes securely, enhancing data security to help in post Covid19 work environments. And how to track conversion and reinvention of supply chain tools and techniques for continuous improvement within the digital world.

Pharmaceutical fraud

Pharmaceutical fraud remains a major challenge for the business and it was possibly even worse during COVID-19. Industry observers have predicted that misconduct during the pandemic will lead to higher-than-average health care fraud recoveries this year.

Compliance and regulations

The pharmaceutical supply chain already has to observe the latest Good Distribution Practice. But regulations are in constant change. Increasingly companies will need to organize their own internal control and management of customs and their supply chains in a better way, improving compliance to a new level.

Rising competition from generic pharmaceuticals

Upcoming patent cliffs will be bad news for some major pharmaceutical manufacturers, but good news for companies that want to develop generic pharmaceuticals and consumers in search of lower prices on medicine.

Developing patient-centric pharmaceutical supply chain

With Pharmatrax digital supply network, pharmaceutical manufacturers, health systems, and other stakeholders in the pharmaceutical industry supply chain get the granular end-to-end supply chain visibility and collaborative tools they need to create patient-centric supply chains. Healthcare providers are increasingly shifting far away from a one-size-fits-all approach in favor of personalized medicines. It includes next-generation cell and gene therapies, to boost patient outcomes.

In the event that you think about the current situation of the pharma industry. It is important to have an ERP system installed in the business environment. It helps for managing inventory, distribution, and manufacturing processes. Also, it streamlines the business operations of a pharmaceutical company. pharmatrax is one of the best ERP software solutions for pharmaceutical manufacturers and distributors. Also, it ensures growth in productivity and simplification of operations to enhance profit generation.