FAQ’s in Pharmacy Stocktaking

In this blog post, Mark Humphreys, Client Relationship Director at Orridge, answers (FAQ’s) frequently asked questions on stocktaking.

FREQUENTLY ASKED QUESTIONS…

Why should I do a stocktake?

The primary reason to get your pharmacy stockholding valued at least once a year is that it helps validate your financial accounts and will keep your accountant happy.

A stock take will also identify any stock issues, such as damaged items, out-of-date or short-dated products, unsaleable items, to name but a few.

If you are using a stock ordering system, resetting the pharmacy’s ‘stock on hand’ will identify inevitable inaccuracies, leading to better stock replenishment, better on-shelf availability, and greater customer satisfaction.

Why is inventory management so important in pharmacies?

Stock availability is paramount to the smooth running of your pharmacy. You want to serve your customers, and you cannot do that if you do not have the product, they need to have dispensed to them.

By maintaining tight control of your inventory enables you to deliver a more consistent service to your patients/customers.

Sound inventory management also drives stock efficiency. If you have clear visibility of product levels and understand the typical demand for them, you can optimise stock purchasing and avoid product overspends.

Inventory management also helps to control stock wastage. If your stock levels regularly exceed demand, this will lead to items becoming out-of-date and wasted. Nobody wants this and good inventory management is a great way to avoid it.

I am booked in for a stocktake. How should I prepare?

Make sure your stocktaker is provided with a reasonable estimate of the value of stock in the pharmacy. If this can be split between NHS and OTC stock, they will thank you for it. Having this information will ensure the right number of stocktakers are assigned to get the count done accurately and on time.

Notify the stocktaker in advance of anything unusual, such as off-site stock or an unexpected delivery of substance.

It’s also very useful to have your stock in a tidy order – make sure the items of the same type are grouped (not mixed from front to back) and identify and separate your short-dated, out-of-date and damaged/unsaleable stock.

Is there anything else I should be looking out for?

Speak with your stocktake supplier a few weeks before the count date. A good supplier will talk you through all the key aspects and what will be required from you and your team on the day. They will talk about how scripts are accounted for, your assistance with the controlled drugs cabinet, and so on.

It can be a lot to take in initially but, in practice, it rarely goes wrong. We undertake thousands of pharmacy stocktakes every year without issue!

If you want to find out more about our stocktaking services and process, contact our Pharmacy team – pharmacy@orridge.co.uk or call 01922 472000