PHARMACEUTICAL INVENTORY MANAGEMENT
It is essential for pharmaceutical companies to employ proper inventory management techniques since patients’ lives literally depend on it. Many healthcare companies are challenged to implement effective pharmaceutical inventory management techniques that are necessary to prevent medicine shortages and block the improper use of pharmaceuticals. Solid inventory control ensures that defective medicine, expired products and tampered with products never enter the patient supply chain. Inventory management for pharmaceutical companies provides the following benefits:
-Controls inventory quantities to ultimately prevent inventory shortages.
-Serves as an effective tool to analyze customer behavior and buying patterns.
-Improves the communication process with suppliers.
-Strengthens relationships with suppliers.
-Eases the purchasing process by providing valuable knowledge on what product type is needed, along with the quantity needed.
-Sends an alert when it is time to reorder.
EUROPEAN FMD COMPLIANCE
TRXio is an ideal solution to comply with the European Falsified Medicine Directive (FMD) (2011/62/EU), which took effect on February 9, 2019, which “helps manufacturers, wholesalers and logistics service providers within the pharmaceutical industry fight counterfeit medicines to improve patient safety.” One of the regulations is to include, “obligatory safety features – a unique identifier and an anti-tampering device,” on the outer packaging of medicines. While this may seem like a daunting task, the regulation will improve pharmaceutical inventory processes and prevent defective medication from being distributed to consumers.
With TRXio, you will always know the quantity of a product and when it is time to order and be alerted when it is time to reorder. For more information, contact us at 844-868-7225.
TRXio offers a unique traceability feature that is ideal for pharmaceutical industry inventory management since it allows companies to track individual products by expiration date and lot number. For more information on TRXio, please contact us at 844-868-7225.