The industry of life science is rapidly growing. The global pharmaceutical market was valued at $1.27 trillion in 2022; by 2027, the global medical device market share is expected to be worth $671.49 billion.
Many pharmaceutical, biotech, and medical device makers are crucial parts of the life sciences industry, giving patients who depend on them for a high quality of life access to life-saving technology and medications.
The majority of these enterprises, meanwhile, struggle to achieve the adaptability and scalability necessary to market valuable goods and pharmaceuticals.
Common Obstacles Life Science Industry Challenges
Old systems run in silos
Powerful systems that manage finances, order processing, management, fulfillment, human capital resource management, product life cycle management, software, process validation, and other functions are necessary for businesses that make and deliver important items. Deloitte report indicates that only 65% of the world’s health sciences industries have embraced data modernization ERP systems.
When systems function independently, new hires must train personnel on each software. Additionally, because data does not automatically update across all systems, operations must make critical choices using out-of-date, contradictory, and erroneous data. People who still use data silos frequently see a decline in productivity, innovation, teamwork, communication, and trust.
Manual data entry takes a lot of time and is expensive.
Keeping records regarding business has proven to be cumbersome and expensive when done manually. Business analytics and other key performance metrics are as important as the business. The life science industry faces this problem because order management, inventory management, and software implementation need to be seamless for businesses to run efficiently hence the need for eCommerce solutions.
Systems do not support a compliant environment
Staff might easily become overwhelmed by constantly altering rules and regulations if the proper mechanisms aren’t in place to maintain compliance. Compliance is affected by the Code of Federal Regulations (CFR) and new FDA requirements for software and operations.
If companies don’t comply, the FDA will inspect, document the issues, and issue a public violation that calls for corrective actions to be taken within a certain time. If the company doesn’t take enough corrective measures, it may be subject to legal action or civil penalties.
Inventory tracking that is not organized causes errors and confusion
New criteria for improved supply chain visibility and new standards for packaging and labeling devices with Unique Device Identification (UDI). It is challenging to achieve these new standards without incorporating IoT, tracking and traceability, and serial identification technology.
Slow time to market caused by low operational efficiency
It takes an average of 10 years to bring a product to market after invention, including seven years for clinical trials and three years for development. The time to market is prolonged when these crucial enterprises cannot fulfill deadlines because of ineffective management, labor-intensive data input, subpar communication technology, or disorganized operations.
When the drugs can’t reach the market quickly enough, firms have to spend more money and risk losing their competitive edge, while patients must wait longer for life-saving medications.
Being more competitive through the use of the right technology
Enterprise Resource Planning (ERP) software offers a solution to bridge process gaps and catalyze business growth even while present systems may slow innovation and market time.
NetSuite ERP software eliminates siloed systems by acting as an all-in-one solution for financial administration, inventory management, human capital resource management, and other functions. With the correct ERP in place, your company can streamline purchase data and order history to develop, release, update, and monitor work orders, helping it to keep up with the growing market demands.
In a nutshell, taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.
