Renew Rx was built on the foundation of collaboration. We believe that health workers can work together to limit pharmaceutical waste. Globally, billions of dollars go to waste annually because of expiries. The platform is an exchange system where facilities with stock at risk of expiration put up such stock for liquidation. Organizations open to liquidating the stock place their orders online with delivery coordinated by Renew Rx. The products move directly from the facility that has put up items for liquidation to the one helping liquidate the stock. The goal is to limit losses from expiries on the foundation of collaboration.

Why do products expire on pharmacy shelves? There are numerous reasons. We have met pharmacy owners who are facing unexpected challenges. One pharmacy had a fallout with an insurance company, which meant they could no longer serve their clientele. Result? Brands that they kept for insurance-based customers are no longer moving. The products are for chronic conditions, meaning it is harder to sell them since they require a prescription or someone who is already on them to buy them. Such scenarios can lead to losses in the thousands if not tens of thousands. The loss can sometimes lead to the closure of a once-thriving pharmacy.

Why collaboration? Collaboration builds on first-hand knowledge of the pain of losses from expiries. Many pharmacy owners have expiries as a regular cost to their business. What if a colleague who understands the challenges of running a pharmacy in a highly competitive environment could help limit the losses? What if we could build a community of pharmacy professionals who work to support fellow health workers as we work to improve access to medication? What if, in our supporting colleagues, we ensured our patients received medication that was, for some reason, out of stock in the marketplace?

Why help liquidate? Contribute to limiting pharmaceutical waste. Create a reciprocal network of support for pharmacy professionals. Some organizations offer their slow-moving and short-expiry products at a discount. The system provides a win-win partnership. You get an item you know moves quickly at your pharmacy at a great price that makes business sense for you while helping a colleague limit losses due to expiries. Facilities within the same county, with the pharmacy helping liquidate, sometimes offer free delivery. You may also get all these benefits for an item that may be out of circulation from the suppliers. 

Pharmaceutical waste accounts for between 3 and 5 percent of stock costs annually. Consider how much stock you purchase monthly. Multiply the value by 12. What’s the total amount? What is 1 percent of the total amount? Multiply it by 3 or 5. The answer is how much impact you can have on your colleague’s establishment by ordering products put up for liquidation via the Renew Rx platform. The calculation does not account for the effect on job preservations for your colleagues. Your order also positively impacts patients and the environment. Patients may access medicines out of circulation and less environmental impact from pharmaceutical waste.