Quick Summary
The government’s new technology upgradation fund helps small and medium pharma companies improve their manufacturing systems and quality standards. ERP solutions play a key role by automating processes, meeting compliance needs, and ensuring better production control. This modern approach supports growth, sustainability, and global competitiveness for pharmaceutical SMEs across India.
Table Of Contents
Introduction
For the pharma companies, whether small or medium sized businesses, it is helpful and advantageous if they adopt and implement the latest technology, as it can greatly benefit them to carry out their business operations smoothly and efficiently. In this blog post, we will see what is the importance of technology upgradation and how it can help improve the pharma sector. Upgrading technology helps small pharma companies keep better quality control, follow global rules, and lower production mistakes. It also allows them to stay competitive, meet worldwide needs, and provide safe, high-quality medicines more efficiently.
Key Takeaways
The fund helps small pharma companies upgrade to better technology.
It supports companies to meet global quality and safety standards.
Financial aid is given for updating labs, equipment, and clean rooms.
ERP systems help use the fund well by improving work and records.
Together, they help small pharma companies grow and compete worldwide.
The Most Common Problems for Pharma SMEs
The pharma industry can face many challenges as it has to manage and maintain highest quality of its sensitive products, make sure to comply to various required regulations, and also handle the costs that come with it.
That’s why many small manufacturers struggle because of limited pharma industry funding, which makes it difficult to upgrade their systems or invest in advanced equipment over the years according to advancements or new technology developments.
Surveys show that only about 15% of small drug manufacturers in India produce medicines that meet global quality standards because they do not have enough financial help or resources for such improvements. This gap in technology funding for pharma can affect the small companies from expanding their exports and reaching bigger markets, which inturn affects their growth and profits.
Check out the Best ERP for Pharmaceutical Industry.
What is the Technology Upgradation Fund
Let us understand how small or medium businesses can get easy, reliable, yet required funding if needed, so they can modernize their plants and meet global quality standards. The government has launched a Rs. 500-crore technology upgradation fund under the Strengthening of Pharmaceutical Industry (SPI) scheme, managed by the Department of Pharmaceuticals.
This fund supports modernization projects and helps improve production systems with pharma supply chain improvement across India from 2021 to 2026. One of its major sub-schemes, the Promotion of Technology Upgradation Assistance Scheme (PTUAS), provides financial help to manufacturers in the form of interest relief or capital subsidies.
Here the main goal of the program is to improve facilities, enhance quality, and support small and medium-sized pharmaceutical companies by providing shared labs, research centers, waste treatment plants, and training centers.
This is how you can Improve Batch Processing with Pharma ERP Software.
Benefits for Small and Medium Businesses of Adopting Technology
Businesses should understand that they need to be aware of and also implement new technologies that are now advanced, and can greatly benefit them to carry out their business operations in a more smooth and efficient way.
For them, proper and new technology adoption in pharma helps improve their current product quality and ensure that they are easily and properly compliant with FDA and WHO-GMP, that are important and necessary standards, especially for this industry.
It also increases efficiency by reducing errors and speeding up production, with digitization and automation, along with ERP systems, that allow companies to track batches accurately and control manufacturing processes better.
For example, many small pharma enterprises now use AI and smart automation to improve accuracy and reduce manual mistakes, which also helps make sure that the medicines meet quality standards and reach customers faster.
Learn more about Process ERP Software for Pharmaceutical Manufacture.
How ERP Supports These Government Goals For Companies
When businesses use and set up the right ERP system for their needs, they can make their daily work simple, fast, and well-managed, and this is because the efficient ERP systems help pharma SMEs follow all important rules and standards by giving access to real-time data for every step in production.
These systems help businesses keep proper records, manage their stock easily, and track every batch of medicine made, even if it’s across their various different businesses or locations, and thus makes it easier for them to meet safety and quality rules.
Along with this, ERP systems link well with the technology upgradation fund, helping companies maintain modern systems even after financial help is used, that also supports long-term growth and strong management of work and compliance.
How Pharmaceutical SMEs Benefit from The Government And ERP Solutions Together
If the pharma companies invest in the right technology now, they can benefit more and also plan to grow and scale their business over the years, as the ERP solutions help them use the government support more effectively.
Since the ERP systems work as ready-to-use tools that align with modernization goals under the national development programs, these solutions have built-in features for production, formulations, QA/QC, and compliance reporting, making operations simple and accurate.
Learn to use Business Intelligence in Pharma Manufacturing.
Using the technology upgradation fund for ERP implementation can help reduce manual work and save time by automating reports and record keeping, and this way, the pharma companies can achieve better tracking, control, and transparency while improving compliance standards. ERP tools also ensure that investments made through pharma industry funding deliver long-term results.
When properly integrated, ERP systems help manufacturers keep improving quality and productivity while staying updated with industry and government requirements.
Conclusion
The government’s initiatives for technology upgradation are helping small pharma companies move toward growth and modernization. Using the right ERP system helps achieve this goal by improving everyday operations, product quality, and compliance with pharmaceutical SMEs support. To achieve long-term growth, companies should combine government funding with the right technology tools. You should consider ERP solutions from NestorBird, as they are designed for the pharma industry and make compliance, reporting, and production management simple and reliable.
Frequently Asked Questions
Any small or medium pharmaceutical company with less than Rs. 500 crore turnover can apply if they need funding for upgrading technology and improving manufacturing standards.
It helps companies upgrade to meet international standards, reduce quality gaps, and expand into new export markets by improving technical and operational capacity.
ERP systems automate documentation, compliance, and inventory tracking. They help pharma units improve efficiency and use funding more effectively.
