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What Is Life Sciences ERP Software?

NetSuite Life Sciences ERP software manages the financial and business-operational processes for Life Sciences that support research, development, commercialisation and growth. It connects operations with specialist applications used for clinical trials, laboratory operations, quality management, regulatory affairs and manufacturing.

Connect Life Sciences Finance and Operations in One System

Unified business data

NetSuite Life Sciences ERP gives teams access to the same information on budgets, expenditure, purchase orders, suppliers, inventory and business performance. This becomes increasingly important as an organisation moves through clinical development, raises funding, prepares for commercial launch or establishes operations in additional markets.

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NetSuite Life Sciences ERP Software features

NetSuite provides a financial and business-management foundation for organisations responsible for clinical, laboratory, quality, regulatory and manufacturing execution.

Financial and global management

Manage intercompany transactions, consolidate results and produce local and group reporting in one accounting environment.

Financial and global management dashboard

R&D project costing

Track budgets, purchase commitments, employee time and expenses by research programme, therapeutic area, development stage or funding source.

R and D project costing dashboard

Planning and cash forecasting

Build financial models to assess how assumptions such as development timelines, programme delays, hiring and commercial launch dates may affect expenditure and cash runway.

Planning and cash forecasting dashboard

Procurement and supplier control

Standardise requisitions, purchase orders and approval processes while maintaining supplier and spend information in one place.

Procurement and supplier control dashboard

Partner and outsourced operations

Track costs, commitments and transactions across external partners, laboratories, consultants and logistics providers.

Partner and outsourced operations dashboard

Inventory and supply chain visibility

Review stock, lot or serial records, open orders and lead times to assess shortage risks to clinical, validation or production activity.

Inventory and supply chain visibility dashboard

Manufacturing and product costs

Connect work orders, materials, inventory and production costs to financial reporting to understand product cost drivers.

Manufacturing and product costs dashboard

Controls, reporting and auditability

Use role-based access, approvals, audit trails and drill-down reporting, with retained records for audits, due diligence, grants and management review.

Controls reporting and auditability dashboard
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Using NetSuite helps us scale without impacting our local infrastructure, while also supporting multiple subsidiaries and providing a global view of our business.

Joseph Wong, Director of Operations, Aviva Systems Biology

NetSuite Life Sciences ERP Software benefits

Life sciences professional using NetSuite
  • Control R&D and programme costs. Compare budgets, open commitments and actual expenditure by clinical programme, project, development stage or funding source.
  • Use the same records across teams. Give finance, procurement and programme teams access to consistent project, purchasing, supplier and inventory information.
  • Manage supplier and partner commitments. Apply purchase approvals and track laboratory, consultant, manufacturing and other provider spend by programme or entity.
  • Investigate inventory and supply issues. Use stock balances, lot or serial records, open purchase orders and supplier lead times to assess discrepancies, shortages and delays.
  • Prepare for funding, audit and due diligence. Retain transaction histories, approval records and financial reports that can be reviewed by stakeholders.
  • Add entities and markets. Add subsidiaries, currencies and intercompany processes as the organisation commercialises or expands into new jurisdictions.

Challenges NetSuite Life Sciences ERP Software solves

Life sciences professional using NetSuite
  • Fragmented financial and operational records. Project, purchasing, supplier and inventory information is often held in separate applications and spreadsheets. NetSuite brings this information together in one system.
  • Regulatory compliance and audit pressure. Disconnected records and inconsistent approvals make it harder to evidence controls and prepare for audits.
  • Incomplete R&D cost information. Compare budgets with open purchase orders, supplier commitments, employee time and expenses for an accurate view of performance.
  • Limited oversight of external partners and supplier spend. Connected records clarify what has been approved, delivered, invoiced and paid.
  • Inventory and supply uncertainty. A consistent view of inventory and supply data helps teams assess potential impacts on development, fulfilment and production.
  • Audit and investor reporting requirements. Show how transactions were authorised and how reported figures relate to underlying records with NetSuite.
  • Commercialisation and international growth. Support entities, currencies, intercompany transactions, tax and reporting needs as the organisation launches and expands globally.

SuiteSuccess — Your proven path to success

Leveraging more than 25 years of experience working with tens of thousands of organisations, across all industries and business sizes, our SuiteSuccess customer lifecycle methodology helps customers transform their business. It starts by building an AI-powered, integrated business suite with industry-specific solutions. Then we engage with your business to ensure that we’re addressing your specific needs and guiding you along the way on how to best consume and optimise NetSuite to solve challenges of today and the future. This approach helps ensure customers experience faster time-to-value, better ROI and greater employee adoption.

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How much does NetSuite Life Sciences ERP Software cost?

Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual fee. Your licence is made up of three main components: core platform, optional modules and number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

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Resources

Please note that some capabilities described on the page require partner integrations.