Overcoming the Unique Challenges in Singapore’s Pharmaceutical Industry

Overcoming the obstacles in the pharmaceutical industry is a distinctive experience especially in the dynamic business ecosystem of Singapore. Because of the twin keys of fast technology explosion and the harsh regulatory conditions, the pharmaceutical firms are faced with a number of barriers that other sectors seldom confront. The research and development process being long and expensive is the most significant issue faced, whose costs can exceed even those of other industries by a large margin. Furthermore, pharmaceutical firms always confront the difficulty of adherent to rigid regulatory requirements, which are often both time-consuming and costly. Beyond these hurdles, the drug manufacturers also have to worry about the ever-present threat of counterfeit medicines, a critical point of intellectual property protection that requires constant guarding. Even if such obstacles are typical only to the pharmaceutical field, these firms also wrestle with other sectors’ challenges like skilled labor recruitment, human resource management, and staying ahead in a fast-changing and cutthroat business.

Utilizing an HCM System in Pharmaceuticals: Benefits

The utilization of an advanced Human Capital Management (HCM) system conceptualizes the potential in the pharmaceutical industry struggling with both sector-specific and generic challenges. The use of a new HCM solution can make the HR and administrative processes run much more efficiently, which leads to the reduction in the costs associated with compliance and the workforce management. Until firms begin to engage a complicated workforce, which includes personnel like researchers, scientists, and marketers. A system like that of Multiable’s HR, which is advanced, can help the firms manage the heterogeneous personnel by the automation of ordinary HR tasks, that by this means can be allowed more time for strategic issues.

Also, the application of an HCM system supports in adjusting complex payroll structures, especially when the industry has different compensation packages. This guarantees Local Standards compliance and it is an antidote to discrepancies that can result in legal matters. Besides, aligning the HR policies across departments not only facilitates the effectiveness of work but also creates an atmosphere of harmony that is very much needed as in the case of a collaborative industry such as pharmaceuticals.

A Guide for a Successful HCM Implementation

A few beneficial tips can show a way to the successful implementation of an HCM system even in the difficult pharmaceutical industry. First of all, directly engaging stakeholders from different departments will result in the comprehensive system design which will encompass all necessary functions. It is very essential to define the objectives and the results of a proper HCM integration that will guide the whole process. The provision of training and the involvement of the users are the main aspects, as they will ease the transition and maximize the capability of the new system. Lastly, the alignment of the HCM system with the existing IT infrastructure is the key to the running of the organization smoothly and efficiently.

Pharmaceutical Operations with Multiable HCM Features

Multiable aiM18 HCM system is the most capable system to address these issues thanks to its innovative features:

• Rule-Based Workflow Engine: It simplifies the management of regulatory compliance by streamlining complex processes.

• Consumption of Fully Customizable Payroll Formula: Uses custom payroll calculators with the least customization effort thus preventing any financial discrepancies.

• Intelligent Roster Planning: Assures the operational efficiency of the firm by satisfying the intricate rytosregels of pharmaceutical firms.

• Local Compliance Checker: That helps with CPF and other local compliance issues, it brings peace of mind and reduces legal risks.

• Unlimited Dimensions of Headcount: The power of this feature is that you can master the dynamics of the working force; which is of utmost importance for the success of the pharmaceutical firm.

Excellence Endorsed in Singapore’s Pharmaceutical Sector

Multiable HCM is not just endorsed by IRAS but is also remarkable for its top compliance with controls, particularly in the Auto-Inclusion Scheme (AIS) for Employment Income. Thus it has proven its place as a premier HRMS software trusted for its compliance and strong HR solutions. These endorsements boost the industry standard very high, thus pushing other HRIS solutions to meet or exceed this excellence in Singapore.

What is Multiable HCM?

Multiable HCM is a cloud-native HCM (aka HRMS, HRIS or HR system). With over 6,000 customers, Multiable HCM gains positive feedbacks from customer across different sectors, from manufacturers, distributors, retailers, service providers to NGOs. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an HCM system in place.