ERP Software for Medical Devices

Medical Device ERP Software - 11 Unique Functionalities To Look For

 

Much has been written about the use of Enterprise Resource Planning – ERP for the Medical Industry.

 

Gone are the days when medical information was written down and stored in a file cabinet! Today, Enterprise Resource Planning software has very specific applications in the Medical industry and can translate into better patient care, cost efficiencies and automated regulatory compliance.

However, selecting the right ERP system is no easy job and many organisations can feel overwhelmed by the many options available.

In this article, we are going to explore the 11 key functionalities to look for when selecting ERP Software for the Medical Industry with a particular focus on the Pharmaceutical, Medical Devices and Medical Consumables sectors.

 

11 Native Functionalities To Look For In An ERP For The Medical Industry

ERP for Medical industry

 

Key takeaways

The Medical industry in Australia and across the world is highly regulated. Standards like TGA and FDA need to be adhered to.

The industry has a broad range of requirements for ERP / Business Management Software based on different industry sectors:

  • Pharmaceutical
  • Medical Devices
  • Medical Consumables

Without a good ERP Solution, TGA and FDA compliance would be almost impossible to achieve.

Choose an ERP solution that has native functionality for the Medical and/or Pharmaceutical industry. Here are the functional ERP requirements that are unique to each sector within the medical industry.

 

Medical Devices

  • Serial number tracking
  • Service and Contract Management
  • Warranty Tracking
  • Loan Stock Tracking
  • Kitting

 

Pharmaceutical

  • Lot Number Traceability
  • Quality Control
  • Process Manufacturing

 

Biotech

  • R&D Tracking
  • Expense Management
  • Lot Traceability

 

Other must-have functionalities of an ERP for the Medical Industry

  • Mobility
  • Customer Relationship Management
  • Strong Inventory Control
  • Purchase Planning
  • Approvals
  • Financials – including multi-company accounting and reporting

 

Conclusion

The Australian Medical industry is highly regulated. Compliance and operational challenges are always going to be evolving alongside technology advancements and innovations.

Organisations operating in the medical sector can now leverage the functionalities of advanced ERP solutions to streamline core areas and increase compliance and productivity.

Does your organisation operate in the Australian Medical sector? Leave a comment below to let us know what are the key challenges you see in the market. Our consultants are here to help you understand Enterprise Resource Planning and how it can help you overcome those challenges.

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