NETSUITE FOR THE LIFE SCIENCES INDUSTRY
If your company has ambitious goals, your technology infrastructure must keep up. Progressing through clinical trials, evaluating or planning an IPO, all while undergoing rapid growth have a unique set of financial, contract, compliance, and reporting needs. SuiteSuccess for Life Sciences with NetSuite enables you to advance your research throughout every stage of your business life cycle.
With over 150 implementations, SuiteSuccess for Life Sciences was named NetSuite’s Micro-Vertical Solution of the Year, and is quickly becoming the defacto standard for all successful life sciences companies.
OPTIMIZE YOUR SOLUTION ECOSYSTEM INVESTMENTS
Suitesuccess for life sciences enables you to:
- Prepare for Equity Events / Sox Controls
- Automate manual processes
- Implement Financial Controls
- Consolidate multiple sources of company information (different systems, excel spreadsheets, etc.) on one centralized platform
- Generate accurate reporting for Multi-National, Multi-Company, SEC reporting
- Enable efficient/ controlled purchasing processes
- Improve Vendor Management & Procurement
CASE STUDY: SCHOLAR ROCK
SUPPORT YOUR COMPANY FROM CONCEPT TO COMMERCIALIZATION
No matter where you are in the lifecycle of your business, get your company up and running on SuiteSuccess for Life Sciences in as little as 8 weeks.
The solution provides a financial system that can quickly scale as you progress from concept, or start-up to commercialization. Integrated with many popular procurement tools, like Coupa, SuiteSuccess for Life Sciences gives you everything you need to succeed, quickly, affordably, and without substantial investments in IT infrastructure. Choose to implement the full solution during your initial engagement or opt for a phased approach as your organization matures.
- Financial Reports
- Segmentation of Duties
- Roles
- Approval Workflows
- Vendor Study Management
- Intercompany Journal Entries
- Revenue Recognition
-
Allocations/Amortizations/
Budgeting - Bank Reconciliation
- Purchasing
- Change Orders
- Payments
- Email Approvals
- Scheduled Reports
- Scheduled Reminders
- Dashboarding
- Expense Reports
- Time Tracking
- Fixed Assets
Think ERP is too big for your pre-revenue life sciences company?
Many life sciences companies, especially in the Concept or pre-revenue startup phase, think that ERP is too costly, or too complex for a business of their size. However, in just a matter of months, these same companies often find that using Excel spreadsheets or accounting solutions like QuickBooks are just not working and/or keeping up with the growing demands of their business.
Moving to an ERP solution, like SuiteSuccess for Life Sciences, sooner rather than later helps eliminate compromises and bottlenecks before they interfere with your mission.
Considering an Equity Event?
Now is the time to drive the culture shift to act and operate like a public company well before the IPO takes place. Make sure you build in a grace period to give your organization the ability to ramp up its systems to support the new requirements that come with being public. If you haven’t invested in an ERP solution tailored to the life sciences industry, now is the time to start evaluating systems.
With over 150 implementations and counting, our team is well versed in helping life sciences companies on their path to going public as well as helping you through the process of building simple, scalable controls to reduce audit pressures. SuiteSuccess for Life Sciences supports both scalability as your organization grows and segregation of duties, even as your transactions grow more complex.
Our ideal scenario is to follow the path of establishing a strong ERP solution, like NetSuite, giving users time to adopt that new system, layering in the controls after the organization fully defines them, and then enabling system adoption of those controls.
Are manual clinical trials management processes highly time consuming?
We’ve found for many life sciences companies, managing clinical trials can be incredibly manual, performed at the end of the month, and can take days to perform. The most manual process is the financial tracking of these clinical trials and the communication with vendors regarding the level of completion. If you’re currently using Excel and email communication to manage these relationships, there’s a better way.
SuiteSuccess for Life Sciences allows you to manage projects or studies with a dimensional chart of accounts and purchasing processes. You have the ability to establish monthly project plans, track incurred costs versus vendor invoices, and automate month-in journal entries as it relates to your prepaid or accrual position on clinical trials to help streamline audits.
