Discover how Pharmaplus helps pharmacies track expiry dates and make smarter future purchases by preventing waste, optimizing inventory, and ensuring timely product replenishment.
Managing product expiry dates is critical for pharmacies to avoid wasted stock, reduce financial losses, and ensure the availability of fresh, effective medications for patients. Without proper tracking, pharmacies risk holding expired products that can’t be sold, leading to revenue loss and operational inefficiencies. Pharmaplus helps pharmacies streamline the management of expiry dates, ensuring that stock is replenished in a timely manner and minimizing product waste. In this blog, we’ll explore how Pharmaplus helps pharmacies track expiry dates and use that information to inform smarter future purchasing decisions.
1. Automated Expiry Date Tracking for Accurate Stock Management
Manually tracking the expiry dates of medications and other pharmacy products can be a time-consuming and error-prone task. Pharmaplus automates this process, providing pharmacies with a real-time overview of which products are approaching their expiration date.
How Pharmaplus Tracks Expiry Dates
- Automated Expiry Monitoring Pharmaplus automatically records the expiry date of every product when it is received, ensuring that the pharmacy has accurate and up-to-date information on product expiration.
- Expiry Date Alerts Pharmaplus sends automated alerts when products are nearing their expiration date, allowing pharmacy staff to take action by either prioritizing the sale of those items or adjusting purchasing strategies to avoid overstock.
- Batch-Level Expiry Tracking Pharmaplus tracks expiry dates at the batch level, ensuring that the pharmacy can monitor different expiration timelines for the same product and make informed decisions about which batches to sell first.
By automating expiry date tracking, Pharmaplus ensures that pharmacies can accurately manage their inventory and reduce the risk of selling expired products.
2. Reducing Waste with Expiry-Based Reordering
One of the key benefits of tracking expiry dates is the ability to reduce waste by making smarter reordering decisions. Pharmaplus uses expiry data to inform purchasing strategies, ensuring that pharmacies avoid overordering products that could expire before they are sold.
How Pharmaplus Prevents Waste in Reordering
- Expiry-Based Reorder Recommendations Pharmaplus factors in the expiry dates of existing stock when generating reorder recommendations, ensuring that pharmacies only order new products when the current stock is nearing depletion or expiration.
- Minimizing Overstock of Expiring Products By tracking expiry dates, Pharmaplus helps pharmacies avoid overstocking products that are nearing expiration, reducing the risk of waste from unsold stock.
- Data-Driven Stock Rotatio Pharmaplus ensures that pharmacies prioritize the sale of older stock with sooner expiration dates, optimizing stock rotation and reducing the likelihood of expired products being left unsold.
By incorporating expiry dates into reordering decisions, Pharmaplus helps pharmacies reduce waste, optimize inventory levels, and improve overall purchasing efficiency.
3. Informing Future Purchases with Expiry Insights
Tracking expiry dates not only helps with managing current stock but also provides valuable insights into future purchasing decisions. Pharmaplus uses expiry data to help pharmacies refine their procurement strategies and avoid overbuying products with short shelf lives.
How Pharmaplus Uses Expiry Data to Inform Purchases
- Demand Forecasting Based on Expiry Trends Pharmaplus analyzes past sales data in combination with expiry dates to predict future demand for products. This helps pharmacies make informed decisions about how much stock to order without risking excess or expired inventory.
- Supplier Lead Time Integration Pharmaplus considers supplier lead times in relation to expiry dates, ensuring that new products are ordered just in time to replace expiring stock, reducing the need for emergency reorders.
- Expiry-Driven Purchase Adjustments Pharmaplus adjusts purchase recommendations based on product expiry data, preventing the pharmacy from ordering large quantities of products with short shelf lives, which can help avoid unnecessary waste.
By leveraging expiry data, Pharmaplus helps pharmacies align their purchasing strategies with product shelf life and demand patterns, ensuring more efficient and cost-effective procurement.
4. Avoiding Stockouts with Expiry-Driven Replenishment
In addition to preventing waste, tracking expiry dates helps pharmacies avoid stockouts by ensuring that products are reordered before they expire or run out. Pharmaplus provides tools to help pharmacies plan for timely replenishment based on expiry data.
How Pharmaplus Ensures Timely Replenishment:
- Expiry Date Forecasting Pharmaplus forecasts when products will expire or run out based on current sales trends and expiry data, ensuring that pharmacies can reorder products in advance and avoid stockouts.
- Replenishment Planning Pharmaplus creates customized replenishment schedules that take into account both expiry dates and real-time demand, ensuring that new stock arrives in time to replace expired or soon-to-expire products.
- Real-Time Inventory Alerts Pharmaplus sends automated alerts when a product is close to expiring and stock levels are low, prompting pharmacies to reorder and avoid gaps in availability.
By using expiry data to inform replenishment decisions, Pharmaplus helps pharmacies ensure continuous product availability and avoid the operational risks of stockouts.
5. Enhancing Supplier Communication for Expiry Management
Managing expiry dates often involves coordinating with suppliers to ensure timely delivery of fresh products. Pharmaplus enhances supplier communication by providing pharmacies with the tools to manage supplier relationships and ensure that products are delivered with adequate shelf life.
How Pharmaplus Enhances Supplier Communication
- Expiry-Based Ordering Preferences Pharmaplus allows pharmacies to communicate specific expiry requirements to suppliers, ensuring that products delivered have sufficient shelf life to meet the pharmacy’s needs.
- Supplier Expiry Performance Tracking Pharmaplus tracks supplier performance in relation to expiry dates, allowing pharmacies to evaluate which suppliers consistently deliver fresh products and which suppliers may need to be replaced or negotiated with.
- Automated Supplier Notifications Pharmaplus sends automated notifications to suppliers when orders are placed, ensuring that pharmacies receive products that align with their expiry date preferences and avoid receiving near-expiry stock.
By improving supplier communication around expiry dates, Pharmaplus helps pharmacies ensure that they receive fresh products with adequate shelf life, reducing the risk of waste and improving inventory management.
6. Customizable Expiry Reports for Continuous Optimization
Pharmaplus provides customizable reports that give pharmacies detailed insights into their expiry date management and stock levels, helping them continuously refine their procurement strategies and optimize purchasing decisions.
How Pharmaplus’ Expiry Reports Improve Inventory Management
- Expiry Date Overview Reports Pharmaplus generates reports that show an overview of all products nearing their expiration dates, helping pharmacies identify which items need to be prioritized for sale or reordered.
- Waste Analysis Reports Pharmaplus tracks the volume of expired products over time, providing pharmacies with insights into which products are more likely to expire and helping them adjust future purchasing decisions accordingly.
- Product Performance Reports Pharmaplus analyzes the performance of products based on expiry data, helping pharmacies identify which products are selling before expiration and which are at risk of becoming waste, informing future purchasing strategies.
With customizable expiry reports, Pharmaplus enables pharmacies to continuously improve their inventory management processes and make more informed purchasing decisions.
7. Ensuring Compliance with Regulatory Standards
Tracking expiry dates is not only important for operational efficiency but also for regulatory compliance. Pharmaplus helps pharmacies ensure compliance with regulatory standards by providing tools to track and manage expired stock.
How Pharmaplus Supports Regulatory Compliance
- Automated Expiry Date Tracking Pharmaplus ensures that all products are tracked from the moment they are received, helping pharmacies comply with regulations that require accurate tracking of medication expiration dates.
- Real-Time Expiry Alerts Pharmaplus sends alerts when products are about to expire, ensuring that pharmacies can remove expired stock from shelves and avoid selling outdated medications.
- Audit-Ready Expiry Records Pharmaplus generates detailed records of all products, including their expiry dates and sale status, ensuring that pharmacies can provide accurate documentation during regulatory audits.
By tracking expiry dates and ensuring compliance with regulatory requirements, Pharmaplus helps pharmacies maintain safety standards and avoid potential fines or penalties related to expired products.
Tracking expiry dates is essential for maintaining efficient pharmacy operations, preventing waste, and ensuring product availability. Pharmaplus provides the tools pharmacies need to automate expiry date tracking, optimize purchasing decisions, and reduce the risk of expired stock. By leveraging expiry data to inform future purchases, Pharmaplus helps pharmacies align their procurement strategies with real-time demand, reducing waste, avoiding stockouts, and ensuring compliance with regulatory standards.