How Poor Pharmacy Stock Management is Killing your Retail Pharmacy
The Pharmacy retail business in Kenya is a lucrative venture. However poor stock management can see the down fall of your business. Losses occur from theft by staff, poor inventory management, poor pricing or through expired medicines. Being able to reduce even a few of these factors can result in significant savings . Here are five ways to improve your pharmacy stock management
1. Reduce Expired Drugs on the Shelves
Use the FIFO approach (First in First Out), this ensures that you arrange your stock as to sell what came in first. This ensures that what is nearly expiring is sold first.
2. Purchase a Pharmacy Stock Management System
An inventory management system may helps you to easily monitor stock movement. It is estimated that an inventory management system can pay return on investment in the first 3-6 months. There are many products in the market some sophisticated and some simple but the easiest to use in the Kenyan market now is PharmacyPlusPos. They have a 14 day free trial so take advantage to see if it fits your needs, if not you have nothing to lose 😉
3. Carry Out frequent stocks takes
Most pharmacies do stock takes twice a year or so. The recommended frequency is at least 2 weeks to one month. This reduces loses and keep you abreast on the nature and ongoing of your business at all times.
4. Manage Receiving and Ordering Stock
You should aim to countercheck every item with the delivery invoice. Avoid medication with short expiry windows. You should also countercheck the Purchase and Delivery Orders to ensure what you ordered is what has been delivered. You should also reduce Just in Time Ordering.
Written By Adams Mutua
Pharmaceutical Business Consultant in Kenya