The presence of stringent regulations in the pharmaceutical industry pose significant barriers to entry, be it cost or time consumed in clinical trials to demonstrate new product safety and efficacy. Faced with a situation of an exponentially growing market, fast emerging global opportunities and the significance of time-to-market, process improvement has become inevitable in the pharma industry.
Enterprise Resources Management and Business Process Reengineering have become essential for pharma companies in meeting the needs of regulations and stay ahead in the competition.
A round table conference was organized by SQL Star at Hyderabad on Wednesday to discuss the challenges and opportunities for pharma industry with the current regulations.
Dr D.R. Tatke, a pharma consultant, said, "Indian pharma industry has transformed itself from its primary focus on reverse engineering and domestic markets to basic research, increased exports, global penetration and value addition. In the new product patent regime there are both opportunities and challenges for Indian pharma industry."
"ERPs have been helping pharma companies in planning and scheduling activities. They also enable in better networking of operations and individuals. Indian pharma companies need to look at process solutions that will be lead to improved compliance. In fact, cost of compliance is more in developed countries compared to the costs incurred in India." noted C Krishna Prasad, MD of Granules India.
Subhomoy Sengupta, director, Applications, Oracle India, said, "There are ERPs available for pharma companies that help in drug discovery, manufacturing and sales. Oracle for instance has specific solutions for clinical trials besides solutions for the entire activities of pharma industry."
Experts noted time delays in deciding upon a particular ERP that suits a company's needs should be avoided if pharma companies intend to bring out successful products quicker than their competitors.