Many pharmacy professionals have, at one time or another, considered shutting down their establishments for several reasons, including those beyond their control.

The impact of the closures goes beyond the unwanted effects on communities, for example, having to move further to get medicines if the drug store was in a region far away from other health facilities.

Closure of pharmacies is rife with challenges in handling inventory, a key reason for establishing Renew Rx based on collaboration among pharmacy professionals, as many drug stores have no route to liquidate such stocks, leading to losses.

What are some of the creative solutions you can use to maximize returns when facing pharmacy closure?

Internal Redistribution

Pharmacies that are part of a network of facilities can redistribute their products within the network, taking into account inventory data to determine which branch should receive each SKU (Stock Keeping Unit) to minimize the risk of loss due to product obsoletion within the system and expiring. 

The advantage of internal redistribution is less paperwork and logistics since the network works under a unified vision and SOPs (Standard Operating Procedures) apart from minimizing losses due to the inability to liquidate controlled products, which generally have stricter regulations, resulting in fewer independent establishments wanting to liquidate them.

Pay As You Sell Redistribution Agreements

You can consider having a legal agreement with a pharmacy that helps liquidate your products as part of their regular business, with payments made as the items clear from the shelves.

Ensure to have the agreement made with clauses covering varying scenarios, including how to handle disposal of expired stock, separation of your products from similar SKUs (Stock Keeping Units) within their pharmacies, and how soon to make payments upon selling the product.

Other things to consider when making such agreements include how often stocktaking occurs and how each party can exit the contract.

Redistribution Platforms

Many pharmacies do not have a network expansive enough to absorb their stock when closing, with stories rife of those who secretly disposed of the items over time, for example, by pouring liquids down the drains in their homes.

Renew Rx is a redistribution platform encouraging transparency with the pharmacy closing, uploading the items available for liquidation, including details like expiry dates, quantities available, batch numbers, and location with pharmacy owners beyond your regular network to help liquidate your stock countrywide to minimize your losses in the spirit of collaboration.

Donations

Some pharmacy owners faced with the closure of their establishment have opted to give back to their community through donations of varying items previously stocked.

The donation route can benefit the community and pharmacy owner as you positively impact the health of the less fortunate in our societies.

Partner with organizations running medical camps, for example, through professional organizations, religious establishments, and community programs, while ensuring you stay within the Pharmacy and Poisons Board (PPB) regulations.

You can also consider partnering with your former college or university as they run their community programs, combining positive community impact and encouragement to students joining the health industry.