TIPSLIFEHACKS

Australian pharmacies are facing mounting pressure – rising specialty drug costs, complex inventory management, and the critical need to ensure patients have timely access to life-saving medications. The Healthcare Insider podcast dives deep into a game-changing solution: smart consignment technology.

Joining us are James Roof, Director of Strategic Distribution Services at Cardinal Health, and Diana Castillo, National Consignment Executive. They unpack the challenges of managing specialty drug inventory, from minimising wastage to optimising stock levels, all while upholding the highest standards of patient care.

The Problem: Specialty Drug Inventory Headaches

Specialty drugs are expensive, often require specific storage conditions, and have a relatively short shelf life. Traditional inventory management methods often lead to:

• Excess stock, resulting in costly expiry and waste.
• Stockouts, delaying patient access to vital medications.
• Increased administrative burden for pharmacy staff.

These issues not only impact the pharmacy's bottom line but also compromise patient outcomes.

The Solution: Smart Consignment & RFID Technology

Consignment models, where the supplier retains ownership of the drugs until they are dispensed to a patient, are gaining traction. But the real innovation lies in combining consignment with Radio-Frequency Identification (RFID) technology. Here's how it works:

• Real-Time Visibility: RFID tags attached to each drug allow for precise tracking of inventory levels in real-time.
• Automated Ordering: The system automatically triggers reorders when stock levels fall below pre-defined thresholds, preventing stockouts.
• Optimised Stock Rotation: First-Expiry-First-Out (FEFO) principles are automatically enforced, minimising wastage.
• Reduced Administrative Burden: Automated processes free up pharmacy staff to focus on patient care.

Benefits for Australian Pharmacies

Implementing smart consignment technology offers a multitude of benefits for Australian pharmacies:

• Significant Cost Savings: Reduced wastage and optimised stock levels translate into substantial cost savings.
• Improved Patient Access: Consistent availability of specialty drugs ensures patients receive timely treatment.
• Enhanced Operational Efficiency: Streamlined inventory management processes free up valuable staff time.
• Data-Driven Insights: Real-time data provides valuable insights into inventory trends, allowing for better forecasting and decision-making.

Looking Ahead

James and Diana discuss the future of specialty drug inventory management and the increasing importance of technology in delivering better patient outcomes. They also address common concerns and provide practical advice for pharmacies considering implementing consignment solutions.

Listen to the full Healthcare Insider podcast episode to learn how smart consignment technology can transform your pharmacy’s operations and improve patient care.