5 Tips To Improve Your Pharmacy's Inventory Management

When you’re running or operating a pharmacy, one of the most important things your team has to do is to keep the inventory optimized through good management. Sound purchasing practices and good inventory control management go hand-in-hand, simply because one can’t go without the other. For starters, managing your inventory well means knowing what to buy and how many stocks to buy at a particular given time.

If you don’t prioritize your pharmacy’s inventory management, your business may not operate as efficiently. Some medicines, which are more in-demand than others, may always be out of stock, and you may not be able to keep up with the demand. On the other hand, overstocking on medicines that aren’t always requested by your customers may result in stale stocks and a waste of shelf space.

With that said, it’s not too late to make some changes in your inventory management. These strategies include:

Keep Open Communication Lines

Effective communication is key to a successful inventory management system. This communication system should relate first to your suppliers, even when using outsourcing services like fagronsterile.com. Be sure to communicate your supply needs and orders before you run out of time. You have to master the timing, or else the stocks may not yet arrive, but you’ve already run out.

You should also communicate well with frequent buyers or customers, particularly when it comes to the high-risk medication you’re selling. You can avoid possible mishaps with the orders and stocks when good communication is practiced for a smooth ordering process.

Set Minimum Stock Levels

When it comes to inventory management, there’s a concept known as ‘minimum stock levels.’ As its name suggests, this refers to the quantity of stock, determined per kind of medicine, which you’ve set to have as a minimum.

If, during your inventory check, you see that your stocks have already reached a level lower than the minimum, then this should be your call to reorder stocks. This applies whether you’re running an online pharmacy business or a physical one.

Having a minimum stock level ensures you have enough stocks to meet the demand of your customers. You may not know when your supplier, for instance, may also run out of supplies and therefore not be able to send you a supply as soon as possible. You lose customers when they walk into your pharmacy, and you’ve got to turn them down because you don’t have enough stocks.

On the reverse, you also wouldn’t want to overcrowd your pharmacy space with too much inventory of some kinds of medicines with low demand. A minimum stock level ensures you stay within optimal balance.

Manage High-Risk Medicine Wisely

In your pharmacy, high-risk medicine refers to those that have a short shelf life, that is expensive, and that isn’t always in high demand. Among all other products sold in your pharmacy, your keen focus should be on these high-risk medical products, so you can out win that risk.

The best way to do this is to take advantage of next-day delivery services of local medical suppliers. Generally, for high-risk medicines, you’re going to have a list of the patients who regularly come and ask for it with their prescription. You can set a refill schedule with them as to when they next need that medication. By doing so, you can pre-order the medicines from the suppliers only a few days before the patient is set to pick them up.

Doing this may seem like an extra step and added effort, but for high-risk medication, it’s worth it. You can significantly lower the risk of spoilage and losses with these expensive products when you’re able to manage them efficiently, according to need and demand.

Move Obsolete Inventory Out

The medical industry is also consistently evolving. There may be some medications previously used and prescribed by doctors that are now considered obsolete. Or, new variations are made, which are better and more effective.

Be sure also you’re on top of these standards and trends. This can help you avoid keeping a stock of obsolete inventory or those which you know will never sell out.

As soon as an item is considered obsolete, move them off the shelf, so you can make way for newer orders. Plus, it also gives you that mental reminder to inform your supplier that you’re no longer going to be fulfilling orders for that specific kind of medication that’s now obsolete.

Don’t Let Products Expire

There’s no room for expired products, especially in the healthcare industry. You can be heavily penalized if you’re even displaying expired products on your shelf. Above all other standards you’ve got to follow, always remember: don’t let products expire.

No one will buy expired medication. The first-in, first-out (FIFO) method ensures that you’re able to keep on top of expiration dates. You’re able to sell first those products which you know are soon set on the road to expiration.

Two pharmacist working in drugstore. Male and female pharmacists checking medicines inventory at hospital pharmacy.

Conclusion

With the tips above, now your pharmacy can have a better, more effective, and more cost-efficient inventory management system. This means you’ve got the most stocks to keep up with demand at the lowest expense possible. And, you aren’t wasting any shelf space on medicines and other medical equipment that’s not as sellable as others. Most importantly, your inventory system ensures you’ve got enough physical inventory, you know when to reorder, and in what quantities.

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