Drug expiry is one of the biggest profit killers for pharmacies. Without proper tracking, pharmacies lose 3-8% of inventory value annually to expired medications. Modern pharmacy inventory software with expiry tracking solves this problem.
The Cost of Expired Drugs
- Direct loss: Cost of expired products written off
- Disposal costs: Proper pharmaceutical waste disposal
- Regulatory risk: Fines for selling expired medications
- Reputation damage: Customer trust issues
- Typical loss: 3-8% of annual inventory value
How Expiry Tracking Software Works
1. Entry at Receipt
- Record expiry date when receiving stock
- Batch number tracking
- Manufacturer information
- Barcode linking for quick lookup
2. Automatic Monitoring
- Continuous expiry date checking
- Configurable alert thresholds
- Dashboard visibility of at-risk stock
- Daily/weekly expiry reports
3. FIFO Enforcement
- First In, First Out selling
- System prompts oldest stock first
- Prevents newer stock selling before older
- Reduces expiry likelihood
4. Alerts and Actions
- 90-day alerts: Plan return to supplier
- 60-day alerts: Consider discounting
- 30-day alerts: Urgent action needed
- Expired: Block from sale
PharmaPOS Expiry Management Features
Smart Alerts
- Customizable warning periods
- Email and SMS notifications
- Dashboard warnings
- POS alerts during sale
Expiry Reports
- Products expiring in 30/60/90 days
- Value of at-risk inventory
- Historical expiry losses
- Supplier return candidates
Sale Prevention
- Block sale of expired products
- Warning for near-expiry items
- Manager override option
- Audit trail maintained
Best Practices for Expiry Management
- Accurate Entry: Always enter correct expiry dates
- Regular Reviews: Check expiry reports weekly
- Supplier Returns: Negotiate return policies
- Discount Early: Sell near-expiry at reduced price
- Order Smart: Don't overstock slow-moving items
- Shelf Organization: Oldest items front of shelf
ROI of Expiry Tracking
Example: Pharmacy with $50,000 monthly inventory:
- Before: 5% annual expiry loss = $30,000/year
- After: 1% expiry loss = $6,000/year
- Savings: $24,000/year
- PharmaPOS cost: $999 one-time
- Payback: Less than 2 weeks
Conclusion
Pharmacy inventory software with expiry tracking is essential for profitability. PharmaPOS provides comprehensive expiry management that pays for itself almost immediately. Request a demo to see how it can reduce your losses.
