Pharmacists invest a lot of money in keeping their shelves and pharmacy refrigerators stocked with the medicines and supplies their communities depend on. Determining the size and variety of your inventory plays a major role in operating costs and in satisfying customers’ needs, but it can be a challenge to decide how much you should keep in stock on a regular basis. Here are a few key tips to help you streamline and efficiently manage your pharmacy’s inventory.

Essential Stock Management Tips for Pharmacists

1. Maintain Precise Records

Without an accurate record of which medications you have on hand and in what amounts, it won’t be long before your shelves and pharmacy refrigerator are either overstocked with products you can’t sell or under-stocked with essentials. To avoid this issue, conduct a comprehensive annual inventory check and set up a computerized inventory to be updated on a regular basis.

Carry out regular inventory reviews to determine which items sold the least, which were most in demand, seasonal differences in demand, and other important information. It can be helpful to designate a single member of staff as the inventory manager to streamline the record-keeping process.

2. Stock the Basics

A term every pharmacist should understand is base stock, or the amount of product that should be kept on hand to satisfy demand within a reasonable time frame. During flu season, for instance, base stock would include items like decongestants, over-the-counter pain relief, and antiviral prescription medications.

Keeping plenty of base stock on your shelves is the key to satisfying demand and preventing loss of business to competing pharmacies. It’s also wise to invest in “safety stock,” or inventory that is needed to satisfy a sudden increase in demand for a specific product.

3. Minimize Risk with Next-Day Delivery

Some prescription drugs come with a substantial price tag for a single dose, many of which are time- or temperature-sensitive and can quickly expire if not sold quickly. A month’s worth of Actimmune, for example, which is often used to treat rare conditions like severe osteoporosis, can cost over $55,000. If that product is spoiled or damaged, the cost could be too much for a pharmacy to absorb. A wiser course is to depend on distributors for next-day delivery in order to get customers the medicines they require without carrying excessive risk.

If you’re looking to streamline your pharmacy’s inventory management, turn to Midwest Medical Systems in Dayton, OH. For more than 35 years, this third-generation family-owned business has supplied pharmacists throughout Ohio, Indiana, Michigan, and Kentucky with top-quality pharmacy refrigerators, stainless steel wire shelving from leading producer Metro®, and other products designed to minimize loss and protect sensitive materials dependably. Call (937) 424-0241 to discuss your needs, and visit their website to learn more about their products.