For pharmacy owners, inventory management has long been a labor-intensive process that typically involves clipboards, manual counting, and the painstaking reconciliation of stock levels. Traditionally, a Sunday spent in the backroom with paper lists and calculators was the norm, ensuring that shelves were stocked appropriately, but left inventory that was not earmarked for the local shelves not only without a home, but without an ability to recoup cost.
Introducing Datarithm's Liquidation Engine, a smart and transparent approach to maximizing returns on unsellable or surplus medications. It works by identifying excess stock that can’t be dispensed, transferred, or returned through traditional means—and providing actionable paths to recover value; a game-changer for independent pharmacies who are already operating on razor-thin margins.
Unlike standard retail inventory, prescription medications pose unique challenges:
Stringent Regulations: Medications have strict guidelines regarding storage, sale, and disposal.
Expiration and Spoilage: Inventory must be closely monitored for expiration, and wasted stock represents lost revenue.
Limited Return Options: Traditionally, single-store pharmacy owners have had minimal recourse for returning or transferring surplus stock.
Unpredictable Demand: Prescription patterns fluctuate, leading to overstocking or shortages.
Without a dynamic solution, pharmacies often absorb significant losses, stuck with expensive inventory that ultimately goes unused. Datarithm recognized these challenges and created a suite of inventory optimization engines to give pharmacies more flexibility and control over the state of their stock.
1. The Forecast Engine: Using real-time dispensing data, historical trends, and seasonal fluctuations, Datarithm’s Forecast Engine automatically sets dynamic order points for every item on the shelves ensuring pharmacies order exactly what they need—no more, no less—reducing excess inventory and improving turns.
2. The Balance Engine: Acting as an inventory safety net, Datarithm monitors every item across all pharmacy locations and facilitates full-pack returns to the wholesaler before they become a loss. It also supports peer-to-peer transfers within multi-store operations, ensuring inventory is used where it’s needed most.
3. The Liquidation Engine: When inventory can’t be returned to a wholesaler or transferred internally, Datarithm’s Liquidation Engine allows pharmacy staff to scan such items to reveal whether they qualify for manufacturer return credit.
The financial benefits of this system are substantial. Previously, unsellable stock meant sunk costs and wasted revenue. With Datarithm, pharmacy owners can now recover significant value from inventory that would otherwise expire unused. Even better? Most returns won’t cost you anything as only certain products incur small processing fees, a fraction of the overall financial benefit.
Be among the first to take advantage of Datarithm's Liquidation Engine and revolutionize your pharmacy’s stock management.
Sign up for a demo and get a look under the hood.