Vol. 7, Issue 12 (2018)

Author(s):
Chenlep Yakha Konyak and VK Vidyarthi

Abstract:
Community pharmacies often face challenges due to limited resources and technical expertise, which can reduce operational effectiveness and patient care. To address these issues, it is essential to identify key performance indicators (KPIs) that accurately measure pharmacy performance. KPIs include metrics such as sales revenue, prescription volume, medication adherence rates, inventory turnover, labor costs, customer satisfaction scores and other factors. These KPIs are collected and normalized for each pharmacy over monthly, quarterly, and annual intervals to ensure a fair performance comparison. Analyzing these performance metrics provides insights into pharmacy operations, allowing pharmacies to assess their performance, identify strengths and weaknesses, and find opportunities for improvement. Benchmarking through ranking is obtained by comparing KPIs across pharmacies, for stakeholders to adopt best practices and strategies for continuous improvement.