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PHAR 746 Pharmacy Management. Stacy Ramirez, Pharm.D. Clinical Assistant Professor Department of Pharmacy Practice. Goal. Explore the importance of effective inventory management and outline tools to achieve this goal. Inventory. Product Single largest expense Least liquid asset - PowerPoint PPT Presentation
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PHAR 746PHAR 746Pharmacy ManagementPharmacy Management
Stacy Ramirez, Pharm.D.Stacy Ramirez, Pharm.D.
Clinical Assistant ProfessorClinical Assistant Professor
Department of Pharmacy Department of Pharmacy PracticePractice
GoalGoal
Explore the importance of Explore the importance of effective inventory management effective inventory management and outline tools to achieve this and outline tools to achieve this goalgoal
InventoryInventory
ProductProduct Single largest expenseSingle largest expense Least liquid assetLeast liquid asset Poor management negatively Poor management negatively
effectseffects– ProfitabilityProfitability– ServiceService– MoraleMorale– Patient livesPatient lives
Inventory ManagementInventory Management
Minimizing investment
Supply
and demand
Inventory ManagementInventory Management
PurchasingPurchasing– Right productRight product– Right vendorRight vendor– Right time and Right time and
amountamount– Right priceRight price
Inventory ManagementInventory Management
Target Markets
Industry Information
Formularies
Seasonal Factors
Past Sales
Space
Right Product
Inventory ManagementInventory Management
Right vendorRight vendor– ReliabilityReliability– Delivery optionsDelivery options– AccessAccess– Management Management
toolstools– ExtrasExtras– PricePrice
Inventory ManagementInventory Management
Right time and Right time and amountamount– Cycle stockCycle stock– Safety stockSafety stock– Anticipatory stockAnticipatory stock
Inventory ManagementInventory Management
Right PriceRight Price– Actual costActual cost– Up-chargesUp-charges– RebatesRebates– DiscountsDiscounts
PaymentPayment BulkBulk Exclusive agreementExclusive agreement
Inventory ManagementInventory Management
Ordering ProcessOrdering Process– Manual or visualManual or visual– Perpetual inventoryPerpetual inventory– CombinationCombination
Inventory ManagementInventory Management
EvaluationEvaluation– Inventory turnover ration (turns)Inventory turnover ration (turns)
ITOR=cost of goods sold/ITOR=cost of goods sold/
average inventoryaverage inventory ServiceService
– Out of stocksOut of stocks
Inventory ManagementInventory Management
Return processReturn process– Vendor or Vendor or
wholesalerwholesaler– ManufacturerManufacturer– Controlled Controlled
substancessubstances– Return to stockReturn to stock– Patient returnsPatient returns
Product in
Unable to Sell
RecoverCapital
Inventory ManagementInventory Management
TechnologyTechnology– Computer trackingComputer tracking– Web-based orderingWeb-based ordering– RoboticsRobotics– RFIDRFID
340B 340B
Allows eligible entities or Allows eligible entities or designee to purchase products designee to purchase products significantly below AWPsignificantly below AWP
Prime vendor programPrime vendor program Must be managed separately Must be managed separately
from other stockfrom other stock Safety net programSafety net program
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