Volume 1, Issue 7

Inventory Management: A Tool of Identifying Items That Need Greater Attention for Control


Author: Surabhi Dwivedi*, Arun kumar, Preeti Kothiyal

Abstract: Cost analysis plays a pivotal role in the management of pharmacy store. About one-third of the hospital budget is spent on purchasing materials and supplies including medicines. The pharmacy is one of the most extensively used therapeutic facilities of the hospital and one of the few areas where a large amount of money is spent on buying items. To explore the feasibility of alphabetical analysis where items are classified into A, B and C categories depending on their annual consumption value, in effective management of pharmacy store. A study suggested that review for expensive drugs could bring out 20% savings in pharmacy store budget. The goal of inventory management involves having to balance the conflicting economics of not wanting to hold too much stock. The inventory management can bring out significant improvement not only in patient care but also in the optimal use of resources. Continuous management can provide the value added services to the patients.

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