Markets Pharmacy Stocktake
Pharmacy Stocktakers – Signetor deliver accurate inventory valuations and highlights product expiry risks
With our mobile scanning application staff can quickly scan products and enter quantities, minimising stocktaking time whilst maximising accuracy. The easy-to-use system delivers robust pharmacy stocktakes using either external stocktake companies or your own retail staff.
Stocktaking apps for pharmacies
The Signetor system scans both 1D (GTIN) retail barcodes and the 2D (GS-128) Falsified Medical Directive (FMD) barcodes ensuring one system captures all your stock including prescription, over the counter and beauty products.
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Reporting Pharmacy Stocktakes
These are generally undertaken on an annual, bi-annual or quarterly basis. Different levels of granularity reporting can be produced including:
1) Summary Pharmacy Stocktake: Where only the total of each inventory category are listed. Typically, a one-page document.
2) Full Pharmacy Stocktake: Showing each product scanned and counted, but also summarised by inventory category.
3) Product Expiry Pharmacy Stocktake: Which is the same as the Full Pharmacy Stocktake but with lot numbers, serial numbers and expiry dates for all items carrying the FMD barcode.
4) Actual vs. Expected: For organisations with inventory management systems, Signetor can load the expected stock levels and compare these against the actual levels counted in the pharmacy stocktake. This produces a variance report showing which stock items are over or under the expected stock levels.
Signetor can deliver one or a combination of all 4 reporting options to meet your business objectives.
Business Transfer Pharmacy Stocktakes
There is currently a lot of activity within the Pharmacy business transfer market. If it is important the purchaser does not pay for inventory that has or is about to expire, Signetor can help here with a Product Expiry Pharmacy Stocktake. Signetor can report the time to expire for all stock with the FMD barcode.
Pharmacy Inventory Barcode Catalogue
Signetor maintains over 100,000 pharmacy barcodes with product classifications to deliver your reporting requirements. Additionally load your “unique to you” pharmacy product and pricing to create your bespoke catalogue to power your pharmacy stocktake.
Pharmacy Stocktaking Services
External Providers
Professional pharmacy stocktake organisations use Signetor’s system to deliver accurate barcode stocktakes for their clients. Signetor provide all the elements to transform your service including hardware, software, pharmacy barcode database, the ability to load custom products and client specific pricing with tailored reporting, training and support. For pharmacy organisations using multiple stocktake providers, the Signetor system delivers a standard organisational report format with a consistently robust audit trail.
Company Internal Counts
Pharmacy organisations large and small can utilise Signetor’s Pharmacy stocktake system to undertake their own inventory checks. Signetor will set up the system to your requirements and provide the training and support you require. This will allow you to undertake your pharmacy stocktakes as often as required using your own staff.
To upgrade your Pharmacy Stocktake processes please contact us at hello@signetor.com or by the Contact Us form.
Accurate pharmacy stocktakes are crucial for chemists, or pharmacists, for a variety of reasons:
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Patient Safety: Ensuring that medications are in stock and not expired is essential to providing safe and effective care. Expired medications can lose their potency or become harmful, and running out of essential medicines can pose significant risks to patients.
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Financial Accuracy: Proper stocktaking ensures that the pharmacy’s financial records are accurate. Knowing the cost of inventory on hand can help determine profitability, manage budgets, and make purchasing decisions.
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Inventory Management: Accurate stocktakes help pharmacists identify fast-moving items, slow-moving items, and those that are not moving at all. This information can help in streamlining inventory, preventing overstock or stockouts, and in turn, optimizing storage space.
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Loss Prevention: Regular and accurate stocktakes can help identify discrepancies that may be due to theft, waste, or other forms of shrinkage. Quick identification of these issues allows the pharmacy to take corrective action sooner.
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Regulatory Compliance: Many pharmaceuticals are regulated by governmental bodies. Accurate records of drug quantities are essential for compliance with various regulations, and failure to maintain accurate counts can result in legal penalties.
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Supply Chain Management: An accurate stocktake can help the pharmacy anticipate ordering needs, negotiate bulk discounts with suppliers, and maintain optimal stock levels. This ensures a steady flow of medicines without causing financial strain by over-purchasing.
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Efficiency and Productivity: When employees know exactly where and how much of a product is in stock, it speeds up the process of filling prescriptions. This efficiency not only increases productivity but also enhances customer/patient satisfaction.
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Waste Reduction: Accurate stocktakes can prevent over-ordering or help in timely rotation of stock to ensure medications are used before their expiry dates. This reduces waste and ensures the pharmacy operates sustainably.
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Enhancing Patient Trust: When a pharmacy consistently has medications in stock and manages its inventory effectively, it builds trust with its customers. Patients feel more confident that their needs will be met promptly and safely.
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Technology Integration: Today’s advanced pharmacy management systems integrate stocktaking with other functions, like billing, patient records, and order management. Accurate stocktake data ensures that these systems function optimally.
In summary, an accurate stocktake in a pharmacy isn’t just about counting pills. It’s an integral aspect of patient care, business management, regulatory compliance, and more. Regular and precise stocktakes are foundational to the successful operation of a pharmacy.
Contact us today to upgrade your stocktake processes at hello@signetor.com or call +44 (0)333 090 2337.
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Ernest J. George & Company
NHS Hospitals
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HARDWARE & REPORTING ONLY
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Remote Training & Support
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HARDWARE, REPORTING & TRAINER
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FULLY MANAGED STOCKTAKE
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