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Owning and running a pharmacy can be a profitable business. However, at the same time, it is also a very responsible business to run. There are several aspects, mainly concerning the inventory that goes into managing a pharmacy. While pharmacy inventory management is a challenge, it is also the most important part of a pharmacy’s successful operation. This is because it has a major impact on profit margins and bottom-line costs. As your inventory on the shelf is probably your largest investment. Moreover, managing it properly can positively impact your business.
Therefore, if you are dreaming of a successful pharmacy where workflows run seamlessly and cash flow is abundant. Moreover, you never run out of important medicines, ensuring a drug order that reaches correctly on time. Then it’s time to wake up from the dream and act on it to make it a reality. In the highly competitive industry of pharmacy, with huge supply costs, managing inventory effectively is vital.
However, do you think all of these are getting difficult for you? Because of the many questions in mind. Therefore, here is a simple 5-step guide for pharmacy inventory management.
A pharmacy pos or management system in today’s date is an extremely useful solution for your pharmacy store. The interface works efficiently with your pharmacy’s prescription process. One of the useful features of a POS system is that the detailed information of the medicine, its usage, side effects, and other valuable details can be seen on the POS system screen.
You can facilitate several other patient care programs and make your customer aware of the benefits
and side effects of the medicine they will use by sharing this information. This will eventually increase your customers’ interest in your pharmacy, directly affecting your sales.
Other than this, a POS system helps you manage other important information about medicines. For example, their expiry date, composition, and the stock available in your inventory.
Having a pharmacy inventory management system will give you a detailed real-time report on your sales. It gives you an idea of the products that are selling well. Moreover, the products that need more push or replacement. Furthermore, a POS system will make payment transactions simple for your customers. In addition to that, it will give you clarity and transparency on payments.
When it comes to providing the best customer service and inventory management, the POS software works like magic. Likewise, the transactions get more accurate and faster. In short, it streamlines your business while eliminating the risk of the unavailability of items.
As a business with fast-moving products, some believe that in a pharmacy one must buy stock in bulk as it is cost-effective, while some consider buying stock in small quantities as more profitable. Do not remain stuck in a fix as this can be solved if you understand your inventory, the locality in which you run your retail pharmacy, and the behavior of your customers.
Buying medicines in large quantities can decrease the cost per unit. Purchasing medicines for common chronic diseases like diabetes,
hypertension, or common flu and cold, which are sold fast and easily can be bought in bulk. Through continuous monitoring with a pharmacy inventory management system, you can make changes in your way of ordering medicines that can optimize cash flow and workflow.
However, expensive and less-selling medicines, for example, those for hepatitis or cancer-curing drugs, can be sold on pre-order. Most importantly, such medicines should be ordered in very small numbers.
A POS-based pharmacy inventory management system lets you automatically place orders for products to ensure a stable supply of medications. Nevertheless, sometimes you might need to make regular adjustments and updates to your daily management of stock.
This is important because the demand for a certain brand and the interest of your customer might shift and you need to keep up with it. A quick comparison between your present inventories versus the prevailing
demand in the market can make sure you are selling the right products and not the ones that have waning demand.
Beyond all this, it is important to keep track of stocks. Moreover, monitoring the inventory by using the manual process. It is important to know exactly how much stock is available and how much more is needed. As a result, it helps you bridge the gap between you and your customers’ demands. The pharmacy management system can play an important role here.
Empower your employees by dividing up responsibilities to perform daily on-hand verification of quantities. This makes the process of verifying medicines regularly much more manageable and accurate as well.
No matter how accurately and judiciously your order and maintain your stock, few medicines are bound to be expired, leading to dead stock. There can be many reasons for this. For example, people discontinue therapies, heal from diseases, or change their dosage.
If your stock has not expired and has just been sitting on the shelf for months, then you can ask your supplier about their return policies. Moreover, a full or partial refund. As unmoving products lead to zero revenue and tied-up cash flow, even a partial refund is not a bad deal. Hence, pharmacy inventory management will help you.
Try to make good connections and tie-ups with other local pharmacies that have good sales of that particular product. You can send your products there, which can be a win-win situation for both. Therefore, it is a very important task to keep track of your products. As a result, you can stay updated about their expiry dates. And pharmacy management software can definitely help you there.
Even though your POS system greatly helps you in keeping a track of your current inventory, it’s important at the same time for you as a pharmacist to know your inventory well and keep a note of it.
Making your employees aware of the medicines and where they are kept, what amount are they available in, and how to manage them is equally vital. An annual or semi-annual physical inventory check can provide you with the important details needed to fine-tune your orders, keep products fresh, and avoid issues of shrinkage or expiry.
Inventory management is an important step to keeping your medical shop running smoothly and seamlessly. It would not be wrong to consider the inventory as the blood of your chemist shop. While at first the prospects of making major improvements to your inventory management can come as an overwhelming step, getting started with incremental steps is what matters. You, as a pharmacist, can take one step at a time and then keep moving in an efficient direction.
As you are now aware of the objective of inventory management and its benefits, investing in good inventory management software is a profitable idea. The above-mentioned points guide you to various methods to incorporate in your pharmacy to increase your inventory turnover ratio and burgeon your business.