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Zero Inventory Wastage in Pharmacies

Recently I read an article called What Hospitals Waste. The article addresses the reality of what hospitals pharmacies do to excess usable medical stock that is well within the expiration dates.  

Hospitals and health centers dispose of this excess stock due to hospital policies. Watching this happen regularly, Elizabeth McLellan, a former nurse, decided to put an end to this. She started an organization called Partners for World Health. This organization provides such medical supplies to healthcare centers and countries who are in dire need of them.

We know that medical supplies are part of the inventory in hospitals and community pharmacies. And when a pharmacy thinks of inventory, they think in terms of money. 

Factor involved while purchasing pharmacy inventory

Investing in inventory is the biggest expense of community pharmacies which is followed by labor costs. This is because inventory costs also include storage costs, insurance, maintenance, and upkeep. These costs constitute 20-30% of the inventory costs. 

Despite investing in the protection of medical stock, community and hospital pharmacies report items worth millions being damaged, lost or stolen each year. This is the opportunity costs they have lost and could have been used in providing better healthcare facilities.

And, the items that are not sold ends up in landfills which in turn affects the environment. Rather, this stock can be used in war-affected countries or sold at subsidized rates for countries who are in need of them.

So, how can pharmacies achieve the optimal inventory level and eliminate waste without significantly impacting the customer demands?

The road to zero inventory wastage in pharmacy begins with adopting good inventory management practices like:

Analyze the market

Sales trends in pharmacy
Analyse Market Trends

You can understand market trends from your previous purchase orders and sales orders. Historical data gives you an in-depth analysis of consumer behavior. You will be able to plan your budget better and ensure you have the right amount of inventory.

Real-time inventory tracking

Barcode Scannning in pharmacy
Real Time Inventory Tracking

Tracking inventory is a dynamic process. It involves monitoring stock levels and adjusting the safety stock levels. Tracking your stock in batches will also help in managing the expiry of the products.  This will ensure that the stock does not become obsolete. You will also be able to trace the stock batch it belonged in case of damage or theft. 

Optimized reordering

Order management system in pharmacy
Order Management System

It is important to avoid duplicate orders and errors while placing orders for new inventory. This is because having excess inventory will lead to increased inventory costs. And while you optimize your ordering process, ensure you have a clear and concise return policy for unsold inventory.

Empower your staff

Pharmacy staff
Empower Your Staff

Training your pharmacy staff members to be agile adds value to the inventory management process. They will be able to handle a large volume of inventory and reduce risks.

The first step towards zero inventory wastage in pharmacies is to choose the right warehouse management system.

Juggernaut Warehouse Management System not only automates inventory management processes but also helps in reducing waste efficiently. We are enhancing our system to empower businesses to adopt zero waste practices and reduce their carbon footprint.

Click here to Sign up today. 

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