PHAR 746 Pharmacy Management

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PHAR 746Pharmacy Management

• Stacy Ramirez, Pharm.D.
• Clinical Assistant Professor
• Department of Pharmacy Practice

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Goal

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

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Inventory

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

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Inventory Management
Minimizing investment
Supply and demand
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Inventory Management

• Purchasing
• Right product
• Right vendor
• Right time and amount
• Right price

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Inventory Management
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Inventory Management

• Right vendor
• Reliability
• Delivery options
• Access
• Management tools
• Extras
• Price

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Inventory Management

• Right time and amount
• Cycle stock
• Safety stock
• Anticipatory stock

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Inventory Management

• Right Price
• Actual cost
• Up-charges
• Rebates
• Discounts
• Payment
• Bulk
• Exclusive agreement

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Inventory Management

• Ordering Process
• Manual or visual
• Perpetual inventory
• Combination

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Inventory Management

• Evaluation
• Inventory turnover ration (turns)
• ITORcost of goods sold/
• average inventory
• Service
• Out of stocks

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Inventory Management

• Return process
• Vendor or wholesaler
• Manufacturer
• Controlled substances
• Return to stock
• Patient returns

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Inventory Management

• Technology
• Computer tracking
• Web-based ordering
• Robotics
• RFID

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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