Have you ever wondered what makes businesses more profitable??? It is a combination of everything that makes your customer happy and makes your business working smooth and flexible. You can’t just rely on one thing; you have to keep all the functionality under one umbrella to maximize your profit and minimize losses. In this way, when we talk about the pharmacy business, there are many components in which correct management is necessary.
Article Content:
- Handling expiry in the Pharmacies
- Software for pharmacy management do
- Expiry Management in the Pharmacy business
- RetailGraph Benefits Pharmacy business
- Frequently Asked Questions
For businesses, choosing the best technology stack is not only necessary. For this, you have to choose software that provides the right services based on your usability requirement. In this blog, you will see the importance of expiry management in the pharmacy business. Also, the blog suggests you how to provide the best methods for managing expired medicines.
Handling expiry in the pharmacies
In pharmacy, the management of expiry drugs has always been considered an unresolved problem. It is because the pharmacist does not know the correct system to manage the expiry date of the drugs. They are so busy doing other work related to the pharmacy that they do not remember when the expiry date of medicines has come near or has come out. This causes the pharmacist to face a widespread loss, and customer trust is also affected.
Thus, pharmacy software was introduced that has a system in place to meet different pharmacy challenges compared to other retail stores. The pharmacy business requires POS and ERP solutions for their business, but their main focus is to reduce the complexity of managing the store. Complication means dispensing the right medication, following rules and regulations, managing the expiration dates of an inventory, handling patients’ prescriptions, and more.
According to research, the problem of expired medicine is so severe, that one-year estimates cost hospitals and pharmacies about $ 1 billion annually.
What does software for pharmacy management do?
With the above discussion, you must have understood that the pharmacy business requires a lot of precision and convenience. The pharmacy software system comes with modern solutions with core business functions. These functions include outpatient entries, distribution information, inventory management, stock control, warehouse management, purchase transactions, billing procedures, and many more. It is designed to help pharmacists in reducing the possibility of clinical errors, due to manual entries. This makes it easier to handle inventory by digitizing entries and a proper management system. Pharmacy management software systems help pharmacists to have complete control over drug entries, their details, and to alert them to stock, out-stock, and expiration scenarios.
To avoid the issue of expiration in the pharmacy business, software companies design software with expiry management capabilities. But before understanding how the pharmacy expiry management solution works, you need to understand what practice prevents drug expiry management from becoming too complicated.
- Identify your needs for particular medications and then buy them. Don’t buy more than you need.
- Check inventory on daily basis to identify which drug is out of stock or running out of stock soon.
- Knowing the need to determine the management specific requirement of any particular drug or drug.
- Calculate your true savings by keep track of your drug savings analytics on a daily or monthly basis.
- Must have stock control procedures in pharmacy for those drug items that are closer to expiry.
Points that give you an idea about Expiry Management in the Pharmacy business
Expiry management is an essential feature that pharmacy software should have. The pharmacy industry is a very sensitive business sector. Thus, it is imperative to deliver the right product as the entire system is directly related to the health of the patients. The expiry management system has the following characteristics, which-
- Provide a user-friendly interface that is easily understood by those who still feel insecure when switching to the software.
- Eliminate traditional errors by reducing human error. Pharmacy software keeps a record of every drug. It tells the owner of the pharmacy business what items they need to check for the expiration dates, and they need to go to your store to find them.
- Provide statistics on inventory affecting future purchasing decisions. It eliminates the traditional method of saving and checking drug details. And provides them with an accurate software system. The system can automatically notify you to take out an expired item. Or update you to use items that are due to expire soon. This data can also help the pharmacy business make better business decisions when ordering with vendors and manufacturers.
- Apply a proactive approach instead of an active approach. It analyzes drug manufacture and expiration dates and provides functions to remove items that have already expired from your shelves. It also facilitates alerts that inform the drug in advance about the expiration date.
How RetailGraph Benefits Pharmacy business with its Expiry Management capabilities
Every pharmacy owner wants well-managed functionalities in which drug levels can be synchronized with patient demand. Also, they won’t stock management in the pharmacy to remain on the shelf for a minimum period. Thus, finding out expired medicines in real-time becomes even more important. Pharmacy software also facilitates expiry management, one of its many features, which protects pharmacy from damage caused by expiry drugs in the business.
RetailGraph is an excellent software solution that provides integrated pharmacy technology systems that include inventory management capabilities. It uses technology that facilitates everything from pharmacy business sales/purchase to drug tracking, expiry details, and final billing. You can see RetailGraph as an effective expiry system and get the following benefits.
- RetailGraph provides real-time inventory tracking that updates its users about stock availability in real-time.
- RetailGraph also provides its users with real-time tracking of drug expiration and gives pre-alert to business management about the stock expiry date.
- The software also provides automatic reordering functionality. Its integrated technology system ensures that inventory replenishment keeps pace with patient demand.
- The software provides a technology system that minimizes the risk of providing wrong information and delivery of sensitive medication.
- The software has a function that manages the returns of excess drug inventory by track sales levels and flag slow-moving items.
Frequently Asked Questions-
What are the Expired Drugs Or Medicines in pharmacies?
Every product that has to be manufactured has a manufactured date and expiry date. Beyond the expiry date, consumers are not allowed to use that product. As medication is sensitive, it also has expiry dates, and the pharmacist must consider it before selling it. If consumers take expired drugs, it will lead to some life frightening situations.
How does Expired Medicine affect sales practices in Pharmacies?
As a pharmacist, you should know what your stock details are. How much is left in the stock, and when will it expire? Some essential things need to be known. It directly affects your pharmacy sales. To maintain and increase your sales, you should take the help of such a software solution that prevents the storage of expired drugs. Book a demo of SwilERP or RetailGraph today.
How Pharmacies Should Dispose of Expired Medicine or Drugs?
To lessen the possibility of expired medications being accidentally used, rules and regulations regarding the disposal of expired medications have been put in place. This safeguards the environment while also preventing the loss of human life, revenue, and reputation.
What does software for pharmacy management do to manage expired drugs?
Expiry management is an essential feature that pharmacy software should have. This way, the pharmacy management software provides real-time inventory tracking that updates its users about stock availability and expiry details. Thus, it minimizes the risk of providing wrong information and delivering sensitive medication.
How RetailGraph Benefits the Pharmacy business with its Expiry Management capabilities?
RetailGraph provides real-time inventory tracking with all the possible details (Manufactured date, expiry date, quantity left & more) in real-time. It minimizes the risk of providing wrong information and delivering sensitive medication and manages the returns of excess drug inventory by tracking sales.
Bottom Line
The role of expiry management in pharmacy can never be eliminated because its effective technology helps the system manage the incidence of expired drugs. Also, it helps determine correctly what is going on your list and provides you with the correct method of expired medication disposal.
For more information about how to deal with expired medication safely, please feel free to contact us. We will assist you in the best possible way.
