Transcript PHAR 746 Pharmacy Management

PHAR 746
Pharmacy Management
Stacy Ramirez, Pharm.D.
Clinical Assistant Professor
Department of Pharmacy Practice
Goal
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Explore the importance of effective
inventory management and outline
tools to achieve this goal
Inventory
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Product
Single largest expense
Least liquid asset
Poor management negatively effects
– Profitability
– Service
– Morale
– Patient lives
Inventory Management
Minimizing
investment
Supply and
demand
Inventory Management
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Purchasing
– Right product
– Right vendor
– Right time and
amount
– Right price
Inventory Management
Space
Target Markets
Past Sales
Right Product
Industry Information
Seasonal Factors
Formularies
Inventory Management
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Right vendor
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Reliability
Delivery options
Access
Management tools
Extras
Price
Inventory Management
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Right time and
amount
– Cycle stock
– Safety stock
– Anticipatory stock
Inventory Management
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Right Price
– Actual cost
– Up-charges
– Rebates
– Discounts
Payment
 Bulk
 Exclusive agreement
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Inventory Management
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Ordering Process
– Manual or visual
– Perpetual inventory
– Combination
Inventory Management
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Evaluation
– Inventory turnover ration (turns)
ITOR=cost of goods sold/
average inventory
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Service
– Out of stocks
Inventory Management
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Return process
– Vendor or
wholesaler
– Manufacturer
– Controlled
substances
– Return to stock
– Patient returns
Recover
Capital
Product
in
Unable to Sell
Inventory Management
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Technology
– Computer tracking
– Web-based ordering
– Robotics
– RFID
340B
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Allows eligible entities or designee to
purchase products significantly below
AWP
Prime vendor program
Must be managed separately from
other stock
Safety net program