Adapt to the Changing Healthcare Landscape
In today’s competitive business environment, pharmaceutical companies need to focus more on research, sales, and business strategy and less on managing their financials with heavy manual processes.
- Personalized Medicine
The need for customized medications is slowly increasing as more patients seek personalized treatments that meet their personal needs and beliefs. With the right technology, manufacturing these drugs will be easier and more affordable.
Digital tools like telemedicine and remote-working instruments are improving patient outcomes. Embracing new technologies doesn’t just allow health care professionals to monitor patients remotely but also enables them to record and analyze various types of personal information for more accurate treatment plans.
- Omnichannel Engagement
Digital advancements are allowing more accurate customer profiling and targeting, networked communications across multiple channels, and access to comprehensive, independent sources of information on medicines and health.
Why NetSuite for Pharmaceutical?
- End-to-end visibility into your receivables and payables with integrated order-to-cash (i.e. sales order, billing, collection) and procure-to-pay (i.e. requisition, purchase order, invoice) transaction management.
- Multi-company consolidation and real-time roll-up across accounts receivable, accounts payable, payroll, inventory, billing, invoicing, and order fulfillment, from local in-country operations to the regional offices to global headquarters.
- Close with confidence and report financials quickly and accurately.
- Get immediate visibility into financial performance with pre-built or customized reports.
- Maintain compliance with applicable accounting standards while establishing control and enabling audit trails.
Integrated Budgeting and Forecasting
- Reduce Planning Cycle Times. Collect inputs and assumptions, review iterations, and present consolidated results on time.
- Speed Decision Making. Drill across budget, forecast, and actuals to see the impact on performance in real time.
- Align the Organization. Centralize your budget with forecast and actual information in one place, providing a single version of the truth.
- Create revenue and cost estimates for engagements and use “what if” scenarios to optimize price, margin, billing rates, and staffing.
Inventory Management and Supply Chain
- Run Lean Operations. Manage every step of the product lifecycle from factory to store with an integrated manufacturing and wholesale distribution solution.
- Strengthen Vendor Relationships. Collaborate with suppliers, vendors, and partners by providing self-serve access and real-time visibility.
- Forecast with Confidence. Anticipate demand with better accuracy to maintain sufficient inventory levels.
Customer Relationship Management
- Improve Customer Relationships. A true 360-degree view of the customer, including sales, support cases, and financial transactions.
- Efficient Accounts Management. Create a holistic view of all accounts and their contacts with related activities in a single view.
- Improve Marketing Effectiveness and ROI. Make more educated decisions about your marketing spend—targeting the highest return avenues.
Fixed Asset Management
- Manage the complete asset lifecycle, easily report on all fixed assets, and easily track depreciating or non-depreciating company assets.
- Completely integrate asset management with accounting and eliminate manual effort and multiple spreadsheets.
- Leverage support for all standard depreciation methods and create and customize unlimited depreciation methods as needed.
- Depreciation and asset retirements are directly posted to NetSuite accounts, which allows you to comprehensively report across assets, valuation, and depreciation.
- Ensure compliance and accommodate requirements with easy and timely customized reporting.
- Create reports and dashboards that combine operational and financial data and KPIs.
- Analyze statistical measures and results for each department, location, and more.
- Gain instant, real-time visibility for all key stakeholders, from high-level summaries down to the underlying transactions.
- Ensure compliance and minimize risk with robust security, segregation of duties, and fully auditable business processes.