Editor’s Note: This post was originally published in July 2014 and has been updated for freshness, accuracy, and comprehensiveness.
“I don’t get no respect” was the catchphrase of Rodney Dangerfield, a famous American actor and comedian.
Here at Guaranteed Returns®, we believe that pharmaceutical returns should get some respect and these are the Top 3 Reasons why:
- Pharmaceutical returns are a potential asset.
You send product back and get credit or a check from pharmaceutical manufacturers. No matter which form of payment you receive, it is a form of cash to be used towards future drug purchases, new computer systems, staff increases, invested back into your pharmacy business, you name it… It’s an asset you didn’t have until you returned your expired, recalled and damaged drugs.
- Pharmaceutical returns are a window into your operational efficiencies.
Are you over-purchasing? Are there drugs sitting on your pharmacy’s shelves that will never get used? If stock isn’t needed, no longer on the formulary, or is in excess (after a drug shortage has ended, for example), return the product to your reverse distributor to recoup some of your “cash” so it can be used for other purposes.
When you open a new bottle, are you checking the dates so you can open the bottle that expires the farthest in the future? If you are not doing this, you may jeopardize the opportunity to receive potential credits from vendors that don’t accept partials.
While most vendors don’t accept partials, we know of some that will. Here is a “partial” list of the most popular manufacturers that accept partials (as of July 2015):
- Boehringer Ingleheim (BI)
- Janssen Ortho-McNeil
- Pharmaceutical returns are a way for you to be a leader or hero in your facility.
All pharmacies, no matter their size or location, are continually looking for ways to save dollars and meet the financial challenges that come with managing a pharmacy. Pharmaceutical returns can be another avenue to look at when it comes to saving money.
For example, have you ever reviewed the non-returnables report
provided by your reverse distributor and noticed that a certain manufacturer doesn’t accept returns? Here is an opportunity to see if there is an alternate drug or generic you could purchase from a manufacturer that has a returns policy. This is just one of many suggestions you could implement to help your facility save money while still providing excellent service and meeting patient needs.
Pharmaceutical returns deserve respect – they bring value to you, your organization and your bottom line.
Want to learn more? Ask Guaranteed Returns®.