Life Sciences Companies Can Streamline Processes with Cloud ERP Like NetSuite

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The life sciences sector is showing significant growth, and the global market is projected to reach $376.1 billion by 2027. However, life sciences companies face several challenges, including managing regulatory requirements, pricing pressures, supply chain issues, and resource constraints.

To overcome these challenges, many companies are leveraging cloud enterprise resource planning (ERP) systems like NetSuite. NetSuite offers a range of benefits for life sciences companies, including streamlined processes, improved reporting, stronger financial controls, and valuable business insights.

For a deeper dive into how life science companies can benefit from NetSuite across all stages of growth, from preclinical to commercialization, read How NetSuite Empowers Flexible Growth for Life Sciences Companies.

Benefits of NetSuite for Life Sciences Companies

NetSuite’s cloud ERP system can help support your organization in the following ways.

  • Supports decision-making with improved reporting and real-time business insights.
  • A financial management module strengthens financial controls through advanced financials, invoicing, billing, and revenue management.
  • Its scalability allows companies to adapt as their business requirements change.
  • Customization is made easy with open application programming interfaces (API), and mobile access ensures data and tasks are available anytime, anywhere.
  • Integrates with third-party applications. With pre-built solutions from providers, NetSuite can help companies comply with regulatory requirements.
  • Enables business process automation, reducing transaction costs and error rates.
  • NetSuite's business intelligence module simplifies data management and provides real-time insights, leading to smarter business strategies.
  • Compliance solutions help life sciences companies comply with regulatory requirements, including Sarbanes-Oxley (SOX) and Section 21 of the Code of Federal Regulations Part 11.

We’re Here to Help

For guidance on selecting and implementing a cloud-based ERP like NetSuite, contact your Moss Adams professional.

Additional Resources

About NetSuite

From fast-growing startups to global enterprises, NetSuite powers businesses across a variety of industries. NetSuite provides cloud financials, customer relationship management (CRM), e-commerce, human capital management (HCM), and professional services automation management for all organizations from fast-growing midsize companies to large global organizations. Additionally, each component of NetSuite is modular, enabling it to be deployed and integrated with existing investments as required.

With more than 36,000 customers running NetSuite worldwide and dependent territories, some of the world's most innovative organizations trust NetSuite and take their financial and operational processes to the cloud.

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