The performance improvement services provided by Practus assisted the pharma company in standardizing MIS reports across the company.
|No. of Employees
|The Pharmaceutical Company
|Public Limited Company
About The Company
Pharma Remedies is a family-owned and managed company with a turnover close to $100 million. Pharma Remedies is a leading name in the Active Pharmaceutical Ingredient (API) and Finished Drug Formulation (FDF) segments which are sold in both the regulated and the generic markets in India and over 50 countries worldwide.
Practus’ Role in Performance Improvement Services
- Budgeting at Pharma Remedies was an area of concern with variances of more than 80% between Budgets and Actuals – Practus was expected to get the budgeting process more stringent and closer to actuals while agreeing with department heads on improvement in performance at all levels.
- Cash-Flow management to provide management the visibility and help in decision making.
- Set up individual KPI’s for department heads and link them to the incentives.
Impact Delivered in Performance Improvement Services
- Standardization of MIS reports across the company helped in instituting and tracking performance for the Senior resources.
- The formation of the budget committee helped the departments to resolve potential issues which may come in the way of achievement of targets.
- Setting up the process also allowed a formal mechanism to review actual progress and it also set the ball rolling in terms of weekly monitoring reports on sales, cash flow, stock movement to the management.