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Effective Inventory Management in Pharmacy: Tools and Strategies for Success

This article explores the critical role of effective inventory management in pharmacy practice, highlighting its impact on profitability, service quality, and patient care. It outlines essential tools for achieving optimal inventory management, including the right product selection, vendor partnerships, and timing for purchases. The analysis covers managing safety stock, anticipatory stock, and evaluating inventory turnover ratios to enhance operational efficiency. Additionally, it addresses the importance of technology in inventory tracking and ordering processes, like RFID and web-based solutions, to streamline pharmacy operations.

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Effective Inventory Management in Pharmacy: Tools and Strategies for Success

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  1. PHAR 746Pharmacy Management Stacy Ramirez, Pharm.D. Clinical Assistant Professor Department of Pharmacy Practice

  2. Goal • Explore the importance of effective inventory management and outline tools to achieve this goal

  3. Inventory • Product • Single largest expense • Least liquid asset • Poor management negatively effects • Profitability • Service • Morale • Patient lives

  4. Inventory Management Minimizing investment Supplyand demand

  5. Inventory Management • Purchasing • Right product • Right vendor • Right time and amount • Right price

  6. Inventory Management

  7. Inventory Management • Right vendor • Reliability • Delivery options • Access • Management tools • Extras • Price

  8. Inventory Management • Right time and amount • Cycle stock • Safety stock • Anticipatory stock

  9. Inventory Management • Right Price • Actual cost • Up-charges • Rebates • Discounts • Payment • Bulk • Exclusive agreement

  10. Inventory Management • Ordering Process • Manual or visual • Perpetual inventory • Combination

  11. Inventory Management • Evaluation • Inventory turnover ration (turns) ITOR=cost of goods sold/ average inventory • Service • Out of stocks

  12. Inventory Management • Return process • Vendor or wholesaler • Manufacturer • Controlled substances • Return to stock • Patient returns

  13. Inventory Management • Technology • Computer tracking • Web-based ordering • Robotics • RFID

  14. 340B • Allows eligible entities or designee to purchase products significantly below AWP • Prime vendor program • Must be managed separately from other stock • Safety net program

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