Is Your Pharmacy Inventory System Running These 3 Key Reports?

Managing the inventory of drugs in a pharmacy setting is a day-to-day activity for pharmacy techs. In fact, studies have shown that pharmacy technicians now spend about 25% of their workday, maintaining the inventory control systems in place.

Is Your Pharmacy Inventory System Running These 3 Key Reports?
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While innovative pharmacy inventory software has helped improve the management of a pharmacy's inventory, there is still a manual aspect that requires human intelligence. Keep reading to learn about some of the most important reports that should be run related to pharmacy inventory.

1. Newly Approved Medications

Every year, the FDA (U.S. Food and Drug Administration) CDER (Center for Drug Evaluation and Research) approves several new medications. This includes new dosages for existing medications, generic formulas, novel agents, and new indications.

As a new product is made available, pharmacy technicians need to be aware of the changes and take time to become familiar with the new products, labeling considerations, dispensing needs, and how in-demand the drug will be. All this can be provided by running reports related to the release of new drugs and all new requirements for dispersing it. Without this information, it is impossible to continue providing the high level of information and services that pharmacy customers require and expect.

2. Medication That Is Currently Out of Stock

Along with the understanding and keeping track of product dispensing and labeling requirements that go along with medicines that have recently been approved, it is important for pharmacy workers to recognize and be familiar with the patient population they serve. According to one study, the interactions between pharmacy staff and patients are a top consideration for satisfaction. Patients expect a continuous supply of the medications they need. If a pharmacy is out of this, it can have a significant and far-reaching effect.

Patients need to be made aware of medications that are out of stock so they can plan accordingly. Ideally, pharmacy staff should run an out of stock report once per day.

3. Drugs That Are No Longer Any Good

All medicines have an expiration date. They also have specific storage requirements that pharmacy technicians need to be aware of and adhere to. Modern pharmacy technicians play an essential role in receiving medications from suppliers and storing medications in their pharmacies. If medicines have passed their expiration or are not stored properly, it may lead to the medication not being as effective, having reduced potency, and even harming the patient.

These types of outcomes are called inventory spoilage. This is why it is important to run reports that provide information regarding when certain medications expire and remind pharmacy techs of proper storage methods to minimize the likelihood that medications will go bad sooner than they should.

Pharmacy and Medication Management

When it comes to inventory management at a pharmacy, there are many factors to consider. The information here describes the top reports that should be run and used to ensure that there are no issues related to medication use and dispersion. Keep this in mind to help ensure that a pharmacy operates properly and provide patients with safe medication that will not cause serious harm to them. 

Being informed is the best way to handle pharmacy medication management. While issues may arise, following the rules and requirements in place will help a pharmacy and the staff avoid these situations, both now and in the future.