Five Key Tips to Improve Pharmacy Inventory Management

Effective stock control is a crucial part of ensuring the success of any pharmacy. Not only does it help guarantee that people can obtain the drugs they need, but it also contributes to the smooth operation of the pharmacy. Proper inventory control lowers the risk of stockouts, avoids wastage from expired drugs, and enhances capital turnover by reducing excess stocks held on hand. Today in a healthcare landscape that is constantly evolving, how to apply efficient pharmacy inventory management becomes an important practical problem. Well, below are some key tips which pharmacists and pharmacy managers can apply to perfect internal stock control procedures.

1.      Automated Inventory Systems

The shift towards automatic inventory systems can result in vastly improved accuracy and saved time. Barcoding and real-time tracking features enable you to maintain a scrupulous account of inventory levels as well as expiration dates, and a lot of numbers. It is crucial to note that all these systems are vital in pharmaceutical retail.
-Utilize technology: Software that updates inventory levels with every sale or acquisition.
-Monitor trends: Automated systems can predict inventory needs based on historical data.
 

2.      Review and Adjust Stock Levels Regularly

It is essential to periodically reevaluate your inventory levels in order to avoid both overstocking and stockouts. By reviewing sales data, you can tailor your ordering cycle so that you always have just enough stock.
-Watch moving inventory: Take a careful look at the rate at which different medications are dispensed.
-Seasonal fluency: Adjust for seasonal shifts in demand, such as an increased need for allergy medication during the spring.
 

3.      Take Regular Physical Counts

While automation can get you a long way, there is simply no substitute to counting dust. Regularly scheduled counts serve as a backdrop against which any deviations may be identified; potential theft exposed and poor practices in stock control revealed.
-Establish a schedule: Physical inventories should be held on a set basis, perhaps after hours or during slow times so as to minimize disruption.
-Confirm the numbers: After every physical count, compare those figures with those in your inventory system–in order to keep things honest.
 

4.      Optimize The Ordering Process

Effective order management entails selecting the right suppliers, agreeing on prices and arranging orders in line with the pattern of usage. Moreover, if you build a good relationship with suppliers there are likely to be potential bargains and the supplier will probably deliver on time.
-Introducing suppliers: Where possible have a working relationship with several generally reliable distributors rather than using many different ones.
-Order quantities: Make specific amounts depend on the historical use for each item.

5. Managing relationships with distributors of medicine
 

Medicine distributors are an important part of the process of inventory management. A good partnership may achieve better prices and terms, as well as reliability.
-Negotiate terms: Do not be afraid to negotiate terms which suit your pharmacy's needs.
-Alternative sourcing: Keep a list of alternative suppliers in case there are shortages or your supply chain is disrupted.

Employing these five steps, pharmacists and pharmacy managers you may expect to improve the efficiency and effectiveness of their stock management. A well-managed inventory not only benefits the bank line but helps assure that patients are not unduly delayed in obtaining the medicines they need.

FAQs:

Q. What is pharmacy inventory management?
Pharmacy inventory management is the establishment and maintenance of systems for the acquisition, storage, and sales of pharmaceutical products within a pharmacy. It lies in walking the fine line between having enough stock to meet patient demand without stocking so much that it goes to waste and represents a financial liability.

Q. Why do I need inventory management in a pharmacy?
Good inventory management is essential in pharmacies because medicines are perishable items. By employing good inventory control, it's possible to make sure that medicines are dispensed before they expire and that there's always enough stock on hand for patients' needs. The effect is to reduce both shortages and surpluses.

Q. How do I reduce the waste of pharmacy inventory?
To reduce waste, consider the following key ways that will come in handy for you effectively:
·         Doing regular checks on all expiry dates, and rotating your stock.
·         Implementing an automated inventory control system with sales and usage patterns.
·         Utilizing "just in time" (JIT) ordering systems. This way is to order stock close to when it's actually needed.
·         Spinning off slower Sweeney used items that were becoming due, long before they were actually consumed.
 

Article Author

Binu .B RPH

President

With more than 20 years of experience in the pharmaceutical wholesale sector, I have Founded and managed several companies, including a pharmaceutical wholesale company, a compounding/retail pharmacy,and many more. As the president of Drugzone Pharmaceuticals Inc., I develop new business and maintain existing business relationships.