How often should pharmacies conduct inventory audits?

Conducting inventory audits regularly is crucial for maintaining accurate records, preventing loss due to theft or discrepancies, and ensuring that pharmacies can meet patient needs efficiently. Auditing at least annually is a fundamental practice, but for high-turnover products, more frequent audits, such as quarterly or monthly, are vital. This is because high-turnover items are sold quickly, and their inventory levels can fluctuate significantly—making it essential to monitor them closely to avoid stockouts or overstock situations.

By implementing a strategy that includes more frequent audits for these products, pharmacies can optimize inventory management, reduce waste, and enhance the overall customer experience. In contrast, a less frequent audit schedule might lead to issues that can harm business operations and patient care. Therefore, the practice of auditing high-turnover products quarterly or monthly allows for proactive management of inventory, ensuring that the pharmacy operates smoothly.