Inventory Management for Pharmacy

Inventory management for pharmacy is essential for successful functioning, improving bottom-line costs and profit margins, preventing shortages and misusing medications. It helps hospitals, clinics, and physician’s office’s record available inventory and minimises shrinkage and spoilage.

Inventory Management in Hospital Pharmacy

Pharmaceutical inventory includes prescribed medications and products. Inventory is the most valuable asset in the pharmaceutical industry. Proper inventory management is extremely important for hospitals as inadequate stocks could result in ongoing medical conditions, death, lawsuits, and other undesired consequences. 

Keeping track of addictive or harmful medications is also important to avoid theft and misuse. Hospitals must have life-saving medications in ample quantities to deal with situations like the COVID-19 pandemic. Inventory management ensures the availability of medications in ideal amounts, prevents spoilage and shrinkage, facilitates proper storing of the medicines with the help of barcoding and tracking of inventory throughout its movement in the hospital pharmacy. 

Shifting from spreadsheet-based inventory management to inventory management software helps add extensive details and instructions about medications in a database. A detailed database, in turn, provides the staff with a better understanding of the inventory.

Pharmaceutical Inventory Management Systems

An efficient inventory management system for pharmacies evaluates minimum quantities, alternate options, storage facilities and balances demand and supply to enhance profitability. ClearOne is one such inventory management software that provides the perfect balance between demand and supply and increased profitability resulting from reduced inventory costs, shrinkage, and labour. ClearOne provides the following facilities-

• Customisable barcoding to capture all the inflows and add details, warnings, or instructions about the medications to the database.
• Lot tracking and traceability to provide identification labels or pick out any contaminated products.
• Date track to locate expired medications and reduce spoilage and shrinkage.
• Automated ordering generates a replenishment list and automatically orders medications and other products that need to be restocked.

ClearOne is extremely user-friendly and easy to implement. Inventory staff from the medical, health and pharmaceutical industries can easily operate this software. This inventory management software can categorise inventory based on necessity, intake patterns, and importance. ClearOne provides a transparent, simplified, and efficient way to manage pharmaceutical inventory.