2 Ways Hospital Pharmacies Can Achieve Inventory Management Goals

2 Ways Hospital Pharmacies Can Achieve Inventory Management Goals

Healthcare Tech Outlook | Monday, May 17, 2021

With a considerate plan in place, the hospital pharmacy is well-positioned to acquire fresh, breakthrough medications for patients who require them the most.

FREMONT, CA: The hospital pharmacy is always facing some tough inventory management challenges. Organizations need tactics to prevent drug shortages and need ways to keep expenses down while offering top-notch care. Besides, one needs to be able to carry the innovative new drugs that patients need. Below are two strategies to achieve these common inventory management goals.

1. Be Proactive to Avoid Drug Shortages

Preventing drug shortages is vital to delivering constant care to patients. The instance will mean planning for several factors that can cause a deficiency involving the unavailability of raw materials, delay in manufacturing, and an unexpected spike in demand. To navigate all these variables, one needs to build proactive communication strategies with everyone involved in the drug supply chain. These include distributors and manufacturers, other hospitals in the system, and staff within the health system. When one communicat

es efficiently with everyone involved in getting the right drugs to the patients at the right time, a due diligence in preventing a deficit is achieved.

2. Use Data to Improve Care and Lower Expenses

Minimizing expenses while delivering better care can seem like a daunting task. But upon tapping into data within the supply chain, one can make positive changes that help the hospital pharmacy achieve both of the goals simultaneously.

Hospital pharmacies usually default to ordering an equal amount of inventory as they have in the past. But the occurrence can lead to a surplus sitting on the shelf or a shortage. To get the right amount, one should look to supply chain data within the automated systems. The data can tell:

• Whether a new drug with improved clinical results is available

• Whether the demand for a drug has weakened.

• Whether historic prescribing patterns have changed
• Whether one needs to adjust the Periodic Automatic Replenishment (PAR) levels.

All of the information can help the hospital pharmacy be a more efficient purchaser. Turning into a more efficient purchaser, one can save money and cut waste, thereby leading to have the correct amount of inventory on the shelves to manage costs and deliver optimal care.

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