This article discusses the importance of inventory management for community pharmacies and offers ten tips to optimize inventory levels.
They suggest conducting an annual physical inventory, using a computerized inventory system, monitoring the system for accuracy, letting distributors carry the risk, keeping tabs on the introduction of new generics, shedding excess inventory, having a system for returning unsold products, and optimizing the layout of products in the pharmacy.
The biggest expense for pharmacies is inventory, so it is essential to find the right level of inventory to avoid carrying excess inventory or running out of stock. Carrying too much inventory ties up cash that could be reinvested in the business, while carrying too little inventory can result in lost customers. One way to measure the efficiency of inventory management is to consider how often a pharmacy 'turns' its inventory.
Full article can be read here.