Smith Drug Company Optimizes Inventories with P4 Technologies
Smith Drug Company will implement P4 Technologies’ cloud-based forecasting, replenishment and inventory optimization solutions for wholesalers. The technology will benefit Smith Drug Company “by utilizing sophisticated algorithms to determine how much and what type of inventory should be maintained so that products are readily available for pharmacies to order and provide to their patients," say company officials.
“We are proud of our long tradition of excellent customer service—and we know from our customers that we offer the best in our industry—but this new tool raises the bar even higher,” says Jeff Foreman, RPh, president of Smith Drug Company. “Using scientific forecasting and replenishment algorithms, we can ensure that we provide pharmacies with exactly the right product at exactly the time they need it. Our customers can grow their business and, most importantly, take care of their patients in the most efficient and effective manner possible.”
The software platform will go live in 2016. The P4 solution will further strengthen the ability of the procurement group to manage the complexities of generic and branded pharmaceutical purchasing, as well as front end merchandise. “Essentially, this means we can offer the closest thing to Just-In-Time inventories as our industry has ever seen,” says Brian Purscell, RPh, senior vice president, Pharmacy Solutions for Smith Drug Company. “Our customers will be able to get the products they need, as they need them, and the guess work will be taken out of the equation.”
Ken Palmer, founder and president of P4 Technologies adds: "P4 Technologies is extremely pleased to have Smith Drug Company join our network of customers utilizing our item demand forecasting and replenishment software platform. Our goal is to assist Smith Drug Company in continuing to provide their customers with the highest service levels so that their customers can better serve their patients, increase their sales and grow their bottom line."