Practus’ assisted the pharmaceutical company in coordinating and ensuring 100% compliance for finance and accounts matters.

Client NameIndustryOwnershipManagementNo. of EmployeesROI On FeeSizeProject Duration
NRTHealthcare – PharmaceuticalPublicProfessional
126,000 globally
~9000 locally
4x$50 billion globally
$76 million locally
6 months

About The Company

    NRT is one of the largest multinational pharmaceutical companies in the world. As a part of its global product portfolio  transformation, NRT spun off its Over-The-Counter Division (OTC Division) in one of its global subsidiaries to a joint venture with OGS (Acquirer). The transaction was structured as a ‘sale of the business for consideration of ~$20 million. Practus was called in by NRT as Interim CFO for the OTC division to manage the transition of accounting and financial processes.

Practus’ Role

  • Delivering on-time, regular, and accurate reporting data as per Global Reporting standards of NRT till ‘Closing Date’ and as per OGS standards from the Closing Date.
  • Deliver variance analysis and management commentary for decision making to ORG  every month. 
  • Contract novation.
  • Finalizing ‘cut over’ of data from legacy system (SAP).
  •  Old outstanding vendor balances were settled, and no dues certificates were obtained from all major vendors.
  •  Novated contracts of ~130 active vendors and ~65 active customers.
  •  Facilitated stock count and transfer of ~1,300 SKUs of raw material and finished goods inventory.
  •  Provisions for distribution agent dues was computed.
  •  Facilitated de-activation of all GL codes and cost centers relating to OTC division in legacy SAP.
  •  Warehoused all pending litigation and tax matters relating to the OTC division.

Impact Delivered

  • All vendor accounts settled within ~45 days of the closing date.
  • month closing of OTC division completed in OGS’ ERP (Oracle) within 50 days of the closing date.
  • 90% of contract novation completed within 21 days of closing and 99% within 45 days.
  • 100% compliance with financial and management reporting timelines to NRT and OGS, for all months of the engagement.
  • Coordinated and ensured 100% compliance with actions agreed for finance and accounts matters, in weekly steering committee meetings.
  • Traced, quantified, and ensured systematic documentation of 100 pending legal and tax matters for further resolution by the NRT team.