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Inventory Management Tips to Boost Profits

Every pharmacy’s business depends on inventory. Finding expired medications on your shelf or running into inaccurate counts can be frustrating for many reasons, most notably, declining profitability and potential loss of patients. The better you manage the flow of goods, the more money you make and the more cash you have on hand to grow

The Benefits of Perpetual Inventory

With perpetual inventory, on-hand quantities are automatically updated to recognize dispensing and replenishment. A perpetual inventory system updates the inventory in real-time when inventory orders are delivered and inventory is dispensed. Here are several advantages of perpetual inventory for pharmacies of any size. Allows for Accurate On-Hand Inventory Changes to inventory levels are recorded in

How to Protect Your Supply Chain from Shortages

The coronavirus (COVID-19) outbreak highlights potential vulnerabilities in both drug supply chain and clinical infrastructure. What are the ways you can protect your supply chain from shortages? To improve transparency in the supply chain and to ensure contingency plans are in place to mitigate disruptions that can result in drug shortages, the following solutions from

Coronavirus Outbreak: How Much Extra Medicine Should You Have On Hand?

As COVID-19 continues it’s grip throughout the United States and sends ripples in the global economy, public health experts are advising older adults and those with chronic health conditions to stock up on their prescription drugs in case the pandemic keeps people home for a prolonged time. Pharmacies and prescription plans typically have rules on when

5 Tips To Make Flu Season Easier On Your Pharmacy

vaccine needle and bottles “Flu season.” Those words are mentioned every day on TV during the late summer and into the fall. Folks are talking about it in the cafe. Someone is out sick from work with “the flu.” Suddenly it seems like everyone is talking about the flu, knows someone who has it, or is concerned about getting

How Perpetual Inventory & Automation Can Help Pharmacies Survive & Thrive

pharmacist looking at pharmacy shelves If your pharmacy is like most others today, you have many challenges that you cannot control. One thing you can control is your inventory, your largest investment, and the biggest expense. Moving to perpetual and/or automating your process can be transformative. Click the link below to find out how Datarithm can help. Benefits-of-Perpetual-and-Automation

It’s All In The History: An Introduction To Inventory Forecasting

pharmacist scanning a box of medicine Are there still pharmacies relying on a single person to manage inventory manually? Does that single person have a great deal of head knowledge and experience in this process? Are they still using a spreadsheet-style “database”? Pharmacy owners and managers should be concerned that this is leaving the business open to an untold number of

Current and Resolved Drug Shortages and Discontinuations Reported to FDA

close up of various pills on the counter A drug receives Resolved status when the Drug Shortages Staff (DSS) determines that the market is covered, based on information from all manufacturers. The market is considered covered when supply is available from at least one manufacturer to cover total market demand. However, some manufacturers may not have all presentations available. DSS monitors the supply

Top Five Pharmacy Trends In 2019

Man sitting at computer looking at data It’s been said, “the more things change, the more they stay the same.” In community pharmacy, this could be restated as “the more things change, the keys to success stay the same.” While no pharmacy operates in the same way as 100 years ago, some things are still the same. In all cases, the location

Top Challenges For Pharmacies In 2019

pharmacists looking at a red pill Owning a pharmacy operation is like running any small business. Many external pressures are acting on the industry that an owner cannot fully control. While it is possible to mitigate the impact of some of these challenges, others are much more difficult to manage. It is imperative, then, to control internal factors as much as