Inventory management technology will optimise business performance and reduce the impact of 60-Day Dispensing

Melbourne Wednesday 17th May

The 60-day dispensing policy released in the Federal Budget will cause a reduction in dispensary income requiring better management of inventory costs for Pharmacy owners. The Platform Alliance Group (PAG) has harnessed the power of automation via its proprietary inventory management system, Buy It Right®; helping pharmacy owners navigate the impact of 60-day dispensing and generating operational efficiencies to ease the financial burden.

John Kardis, pharmacist, and founder of Buy It Right said: “Our sophisticated algorithm-based technology automates inventory management for pharmacies, enabling intuitive real-time stock replenishment decisions.”

Kardis continued, “Buy It Right has bespoke forecasting and ordering features that integrate with all supplier trading terms and deals. Staff are always buying the right stock at the right time”.

Optimisation is achieved via a range of factors, most notably via elimination of operational costs, improved workflow efficiencies and gross margin growth through perfect purchasing patterns.

Extensive financial modelling demonstrates that the average pharmacy* will save in excess of $50,000 per annum after implementing Buy It Right®.

This is borne out by Sue Fosbery, pharmacist and owner of Advantage Pharmacy Falcon, High Wycombe, and Florida Beach:

“We have been using the Buy It Right Inventory management system at our pharmacies since 2020. It has proven to be a very efficient program for both ordering and monitoring stock and has hence saved us considerable time and consequently wages at all stores. We’ve saved in the order of $50,000 in gross revenue on labour costs and inventory optimisation in one of our pharmacies using the system.”

PAG will provide further updates regarding the planned national rollout of the system, delivering on its promise to enable pharmacy owners to spend more time maximizing patient health outcomes and creating healthier communities across Australia.

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