THE Platform Alliance Group (PAG) acknowledges that better management of inventory costs is required, to manage potential reduction in dispensary income, due to the 60-day dispensing policy.
Pharmacy owners can navigate the impact of this measure and generate operational efficiencies to ease the financial burden through inventory management system, Buy It Right, stated PAG.
John Kardis, pharmacist, and founder of Buy It Right shared "our algorithm-based technology automates inventory management for pharmacies, enabling intuitive real-time stock replenishment decisions.
"Buy It Right has bespoke forecasting and ordering features that integrate with all supplier trading terms and deals.
"Staff are always buying the right stock at the right time".
Optimisation is achieved by a range of factors, most notably via elimination of operational costs, improved workflow efficiencies and gross margin growth through better purchasing patterns.
PAG reported that extensive financial modelling demonstrated that the average pharmacy will save in excess of $50,000 per annum after implementing Buy It Right.
This is borne out by Sue Fosbery, pharmacist and owner of WA's Advantage Pharmacy Falcon, High Wycombe, and Florida Beach who shared, "we have been using the Buy It Right Inventory management system at our pharmacies since 2020, and it has proven to be a very efficient program for both ordering and monitoring stock.
"Saving us considerable time and consequently wages at all stores.
"We've saved in the order of $50,000 in gross revenue on labour costs and inventory optimisation in one of our pharmacies using the system."
PAG will provide further updates for the system's planned national rollout, and to learn more CLICK HERE.
The above article was sent to subscribers in Pharmacy Daily's issue from 18 May 23
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