“Pharma SMEs to benefit from proposed technology upgradation fund”
Survey 1: As per the survey conducted by the Department of Pharmaceuticals, and Ministry of Chemical & Fertilizers, only 15% of domestic pharmaceutical manufacturers are making quality drugs of global standards. Reason: non-availability of funds.
Survey 2: Moreover, CRISIL believes that technology upgradation by pharma SMEs would lead to increased compliance with Good Manufacturing Practices (GMP) and world standards. This would further enable SMEs to expand their presence in international markets. [Source: Business-Standard]
Based on these two surveys, the central government has announced the launch of Rs. 500-crore Pharma Manufacturing Technology Upgradation Fund for small and medium enterprises (SMEs) in the pharmaceutical industry.
So, it’s time to upgrade!
Gone is the time when recipes for drugs and medicines need to be maintained in files and kept safe behind the locks. Handling inventory, production, and quality control manually are outdated as well. In fact, manual methods are prone to errors, resulting in poor quality drugs & any risk in pharma sector can cost a life.
And as a matter of fact, nearly 80% of Small & Medium Pharmaceutical manufacturers in India do not have access to an international export market. International markets take compliances seriously and at the same time are nearly 50% more lucrative in terms of higher sales prospects. The solution to this large 80% SME Pharmaceutical players is ‘Automation’ and adopting to the compliances. Automating the processes completely eliminates the risk of any errors. This can be implemented by incorporating an ERP which will also enable meeting compliance like FDA, cGMP etc.
‘BatchMaster for pharmaceutical’ is a complete yet affordable ERP solution. Specifically tailored for meeting the needs of pharmaceutical manufacturers, it offers a robust platform for manufacturing generics drugs, biopharmaceuticals, and APIs & bulk drugs, and Nutraceuticals.
With inbuilt quality control functionality, it offers full support for compliance with regulatory authorities such as the US Food and Drug Administration (FDA), ensuring safety instruments, controlling the use of hazardous materials, etc.