Driving Growth and Success: Why Life Sciences Companies Should Consider NetSuite Implementation

One of the most fascinating and quickly growing markets in today's market is the life sciences sector. Artificial intelligence and recent technological advancements, like NetSuite, have made it possible for businesses to  take advantage of these new opportunities, but only when these technologies are used correctly. 

The Life Sciences industry is made up of businesses that prioritize R&D to produce goods and services that improve people's quality of life. These businesses can range in size from startups to Fortune 100. Pharmaceutical, medical equipment, and biotechnology companies, for instance. While most life sciences companies are focused on researching and developing new goods and therapies, similar companies frequently struggle to effectively and accurately monitor the effectiveness of their initiatives.  

Businesses in this sector need to handle projects with extreme care, including tracking, inventory control, and cost control as pre-revenue research turns into a viable product.It is imperative that these operating expenses be tracked and distributed across many dimensions and market sectors, but sadly, many life sciences companies lack the systems and procedures necessary to meet these demands.  

Presenting NetSuite for Companies in the Life Sciences  

The number of Life Sciences organizations utilizing NetSuite, the top cloud-based ERP program, has increased dramatically due to the system's ability to meet their continuous operational and financial management requirements.  

Businesses may produce reliable reporting to meet the demands of stakeholders and give scientists and researchers operational support by utilizing NetSuite.  

Typical Problems and Inefficient Operations : Using NetSuite Assists in Solving

1. Keeping track of inventory  

It might be difficult to keep track of several inventory kinds, particularly when there are hundreds of chemicals and reagents. The inventory management system from NetSuite can handle a wide range of item properties that are required for everyday use.  

It is possible to divide up the ways in which products are bought, stocked, sold, or consumed by using different measure units. By allowing inventory to be measured in segments using cycle counting, real-time inventory levels in the system may be accurately matched to what is really on the lab shelves. 

2. Clinical Trial Manufacturing Costing  

Cost collection for most life science businesses requires a laborious, manual procedure monitored in Excel. For reporting purposes, lab personnel will need to spend many hours tracking expenses back to a clinical trial. Deadlines and expenses may be missed as a result of this manual tracking.  

Costs related to developing a new medication can be more easily recorded and linked with NetSuite's manufacturing module. When these expenses are linked to the unique medication, they can be recorded for a clinical study using NetSuite's Project and Manufacturing module. These documents give insight into the drug's clinical trial status and the extent to which trial expenses are meeting trial objectives. 

3. Managing Grants  

Research funds are often supplied by grants from various sources, such as the government, foundations, and benefactors. Every grant has its own set of guidelines and limitations for how the funds may be used. According to the agreement, grants must be tracked in their appropriate buckets; otherwise, you risk defunding or not being renewed. Thankfully, NetSuite can track such funds through segments, customer records, and project records.  

Additionally, NetSuite may be configured to charge according to a grant milestone. Documents can be produced straight from NetSuite and sent to a grant management portal for reimbursement. Life sciences companies should strongly consider implementing NetSuite with the support of a top NetSuite services provider for several compelling reasons. NetSuite, as a comprehensive cloud-based ERP (Enterprise Resource Planning) solution, offers tailored functionalities that cater specifically to the unique needs of life sciences businesses.  

4. Transfer Costing and Inter-company Transactions  

Businesses frequently have different organizations for distribution and manufacturing. It is possible to configure NetSuite to facilitate inter-company transfers between entities. All associated costs can be collected and applied to COGS upon the sale of the item. Accurate costing for the product is made possible by this data. Additionally, by utilizing the auto-eliminate feature, these inter-company transactions will automatically generate elimination journals during your month-end procedure. 

A top NetSuite services provider brings extensive experience in deploying and customizing NetSuite solutions for life sciences, ensuring a seamless integration that aligns with industry best practices. These providers offer dedicated NetSuite support services, assisting companies in optimizing their use of the platform and addressing any post-implementation needs promptly. 

5. Regulatory Agency Compliance and Controls  

One of the most important considerations while selecting an ERP system may be compliance. With its own adjustable controls, the system should be able to manage all relevant regulations. In addition to being compliant with SOX, NetSuite ERP can also comply with 21 CFR Part 11. Regarding electronic data management, OpenTeQ Consultants has the know-how to set up intricate workflows and procedures that meet FDA regulations. 

NetSuite for life sciences encompasses robust features like regulatory compliance management, inventory tracking for pharmaceuticals, and streamlined financial operations tailored to the industry's demands. This ERP solution enhances operational efficiency, enables real-time visibility into critical data, and facilitates compliance with stringent regulations governing the life sciences sector. 

6. Automating Purchasing and CRO Management 

 The procurement team may automate the management of orders, costs, and budgets within NetSuite by utilizing Blanket Purchase Orders and Purchasing Contracts. This guarantees that inventory is always available, and laboratories are always stocked.  

NetSuite can handle contracts as well as the outsourcing of Clinical Research Organizations (CROs). There may be a point in the production process where you must track and outsource part of the job and related expenses. During this process, OpenTeQ Consultants can modify NetSuite's built-in functionality to track CRO spend and attach supporting documentation. 

Proceeding Forward

OpenTeQ Consultants  has established partnerships with multiple Life Sciences organizations. These companies benefit from OpenTeQ’s extensive experience in implementing NetSuite and cutting-edge methods to achieve scalability and transparency while transforming research into profitable products.  

Our staff of NetSuite specialists can assist in bridging the gap between gathering data from scientists, organizing this data, and producing insightful reports utilizing NetSuite as a foundation, regardless of whether a firm is pre-revenue, conducting clinical trials, manufacturing products, or post-sale. y partnering with a NetSuite services company specializing in life sciences, organizations can leverage expert guidance and support throughout the implementation process. The expertise and support provided by these providers are instrumental in maximizing the benefits of NetSuite for life sciences companies. 

Reach out OpenTeQ today at info@openteqgroup.com or contact at +1-602 806 4634 /+91-7032254999 to schedule a demo call on NetSuite for life sciences. 

 

 

 

 

 

 

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