Serializing Your Pharmaceuticals: The Definitive Guide to Pharma Serialization

Pharma serialization is a systematic process of identifying, tracking, and managing assets that help pharmaceutical companies track assets as they move from the laboratory to the market. This process helps companies ensure that assets are available for use at the right time and in the right quantities. With Pharma Serialization, companies can reduce waste by ensuring that no unused or outdated assets remain in storage for prolonged periods of time. In this blog post, we’ll cover everything you need to know about pharma serialization. We’ll begin by explaining what it is, its benefits and risks, and examples where it is used today. If you’re an existing pharma company looking for ways to streamline your processes, or an emerging start-up interested in breaking into the industry, reading on will help you make sense of this essential topic.

What is Pharma Serialization?

Pharma serialization, or asset management, is the systematic process of identifying, tracking, and managing assets that help pharmaceutical companies track assets as they move from the laboratory to the market. This process helps companies ensure that assets are available for use at the right time and in the right quantities. With Pharma Serialization, companies can reduce waste by ensuring that no unused or outdated assets remain in storage for prolonged periods of time. Pharma serialization is how pharmaceutical companies track and manage the assets of new drugs in development. These assets include raw materials, packaging materials, and finished goods that help a drug make its way from the lab to the patient.

Why Is Pharma Serialization Important?

Vital to the success of any start-up, pharma company, or pharma asset manager, asset management is key to ensuring the success of your operations. It’s also critical to maintaining a healthy balance sheet. Keeping track of the exact quantities and types of assets used by your organization is essential to ensuring that you have the resources to support your business. This also helps you stay compliant with regulations and limit risk. Furthermore, running a successful pharma company requires careful planning and work. Success requires investments in research, development, and marketing, which drive the costs associated with bringing new products to market. Proper management of these costs is essential to keeping your company in the black.

Elements of a Pharma Serialization Plan

Each asset type in your pharmaceutical company will require a different type of asset management plan. For example, raw materials and finished goods need to be tracked by their expiration dates, while packaging materials should be held to the highest standards. The type of assets you track will depend on your company’s specific needs and operational procedures. As you build your plan, keep in mind the following elements. – Identifying assets: Raw materials, packaging materials, and finished goods must be identified so they can be tracked. It’s important to track every item used in the manufacturing process, even if they aren’t used directly in the creation of a specific product. – Documenting assets: The methods used to track assets should be documented. This can include standard formats, formats used by other departments, and effective record-keeping procedures. – Keeping accurate records: Inaccurate records resulting from poor record-keeping lead to lost assets and inefficient operations.

Benefits of a Good Pharma Serialization Plan

– Reduced risk – A sound pharma serialization plan will help companies identify and track all of their assets. This includes raw materials, packaging materials, and finished goods, which can help you identify any gaps or imbalances in your supply chain. – Increased efficiency – Tracking assets and receiving reports about them will help companies implement more efficient processes. This includes better forecasting and planning for future product launches. – Better transparency – You’ll have more visibility into your supply chain, which can help you identify issues and imbalances with your operations. – Increased compliance – A good pharma serialization plan will help you identify and track assets. This includes raw materials, packaging materials, and finished goods, which can help you identify any gaps or imbalances in your supply chain.

Risks of a Bad Pharma Serialization Plan

– Compliance risks – A bad pharma serialization plan can lead to non-compliance with regulations and risk overspending. Tracking assets and receiving reports about them can help you implement more efficient processes. – Lost assets – A bad pharma serialization plan can lead to lost assets. A good plan will include methods for tracking assets, but they must be documented. – Overstaffing – A pharma serialization plan implemented poorly can lead to overstaffing. This can create issues for companies looking to keep operating costs in check. – Inefficiency – A bad pharma serialization plan can lead to inefficiency. This includes a failure to track assets, receiving reports about assets, or implementing processes for tracking assets.

Key takeaway

Pharma serialization is a systematic process of identifying, tracking, and managing assets that help pharmaceutical companies track assets as they move from the laboratory to the market. This process helps companies ensure that assets are available for use at the right time and in the right quantities. With Pharma Serialization, companies can reduce waste by ensuring that no unused or outdated assets remain in storage for prolonged periods of time.