Inventory Management Is the Key to Success

Smart warehouse management system with worker

Your independent pharmacy runs on its inventory, and managing it is the key to success in your business. If you do not manage your inventory properly, it can seriously hurt your business and reputation, which is true for both pharmacists and dispensing physicians.

However, there are several ways in which you can effectively manage your inventory. Some of which are expedited by using some inventory management software. However, much of this task lies in your own hands, and here are 5 great tips about that.

  1. Know the contents of your inventory thoroughly. When a patient comes, you want to be quick in remembering whether you have his or her medicine in stock, and precisely where it is. Knowing your shelves, including slow-moving items buried in the back, is one of the best ways to handle a pharmacy or dispensary inventory.

  2. Reorder your products smartly. Some drugs are used up more in particular seasons, some drugs have new versions and competitors coming up, some yet have generic twins available that people prefer more. You should schedule yours reorders accordingly.

  3. Special drugs should not sit on shelves. Unless you have guaranteed long-time customers for some special, high-priced rare drug, you should not stock them. Instead, offer 1-day or next-day delivery for them as you place special orders for special drugs.

  4. Stock heavily on OTC and popular drugs. These are fast-moving products that sell in any season and are used often — like simple fever medicine or petroleum jelly or bowel regulators. Make sure not a single customer gets turned away looking for one of such stuff — it makes a very bad impression. I.e. if you don’t have simple stuff in stock, you will not be expected to have special stuff.

  5. Do not let products expire on your shelves! This is a total no-no in the case of any dispensing physicians and pharmacists. Since medicines have very strict expiry dates and it is illegal not to abide by them, you must make sure that they are always under the use-by date.

That is why when organizing your inventory you should sort it by time as well as space. Furthermore, when you take the quantity report of your stock, make sure you get the sell-by dates as well in the report. Otherwise, you may accidentally sell an expired product to a customer and that may go to any lengths, from simple loss to court case.

If you want to get emergency service, contact PD-RX Pharmaceuticals in OKC immediately. The expert team will help you to get rid of the problem.

**Disclaimer: The information on this page is not intended to be a doctor's advice, nor does it create any form of patient-doctor relationship.