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Pharmacy Inventory Management Made Easy: 5 Simple Tips

Author : Retail Limited | Published On : 13 Dec 2023

Effective inventory management for your pharmacy is essential. Inventory management requires being in total control of stock and precise tracking of the input and output of medication. Proper drug storage ensures you’re always aware of your stock, which will help prevent any shortages that hurt your cash flow. 

If you want to improve your pharmaceutical processes, below are seven inventory management tips to keep you on top of your game:

  1. Maintain healthy communication 

As a part of effective inventory management, it is essential to keep communication lines open at all times. Having proper communication with distributors and manufacturers allows them to address your drug needs and other related issues in advance. Additionally, communication with hospitals, healthcare facilities, and staff within your health system is vital to keep your inventory updated. By knowing your target market needs, you can better plan your restocking schedule to reduce the risk of shortages.

  1. Have a vertical storage system

Unlike a horizontal storage system, a vertical one frees up more space by improving its ergonomics. Furthermore, vertical storage saves time and makes it easy to find what you need. With basic training, staff can quickly locate items without distractions or frustrations, leading to increased productivity and better accuracy.

  1. Conduct regular stocktake

Failure to keep track of up-to-date inventory counts can hinder you from monitoring stock levels and availability, resulting in inefficiencies when fulfilling orders. This issue can lead to bad business decisions by key stakeholders, ultimately resulting in financial loss and workflow inefficiencies. 

Employing retail inventory software with barcode scanning features can expedite and improve the accuracy of inventory counts. A stock and inventory app can help minimize human error and provide more time for team members to focus on other tasks. It offers a user-friendly and cost-effective self-service small business stocktaking app capable of capturing real-time data and generating various types of reports, allowing for better insight into inventory management. 

small business stocktaking app is usually available in both Android and iOS versions. There are stocktaking apps for convenience stores, stocktaking apps for food and beverage, stocktaking apps for pharmacies, and stocktaking apps for bars and clubs to cater to different types of businesses.

  1. Involve the whole team

Inventory management can be a time-consuming task, which is why it is essential to utilize all available resources. Involving your entire team in the inventory management process can greatly assist in the management of stocks. To achieve this, provide your team with access to inventory data so that everyone can monitor the need for replenishing drugs. Additionally, hold training on the drug storage system to ensure everyone has a comprehensive understanding of the process.

  1. Don’t overstock

It may be tempting to order excessive quantities of medication to avoid running out of stock. However, this approach is not recommended as it can lead to product waste and decreased profits. Overstocking medication can also lead to space constraints. To avoid these issues, you should add reasonable allowances to your orders to maintain moderate stock levels until the next delivery. This way, you can prevent wastage while ensuring that you have sufficient stock on hand.