Managing Supply & Demand with a Canadian Pharmacies List
- 125 Views Business
- June 5, 2020
In the Canadian pharmacies industry, the ability to manage inventory and properly forecast the demand for certain drugs is a key component to success. Several unique factors can contribute to the fluctuations in the typical drug supply chain, and circumstances can change very quickly. Forward-thinking drug manufacturers, distributors and wholesalers can use a Canadian pharmacies list to help their customers keep up with the trends and meet the changing demand for prescription medications and healthcare supplies.
Factors Affecting Supply & Demand
The idea of ‘supply and demand’ is the basis for most every type of commercial business or service. As more buyers request a product, stores will increase the inventory. When inventory runs out, those buyers will search for it elsewhere and this could result in a permanent loss of customers. This scenario can spell disaster for the list of Canadian pharmacies that is not properly prepared.
In the pharmaceutical business, demand for products can be determined by several factors:
- Emergency Care: As a vital member of the healthcare chain, pharmacies should always be ready to serve when emergencies arise. Natural disasters, pandemics, and accidents or incidents with multiple victims can present an urgent and immediate demand for products and medications.
- Price Fluctuations: When a product gets expensive enough that the average consumer no longer feels it is worth the cost, demand will decline. On the other hand, lowering the price of a product may increase demand, indicating that the public feels the product is suddenly a great value.
- Competing Retailers: People are naturally inquisitive and drawn to anything new. A new pharmacy opening in town could greatly affect demand for medications and products for the customers on your Canada pharmacies list. This type of competition can also lead to a price war and changes in production to keep up with demand.
- Market Trends: Prescription medication is one of few commodities that are considered a constant need in our society, but even these products are not immune to changing trends. If a celebrity suggests that a certain medication can assist in weight loss, you can expect sales of that product to increase. Helping your customers prepare for changing trends is an important aspect of provide excellent customer service, and a Canadian pharmacies list is your best tool for the job.
Other factors including seasonal changes and advertising will affect how much medication your pharmacy customers should keep on hand. As a professional pharmaceutical supplier, your ability to forecast and advise pharmacists on inventory management will instill a sense of commitment, value, and excellent customer service. With a list of Canadian pharmacies, drug manufacturers and suppliers have easy access to the names, locations, and contact information of over 10,000 licensed pharmacies across Canada.
Trust Canadian Pharma Select to provide the database you need to make those valuable pharmacy connections.