Streamline Your Pharmacy Inventory and Navigate DIR Fees with Ease.
Almost 70 percent. That’s how much of a typical pharmacy’s operating budget is taken up by inventory costs. In terms of dollars, the National Community Pharmacists Association (NCPA) puts the figure at about $210,000 every month. Pharmacies spend more on inventory than anything else, including DIR fees and labor costs. And it’s not even close.
Managing inventory then and ensuring every dollar is spent wisely is a priority for pharmacies. As NCPA advises new pharmacy owners in its “startup benchmark” report: “The goal of inventory management is to minimize the investment in inventory while ensuring that inventory is available when needed.”
In other words, they are finding a way to have enough proper medications at the right time.
To do this, pharmacies pay attention to key metrics, including their inventory turnover rates, which, according to NCPA, indicate the number of times inventory is sold or used each year. The average pharmacy turns its inventory 12.2 times, or every 30 days. Pharmacies also monitor other metrics such as fast-selling drugs, laggards, expiration dates, and medication costs. Read more >
PrimeRx isn't just any pharmacy management software – it's a comprehensive solution designed to empower pharmacies of all sizes and specialties. Developed by Micro Merchant Systems, PrimeRx goes beyond basic automation, transforming the way pharmacies operate and interact with patients.
