Retail theft is a serious problem in stores across industries, and the scale of the issue might surprise you.
According to the National Association for Shoplifting Prevention, more than $45 million worth of retail merchandise is stolen every day. To put that in perspective, inventory shrinkage caused by internal and external theft costs the U.S. retail industry more than $49 billion annually.
What are the odds that your pharmacy could be a victim of such theft? According to a recent report, the probability of any one pharmacy being victimized by a burglary, robbery, or employee diversion hovers around 14%. With controlled substances in your inventory, the stakes are higher than just the cost of the inventory item. You have responsibilities dictated by regulation.
There are steps you can take to help prevent retail theft in your independent pharmacy. Below we’ve highlighted some insights into the scope of retail crime plus loss prevention measures that you can take to help protect you and your business.
Understanding and Preventing Internal Theft
When you imagine a potential thief entering your pharmacy, you might conjure up a certain image; an unknown masked figure dressed all in black dashing through your store, snatching prescriptions and other shelved items before hastily making their escape. Unfortunately, criminals are often closer to home than you might think.
Depending on the research source, employee and internal theft is ranked either as the first or second leading cause of retail shrinkage. In the pharmacy, employee theft can have serious consequences. Since a pharmacy is responsible for dispensing and filling medications, including controlled substances, you are also responsible for securing them.
According to a 2017 report, pharmacists and pharmacy technicians were involved in 6.65% and 5.26% (respectively) of cases of drug diversion. The motivation for drug diversion ranges widely. Perpetrators may be substance abusers or make money reselling the drugs on the street. Utilizing employee screening in the hiring process can be one way to identify potential red flags as you verify technician licenses, check references, confirm previous employment and conduct drug screening.
Establishing and clearly communicating policies can help employees understand the impact that stealing can have on both their professional and personal lives, from getting fired for cause up to incarceration. Training is essential. Help them see that they are better off being honest than giving in to theft. Help them understand how to work effectively and follow guidelines that you establish that can help prevent theft.
