A modular racking system for storing, displaying and dispensing optical contact lenses. The system includes a reconfigurable, vertically-stacked array of modules. Each module is assembled from standard panels and includes a number of tray positions. Removable trays are slidably mounted in the modules, are vertically repositionable within the modules, and are provided in differing product configurations for different types of products or packaging. A contact lens dispensing matrix is defined by various positional indicia within the racking system, to designate various contact lens characteristics.