We all know how last-mile Rx returns management can impact profitability. Maximizing value is tricky, especially when returns are at high volume. Are you doing enough? To find out, you need to answer these key questions about your Rx returns strategies.
1. Are your policies up to date?
With the marketplace constantly changing, your policies need to evolve. And keep evolving. You can’t wait for a problem or a violation to kick you into action. By then, it’s too late. You need to conduct proactive, routine reviews to stay ahead.
2. Are you compliant with current rules and regulations?
When was your last review? If it’s been a while, your policies might not be up to date with the latest rules and regulations. A compliance issue is the last thing you need. Look for regulatory changes since your last policy review that might have an impact, and adjust accordingly.
3. Are your policies getting the job done?
Your returns policy should be clear and easy to understand. If your rules are too complicated, they’ll be more difficult for returning parties to manage, which could drive business into the hands of your competitors.
4. What are the trends in your Rx returns?
Put your data to work! If you pinpoint primary drivers for Rx returns, you can prevent returns before they happen. Having access to key returns metrics can help improve your forward supply chain. For instance, if you can see the same NDC is repeatedly returned, that might signal an issue with the product itself or how it’s packaged. Inmar analyzes the data to identify trends or abnormalities in your returns process, letting you address the source of the issue directly.
5. Are You Working With Trading Partners To Establish Mutually Beneficial Policies?
Manufacturers, wholesalers and pharmacies should work together — using knowledge gleaned from Rx returns data insights and trends — to create programs that support business initiatives across the supply chain.
6. How Does Your Company's Return Goods Policy Compare To Your Peers?
If you’re not sure how you compare to pharma manufacturers with similar profiles (whether generic, brand, specialty, volume, etc.) it’s time for a return goods policy review.
We can help!
Get Faster Credit Reconciliation And Better Accuracy With Inmar's Rx Returns Management.
You can choose from multiple service options, which ensures your individual returns policies are properly followed. We even offer enhanced processing and validation options for specialized handling, including photographs of each product’s condition.
For even faster processing — and data delivery to all trading partners — there’s our One-Touch Advantage program. Taking advantage of this program means you don’t have to wait 13-30 days for data, like you would with a two-touch system. You get your data the very next day.
Even better, our policy management process evaluates all product returns based on both the pharma manufacturer’s return goods policies and the returning party’s policies. The data is then provided to both parties for credit reconciliation.