In the United States, Americans spend roughly $1,200 dollars on medications annually. If your pharmaceutical business is barely on the map, use these strategies to step up your game.
No Inventory Stockpiling
A surge of surplus products can hurt your company’s bottom line. If you have any stockpiles, you’re losing money, so sell these items fast.
Buy Backup Supplies for a Sales Rush
You should have two inventories. The main pile is called the base stock. You’ll use this supply to fill prescriptions every day. The second pile is called the safety stock. This is your backup supply; you should only take medications from this pile during emergencies.
Get Rid of Struggling Products
When the trends change, your drug store should change too. For example, if you have many products on your shelves that never sell, get rid of them because they’re taking up valuable real estate. In most cases, you can return these products to the wholesaler with no hassle.
Offer Incentives to All Pharmacy Technicians
When drugs are old, they’re less effective. Your main job is to provide relief to every customer, and you can’t accomplish this by selling weak drugs. If no one wants to help you find these medications, offer a good incentive to your employees.
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