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Tag: Expiries
Struggling with short-expiry or slow-moving items? Merchandising can help! Place them strategically at eye-level or near complementary products. Consider bundling for added value. While interaction might be limited, consider layouts that encourage customers to explore these hidden gems on your shelves.
Don’t just focus on long expiry dates! It can tie up your cash. Embrace data analysis to: – Identify slow-moving stock at risk of expiring. – Leverage short-expiry deals to boost profits (see liquidation platform link in full article). – Make data-driven decisions for your pharmacy’s success. Consider AI and outsourcing for efficient stock management.
Safety stock is crucial to prevent stockouts, acting as a buffer between forecasted quantities and demand levels. Calculating safety stock level for each item is vital, particularly for products with high demand variability. The formula for calculating safety stock and its linkage to the reorder point are key. Inaccurate forecasting and supplier challenges can impact…
The XYZ analysis refines the ABC framework by considering product demand variations at your pharmacy. It helps reduce the risk of overstocking, improve forecasting accuracy, and lower inventory costs. Category X products have low demand variability (<10%), category Y has moderate variability (10-30%), and category Z has the highest variability. Combining XYZ with ABC gives…
Annually, over 2 billion USD worth of pharmaceuticals go to waste worldwide, affecting supply chains and risking lives. Proper inventory management, including labeling and redistribution, can minimize waste and benefit the community, environment, and pharmacy finances. Kenya, for instance, has specific procedures and costs for pharmaceutical waste disposal. Embracing labeling systems can help pharmacies reduce…
Pharmacies can suffer financially from expired products, leading to lost sales and negative brand associations. Additionally, managing expiries is important for environmental sustainability and can enhance a pharmacy’s reputation. Monitoring expiries, managing slow-moving products, and considering partnerships for redistribution is crucial. Visit https://renewrx.africa/shop/ to make a difference.