The pandemic has precipitated the progression of digital initiatives in the pharma industry. By assessing and sharpening the needs for the digital transition, companies are now increasingly investing in new technologies to improve access and assistance to patients, shortening the production process, distributing products, and generating value for investors. Practus has been at the forefront of reshaping the technology adoption in the finance function and transforming businesses.
Pharma & Biotech
Digital Development in Pharma and Biotech
The challenges and opportunities for pharma range from cybersecurity to digital transformation, vaccine distribution to supply chain, AI for drug discovery to using robots for drug manufacturing.
MNC and public limited pharma and biotech companies seek assistance from Practus to meet challenges ranging from AR reconciliation to ERP transition to MIS reporting and financial statement preparation. We have assisted companies to reduce the cost of distribution, improve the speed of delivery, decrease opportunity loss due to low inventory turnover. Teaming with the F&A teams, we address legacy issues, standardize MIS, implement efficient supply chain, reconciliation, ERP systems, and reduce debtors’ collection cycle.
The pivotal factor for profitability in the pharmaceutical industry is R&D, which is capital and time-intensive. Lack of research components and real-time good manufacturing practices further cause limited gains – which reduces the contribution to future R&D. Other challenges include dependence on China for importing the bulk of drugs and drug intermediates and developing new medicines that can cure or prevent incurable diseases. Pharma companies struggle to make adequate profits and make an impact on a global scale, since getting US FDA approval is necessary.
Practus delivers ROI on fees by providing financial, consultancy, and technological solutions for the pharma industry. We can develop IT systems for demand forecasting and capture data across multiple dimensions (customer, region, SKU, distribution channel), help you track key performance metrics, and a closed-loop marketing system that automatically analyzes physician preferences and arms the sales team to deliver personalized content. We assist with the visibility of inventory pile-ups and stock-outs in the distribution chain.
Biotechnology and Life Sciences
The Biotechnology sector is adopting automation systems that consist of highly precise hardware and software components which result in delivering consistently high-quality research and production. Processes that were previously required to be carried out manually are now controlled by automated systems. This shift requires investment capital, technology creation, transfer, and absorption. The sector also faces concerns with regulatory issues related to patentability and intellectual property.
Practus brings global expertise to resolve issues in the biotech and life sciences sector. Since the biopharma operates on a project-centric approach, it requires monitoring of all project-related costs. We provide continuous monitoring of R&D funding and Capex, and reliably demonstrate where funding is being used, how long it will last, and how much more is needed. Practus assists with an advisory for new medicine, sound cost management processes that are crucial for development and growth. We produce accurate financial records to assure investors or secure a merger or acquisition.