Many pharmacy professionals consider the expiry date critical when placing orders. Some share minimum expiry timelines accepted whenever they place their orders. It is usual to hear a pharmacy owner request expiries of at least one year. The intention is to minimize losses from expiries. But is this the correct perspective? Why would you want to hold your cash as inventory for twelve months? The underlying challenge is managing demand trends. Following up on the changes in product demand can help you determine if a product will be slow-moving. The ABC analysis can help you decide what product may expire or be slow-moving.

The challenge with focusing on long expiry dates is not considering the impact on cash flow if the underlying issue is products staying too long on the shelves. You might also want to take advantage of opportunities to widen your profits. Many organizations run offers when they have short expiries with a no-return policy attached. Sufficient data and analysis can help you leverage such scenarios to boost your pharmacy’s bottom line. We currently have offers from establishments of more than sixty percent off the sale price at our redistribution platform https://liquidate.renewrx.africa/. Products in Category A move fast enough to risk seizing such offers.

Smart Sourcing is about using technology and innovation to improve your pharmacy operations. Embrace using data for decision-making as it provides an objective framework for deciding what path to follow for your pharmacy. Have you digitized your pharmacy? Consider computerizing your pharmacy systems if you haven’t. Utilize the data to monitor market trends. You are in a market with thousands of competitors. You cannot afford to stay manual. The bigger your pharmacy becomes, the more likely you lose a grip on your operations if you remain with manual systems. Utilize technology to give your pharmacy a competitive edge.

Related Article: How To Calculate Reorder Stock Levels At Your Pharmacy

Smart Sourcing involves forming strategic relationships with your suppliers. Does your supplier provide LOUs (Letters Of Undertaking) if you want to return a product as a long-term client or is it goods once taken not returned policy no matter how long you have supported their business? How about short-expiry items? Do they alert you before they sell you short expiries? Do they offer help when you need to liquidate short expiries or slow-moving items or do you have to absorb the loss associated with such products? Check out our redistribution platform https://liquidate.renewrx.africa/ in case you need to offer products for liquidation.

What framework have you developed to handle risks at your pharmacy? How do you deal with short-expiry or slow-moving items? Do you have a network of other pharmacy owners who help you liquidate such products? What if your network is unable to help liquidate the items? Consider putting up such products on https://renewrx.africa/shop/ to limit the risk of items expiring on you. AI (Artificial Intelligence) is the latest buzzword in the world of technology. How are you using this tool to improve how you source for products? Consider outsourcing your liquidation process for short-expiry and slow-moving items to organizations specializing in such functions.