5 Ways Pharmacies Can Navigate Supply Chain Shortages
Posted on Mar 11, 2022
Supply chain issues continue to affect many industries and businesses nationwide. Independent pharmacies are no exception, facing drug shortages and backordered supplies, including custom labels, printers and other devices. To keep your store stocked and operating smoothly, here are 5 ways pharmacies can navigate supply chain shortages and delays.
1. Use BestRx Pharmacy Management Software to keep tabs on your inventory levels.
BestRx Pharmacy Management Software makes it easy to manage your inventory, thanks to robust reporting and real-time data. It’s important to regularly review your pharmacy’s inventory and usage reports to determine when it may be time to place a drug or supply order.
2. Increase your on-hand inventory, especially for high-use/essential items.
Many items you sell or use behind-the-counter are backordered several weeks, and in some cases, months. That’s why most vendors are recommending pharmacies maintain a 1-2-month supply. Being proactive about ordering will help you to avoid running out of your business-critical items.
3. Stock up when you can and keep an eye out for discounts and sales.
When your budget and storage space permits, consider placing bulk orders as items become available or are discounted. This not only ensures you’ll have enough inventory, but it also protects you against future price fluctuations as well.
4. Research alternative options and be flexible.
If your supplier is experiencing significant backorders, or a particular item is consistently hard to procure, it may be time to start exploring other options. Talk to your vendors about your options and reach out to colleagues for recommendations. Only purchase from authorized sellers, read buyer reviews and the return/warranty policy.
5. Stay informed on what’s going on in the industry and with your vendors to avoid surprises.
You should continue to monitor changes in the pharmacy supply chain. Check in with your vendors for updates on their inventory and fulfillment status. This will help you avoid any surprises and adjust your ordering patterns when needed.
BestRx continues to monitor fulfillment times for the devices supported by our pharmacy software. We are doing everything we can to work with our partners to minimize the impact supply chain disruptions have on our customers. We strongly encourage you to plan ahead If you need to order printers, computers or other equipment for your pharmacy.
Although there are some supply chain disruptions you may not be able to predict or prevent, there are several ways you can be more proactive to keep them from impacting your pharmacy. For example, if you have not done so already, your pharmacy will need to transition to Windows 11-compatable devices over the next few years. While it may seem like you have plenty of time, with long lead times and rising costs, it may be better not to wait too long to update your devices. If you are planning to upgrade your pharmacy devices, contact BestRx customer support, to start the process.