Proper inventory management involves good stock and inventory control, supervising both the input of goods in relation to the output of the goods sold. Inventory management is an integral part of many businesses, including those in the pharmaceutical industry. Why is good inventory management so important? For one, knowing how much stock to order can help you avoid a surplus or shortage of a product. In turn, the right inventory management tips can help you ensure your business is the most profitable and efficient in the long run.
It’s not as simple as one might think to understand how much product should be ordered. Goods go bad on the shelf, sometimes goods take a while to get back in stock while customers impatiently wait, and with limited storage space, it’s integral that you don’t house more stock than you have space for, let alone, buy more stock than you can afford at the time.
To avoid the latter common errors and frustrations, here are some great inventory management tips that are applicable to pharmacists:
1. Selling little to nothing of a certain product? Don’t keep carrying this
One of the biggest mistakes that can be made when it comes to pharmacy inventory is continuing to order products that either don’t sell or rarely sell. Although you might think it’s a good idea to keep ordering “just in case,” in the long run, it can be a waste of money and space.
2. Ask your patients to inform you about refills in advance
For your patients who have a prescription that you carry less of, let them know that in order to ensure you have it in stock when they need it that they kindly let you know they require a refill ahead of time. This will give you the time you need to order more supplies if necessary.
3. Purchase a vertical storage system
Vertical pharmacy storage systems like Pharmacy Carousel can make the job of a pharmacist easier than ever before. These systems help maximize space, improve the speed of dispensing, and reduce human error.
4. Pay attention to the demand
The demand for products, including prescriptions, will almost always change over time. Never rely on ordering the same amount of stock as you always had. Pay attention to the data to determine if you need to order more or less of certain products going forward.
5. Avoid stockpiling too much
Ordering a little more than what you might need isn’t a bad idea. However, stockpiling too much can resort to a lot of product waste and, not to mention, lack of space for other products. That said, keep your stockpiling to a minimum.
6. Get your whole crew involved in inventory MGMT
Inventory management can be a lot of work and can generally be time-consuming. However, when everyone is involved in it and is mindful of how important inventory management is, stock control can go much smoother.
7. Consistently check your inventory
Human error is bound to happen in any job of any industry. An error can occur even when it comes to purchasing and managing inventory. That said, regularly checking your inventory three to four times a year is important to double-check that you’re managing your inventory correctly.
It’s easy to mishandle pharmacy inventory management. However, because it’s such a critical aspect of the pharmaceutical industry, the right supervision over inventory stock isn’t an option but a necessity. While inventory management can be tedious and tricky at times, the previous tips can help make things run smoother, stay more organized, and ultimately increase profit.