What is FIFO as it relates to the Retail Pharmacy Industry?

by Mohammad Asim
(Moradabad )

FIFO is Related to Inventory Management

FIFO is Related to Inventory Management

What is FIFO?

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starstarstarstarstar 		As it Relates to Pharmacy, FIFO is...
by: David

FIFO stands for First In First Out.

This is used in pharmacy; specifically in the area of inventory. First In medication and supplies need to be the First Out.

Stock must be rotated so that the first items in (and expiring soonest) must be dispensed first.

Often, this can be hard for techs to implement.

New stock goes behind current stock on the shelves.

Many times this means moving and rearranging the current inventory in order to place the new, ordered product in the back.

Managing inventory correctly is key to any successful pharmacy.

Some pharmacies manage inventory by maintaining a minimum number of each type of medication and a maximum number.

These figures help pharmacy staff to quickly see if they are within that range.

If they are--great! If not, stock needs to be ordered or returned.

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