Every industry relies heavily on effective inventory management. The wide range of products in the pharmaceutical sector makes inventory checks necessary. Inefficient inventory management leads to increased costs, poor customer relations, and negative brand image building. Therefore, pharma companies need to check for the right inventory management system in their supply chain.
The use of an effective inventory management system allows healthcare organizations to keep track of the use and availability of their instruments and reduces the chances of loss and theft. Inventory management has the purpose of enhancing operational efficiency and reducing costs. Pharma organizations need complete visibility into their inventory levels to maintain ideal stock levels.
“A robust inventory management system improves inventory accuracy, increases cash flow, and saves time for productivity”
Moreover, many people are dependent on medicine, either because they are older or suffer from chronic ailments. Thus, pharmaceutical companies should maintain efficient inventory management to help them overcome multiple issues.
Major Inventory Management Challenges Faced By Pharma and Healthcare Companies
1. Monitoring and tracking of shortage
Avoiding shortages is paramount for pharmaceutical and healthcare sector companies. In addition, it is essential to measure seasonal demand and supply. In cases of drugs that have a short lifecycle, temperature-sensitive drugs, or medicines scheduled to expire after a certain period, the pharma companies must keep track of them.
Smart holographic products have appeared as a boon for inventory management in the pharma sector. It is possible to keep track of products in real-time with smart holograms/barcode printed holographic stickers. There’s no need to maintain manual data as the process happens digitally.
The system is fast and reliable and allows pharmaceutical manufacturers to keep track of the location of products, their types, and their quantities. The incorporation of barcode-printed holograms for inventory tracking and monitoring decreases the workload off the shoulders of companies since even a single person can handle a high volume of inventory.
2. Counterfeiting of pharma products
The second challenge before the pharma companies is to overcome the challenges of piracy or counterfeiting. As per a recent report, piracy in medicines results in the loss of 38 billion dollars to the global pharma market. To overcome this huge loss and the danger, pharma companies have adopted smart hologram technologies that allow accurate monitoring and managing of every single product unit in the supply chain.
Smart holograms and smart labels allow real-time product authentication, supply chain tracking, and prevent inventory/warehouse management issues.
Using these smart packaging solutions, pharmaceutical companies can comply with the forthcoming legislation. It can help them generate unique sequential, encrypted or random serial numbers or identify and label products in a visible or hidden manner. The labels can either be self-adhesive or printed directly on pharmaceutical products.
3. Accurately tracks inventory and increases savings
It is possible to accurately count the number of products in the warehouse and elsewhere in the supply chain using inventory management solutions. With inventory accuracy, you can monitor market supply and production.
Usually, you have to use human resources to manage different functions in the supply chain. However, you can cut down your workforce and save money using an automated inventory management system. Additionally, it prevents your products from being duplicated or diverted.
4. Enhances data visibility across the supply chain
You can increase productivity by keeping track of product inventories with inventory management solutions. Moreover, you can easily track the availability of raw materials and machinery in your manufacturing facility.
“Holostik’s inventory management system provides maximum satisfaction to your clients ensuring better brand image & profits in the form of repeat clients”
Avail Customized Inventory Management Solutions from Holostik!
Holostik offers world-class solutions to manage your inventory and warehousing operations and reduce costs through smart labels or smart holograms. We can custom integrate inventory management solutions with your existing CRM and ERP tools. With an in-house IT infrastructure, we strive to offer glitch & bug-free applications, which ensure 100% efficient stock management with minimal raw material wastage. So, wait no more and get in touch with Holostik inventory management experts for your organization at the earliest.
To get in touch, call us at 9905-124-124 or mail us at email@example.com