Managing medications is a sensitive case. One error can cause complications and can even lead to malpractice. That said, equip your business with robust drug inventory management to combat risks and experience seamless workflow. Download and leverage your very own software today to capitalize cash flow and achieve your desired results.


5+ Drug Inventory Management Software

1. McKesson Connect

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Rating: 5/5

Price: Custom

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2. PharmaTrader

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Rating: 5/5

Price: Custom

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3. FSI

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Rating: 4.5/5

Price: Custom

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4. GuardianRx

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Rating: 4.6/5

Price: Custom

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5. CLIN1 Pharmacy

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Rating: 5/5

Price: Custom

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6. Electra HMS

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Rating: 4.1/5

Price: Custom

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What Is Drug Inventory Management Software?

Drug inventory management software is a digital solution that helps facilities belonging to the pharmaceutical industry and healthcare businesses manage drug inventory and supply. It unifies multiple tasks and necessary controls in a single platform, allowing you to input data and make appropriate adjustments in a centralized interface using digital devices. With this software, you can store essential data and documents in a secured database.

In addition, it has digital tools for collecting data analytics for tracking sales and recording the movement of the medication. This software also takes note of the expiration dates and records warnings and side effects of stored medicine for better stock management.

Benefits

This technology offers workflow automation capabilities that can speed up the process and simplify otherwise complex and lengthy tasks of drug inventory management. That said, it can improve both employee productivity and efficiency and reduce necessary costs. In addition, it diminishes the possibility of human error and reduces drug waste. 

Features

There are a variety of drug inventory solutions in the software market. They have overlapping functionalities, but they also specialize in varying aspects, which means they can help your business in distinct ways. The key to singling out the most suited one for you is to study their essential factors deliberately. Scrutinize which one is compatible with the size of your business and which of them supports the digital devices you prefer to use. Also, study the prices of software packages and subscription plans and look at whether they have the following essential features:

  • Barcode scanning tools
  • Lot tracking capabilities
  • Asset management functionalities
  • Prescription management feature
  • Compliance management functionalities
  • Inventory tracking and receiving tools

Top 10 Drug Inventory Management Software

1. McKesson Connect

With this digital solution, you can access drug purchase history reporting and drug return functionalities. They have 238 billion dollars in revenue and have 76,000 employees.

2. GuardianRx

This pharmacy software has a medication database and prescription processing tools. Its developer, CarePoint, has 4,500 people in its team and has 600 million dollars in revenue.

3. GoFrugal

Tools for order management and inventory tracking are accessible in this software. They have a generated revenue of 61.3 million dollars and have 423 employees in their team.

4. CLIN1 Pharmacy

With this software, you can streamline forms management and claims management. Its developer, Clinical Software Solutions, has 30.3 million dollars in revenue and has 59 employees.

5. Winpharm

Document management and E-prescribing functionalities are examples of features in Winpharm. They have employed 76 people and have generated a revenue of 20.7 million dollars. 

6. FSI

When you use this software, you can utilize workflow management and process simulation capabilities. They have 19.5 million dollars in generated revenue and have 170 employees working for them.

7. Compound Assist

This pharmacy management software has a pill database and compounding capabilities. Its developer, RS Software, has 4.89 million dollars in revenue and has 150 people working for them.

8. PharmaTrader

This digital solution has tools for billing and invoicing and expense tracking. Its developer, Spine Software System, has employed 25 people and has a revenue of 3.6 million dollars.

9. Electra HMS

Electra HMS is a hospital management software with patient records management and revenue management features. Its developer, ACG Infotech, has 24 employees and has 3.5 million dollars in revenue.

10.Datarithm

Datarithm is an inventory software with workflow management and demand forecasting tools. They have eight people in their team and have a generated revenue of 1.2 million dollars.

FAQs

Why is inventory control essential for pharmacies?

Inventory control is essential for pharmacies because it ensures that your shelves have enough stock to meet the demands and needs of the clients. Also, with this practice, you can keep track of the availability of products and manage pricing details. In addition, it tracks metrics to determine the current sales trends and gathers historical data for forecasting demands.

What are essential tips for successful drug inventory management?

To ensure effective pharmacy inventory management, you should constantly track the availability of products and develop a strategy to avoid drug shortages. Also, consider crucial elements such as the costs of medications and the changes in buying patterns to minimize risks. Streamlining communication with manufacturers and staff is also essential.

What does drug inventory management include?

The steps of inventory management include the receiving process, in which the pharmacist team would check the accuracy of the quantity of the package delivered and check for any damage. Also, this lengthy process in pharmaceutical industries involves other tasks such as overseeing picking and packing, order fulfillment, and returns management.

Choosing to go digital with your inventory management operations today would bring about plenty of advantages to your organization. It would allow you to minimize the time and effort you need to spend on these activities and spend it on more pressing matters. That said, secure the best drug inventory management software for you to provide a more seamless customer experience and lighten the workload of your employees. 


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