The pharma industry, like all other industries need to plan their business goals early and follow a proper trajectory to achieve success. To streamline business planning, pharmaceutical organizations have been relying on generic solutions such as Enterprise Resource Planning, Customer Resource Management, etc. These solutions help companies set their business goals, assist in resource planning, presents market forecasting and so on. However, there still lies chances of inaccuracy in long-range pharmaceutical forecasting and further integration of these systems with pharma operations.
Forecasting and Integration Challenges
Forecasting Limitation
Long-range forecasting requires reliance on complicated variables. It is impacted by future events and market changes. We can ace precision during short-term forecasting but long-term forecasting has relatively more chances of inaccuracy. There are hardships in developing and launching new pharma products. According to reports by the Congressional Budget Office, only 12% drugs entering clinical trial are approved by FDA. Herein, forecasters face difficulty in predicting the competitive products that would make it to the market.
Pharma Integration Challenge
The pharmaceutical industry follows a variety of protocols, regulations and processes for manufacturing drug products and drug substances. Defining all these elements in business planning software is a tough and tedious task and can hinder proper business planning. It is hence important that this sector relies on niche pharma strategic planning solution that have all required elements pre-defined. This includes data such as drug substances, its costings, regulations, and so on.
Adopting Pharma Long-Range Planning Software as a Transformative Solution
Pharma Long-Range Planning software (LRP) can be an excellent solution for strategizing pharmaceutical business plans, tracking and analysing business progress and providing accurate business forecasting. Ace long-range planning with AmpleLogic LRP software.
The qualitative and quantitative models along with event-based forecasting allows companies to make accurate business plans. By considering all factors (including event-based consequences), companies can forecast and plan accurately.
Revel in the Benefits of AmpleLogic LRP Software
1. Record and Manage Essential Data
- Drug Substance (API): Record and maintain a comprehensive log of APIs consumed for each country across every financial year, ensuring meticulous tracking of data usage, compliance with regulatory requirements, and strategic analysis of global operational metrics.
- Record Vendor Data for Proper Selection: Efficiently track comprehensive vendor data, make detailed price comparisons, and select vendors according to your specific preferences and requirements
- COGS and TRP: Record cost of sold goods (COGS) and additional expenses such as transportation, logistics, and related operational costs
- Business Case Analysis: Go through thorough business case analyses to meticulously examine the negotiations and considerations involved in the selling of a product, ensuring comprehensive evaluation of market dynamics, pricing strategies, and so on
- Forex Data: Record forex data seamlessly and efficiently within the system, enabling automatic currency conversion of prices that are accurately registered and updated in real-time.
- Elevated Data Security & Management: Manage data efficiently with proper authorization, accuracy and visibility. Keep track of API and excipient details and costings in one place to get a full picture of expenses and budget
2. Accurate Business Forecasting
- Business Planning with Accurate Forecasting:Â Make long-term business plans using accurate and intensive forecasting (9-10 years)
- Data based Forecasting:Â Data based forecasting enables accuracy keeping track of market changes and requirements.
- Market Forecasting and Predictive Analytics:Â Analyze market trends, anticipate future market conditions, and forecast financial performance
3. Resource & Budget Planning
- Resource Allocation:Â Effectively allocate resources across various departments and projects, ensuring seamless alignment with upcoming business objectives and fostering sustainable growth
- Budget Planning:Â Develop comprehensive budgets and strategic financial plans to ensure business growth aligning seamlessly with future objectives
4. Elevate Performance
- Business Performance Tracking:Â Track performance, monitor progress and adjust plans accordingly to achieve long-term business goals
- Risk Management:Â Identify potential risks that could significantly impact long-term business plans. Develop comprehensive strategies to effectively mitigate these risks
- Improved Decision Making:Â Provides comprehensive data-driven insights that empower informed decision-making, ultimately driving business excellence
- Improved Financial Performance:Â Supports enhanced financial planning and management by maintaining detailed records of API costs, other expenditures, and comprehensive financial performance analysis
- Proactive Management:Â Allows businesses to proactively anticipate challenges and identify opportunities, enabling them to strategize effectively and make informed decisions
- Employee Performance Tracking:Â Track employee performance diligently to ensure they meet required targets and enhance visibility into individual and team contributions
5. Authorization, Security and Communication
- Role-Based Access:Â Implement role-based access controls to prevent unauthorized data manipulation and ensure proper authorization of sensitive details, safeguarding data integrity.
- Enhanced Communication:Â Enhance stakeholder communication and coordination with a comprehensive, secure system that enables access from any location.
6. Graphical Reports
- Enhanced LRP Reports:Â Get graphical LRP Reports that are easy to understand and appealing for making faster decisions.
- Business Case Analysis:Â Visually appealing business case analysis reports for faster decision making and enhanced market research capability.
7. Excellent Integration
- Integration with ERP and other Systems:Â Seamlessly integrates with existing ERP systems and other software such as CRMs, financial systems, etc. for data consistency and efficient decision making.
8. Customizable
- Tailored Application:Â Get customized application for meeting your personal needs and requirements.
9. Effective Adaptability
- Greater Agility:Â Enables organizations to adapt swiftly and effectively to changes in the business environment, ensuring agility in response to market shifts, regulatory updates, technological advancements, and evolving customer needs
Pharma Long Range Planning software is a transformational solution that can address the business needs of today. With pharma LRP software, companies can efficiently manage data related to drug product and drug substance, review analysis, study market forecasting and plan business strategies that can pitch you towards success!
Try AmpleLogic’s first ever Long Range Planning Software for the pharmaceutical industry!
It can seamlessly integrate with ERP, CRM, etc systems to enhance pharmaceutical strategic planning.
