Do you want to keep your pharmacy’s inventory at the optimal level?
When the going gets tough, most community pharmacies look at cutting labor costs first — assuming that that’s the bigger expense.
However, for a fact — it’s actually the 2nd biggest expense. What’s typically the first?
Inventory costs.
The challenge is finding the balance of their inventory. Carrying a little will only disappoint customers, carrying too much is a sales & management nightmare
Here are some tips to improve your inventory management:
1. Get the numbers accurately.
What you cannot measure, you cannot manage. Conduct an annual physical inventory with the help of a computerized system which is monitored by your trained staff.
2. Keep yourself updated with the new medicine.
It’s always best to be flexible with your inventory as seasonal changes in demand.
3. Collaborate with buying groups.
They can give you a low price with a greater negotiating power. You can even save time by letting them shop for you.
Here are some buying groups that you can talk to to help you:
RxOneShop – Through RxOneShop’s catalog containing more than 17,000+ generic prescription drugs, diabetic supplies, injectables, OTC’s and vitamins, you no longer have to check multiple sites to compare prices of products!
ITG Wholesale – ITG is a Professional Manufacturing, Supply Chain Management & Multinational E-commerce wholesale groups. They are the business partner of buyers and manufacturers for many worldwide brands.
4. Get a refund.
You should create a system for returning unsold products. Even when you just have enough products, there will still come a time when a community pharmacy can have too much products. The excess products can then be managed and set back to the distributor depending on their return policies.
5. Keep your customers on their toes.
Make sure that they are going to purchase their prescription. Communicate with them in their preferred channel — text, chat, call and/or email.
6. Increase your front-end sales too!
Many pharmacies tend to forget their front-end. It’s actually a good idea to have diversified products like antacids, analgesics, anti-heartburn and allergy medicines, including the nasal sprays that recently obtained approval for OTC sales.
This might seem overwhelming at first but you only need to take one step at a time. You don’t have to rush (unless you really really want to.)
Questions? Contact Tony DiRico here.