lesson 6 Flashcards
(44 cards)
It refers to the sum total of those activities necessary for acquisition, storage, sale, disposal, or use of materials.
Inventory Management
Inventory Management refers to the sum total of those activities necessary for ____, ____, _____, ____, or ___ of materials.
acquisition
storage
sale
disposal
use
It is the heart of the drug supply system. Without a healthy inventory management system, the drug supply system as a whole will not be feasible.
Inventory Management
It is described as an itemized list of goods with its estimated worth (the cost of medicines transferred to the pharmacy for sale and issuance to patients).
Inventory Management
It is regularly submitted to the accounting section.
A monthly inventory of stocks
Purposes of Inventory Management
Operational
Financial
To ensure the adequate supply of drugs conforming with the requirements of the hospital turn-over at a reasonable rate without carrying excess quantities.
Operational
To optimize the inventory investment at a given time, reduce the cost of handling, storage, issuance, interest
and at the same time avoid losses from deterioration, expiry dates, pilferages and falling prices.
Financial
Types of Inventory Management
Physical Inventory
Perpetual Inventory
Objectives and Requirements of Inventory Management
To have the stock available when and where needed;
To reduce undue strain on the government’s scares
resources;
To maximize utilization of available storage facilities;
To provide area for cost reduction on drugs without
compromising quality; and
To ensure minimal waste/expired drugs through
proper storage management.
The quantity of inventory on hand is determined through the actual count of items as contrasted with accepting
the values shown in records.
Physical Inventory
It is a Commission on Audit (COA)
requirement to ensure that the hospital’s fiscal operation is properly recorded and that adequate inventory is
maintained.
Semi-annual physical inventory of drug products and other supplies
The best way to ensure physical inventory accuracy is maintained through:
cycling counting
It means to continually count available drug products.
Count part of the inventory on any given day, and count each item several times per year. Most pharmacists in the hospitals undertake this process of inventory so as to check accuracy of the
running balance recorded as against the actual count.
Cycling Counting
Drugs/medicines received on the day of the inventory or shortly thereafter shall not be counted as clearly marked:
“post inventory”
It is a system where information on inventory and availability is updated in a
continuous basis. With this type of inventory, costs of goods sold are recorded. This type keeps inventory at its current balance throughout the year.
Perpetual or Continuous Inventory
A perpetual inventory system may be facilitated either through a ____ or by
means of an ____. The use of any of these systems would provide a hospital with a record of all inventory items, a maintained balance in quantity and monetary value.
manual system of visible index cards
electronic data system
As provided for in the ____, _____, the
pharmacist is held responsible and accountable for all drugs purchase.
• Pharmacy and Therapeutics Committee (PTC)
• Policy and Standard Operating Procedures (SOP) on hospital operations
The pharmacist shall develop an effective system in the control of ____, ____, and ____ of pharmaceuticals and raw materials used for compounding and for pharmaceuticals.
purchase
inventory
adequate maintenance
In order to provide an effective inventory management and preclude over and understock of medicines, pharmacists should consider the following factors:
The information on the balance of the budget for
drugs/medicines
Selection of drug products to be held in stock
Regular monitoring of drug products in stock
Availability of alternate drugs/medicines
The conditions such as seasonal demand
The ratio of supply and demand
Transportation and delivery time problems
The problem of overstocking and understocking of drugs can be attributed to the following:
Ineffective purchasing process
Inefficient monitoring and control systems
Incomplete submission of technical requirements
Poor storage facilities
Inadequate space for storage
Time lag between requisition and purchase.
Supplier’s out of stock problem
Transportations and delivery problems
Geographical and climatic conditions
Health care cost containment and financing efforts are exerting pressure on all hospital departments to justify
their cost and improve their services. Pharmacists in the hospital are faced with problems of rapidly escalating budget due to the rising cost of medicines and the difficulties to contain or reduce these costs.
In addition, scares resources allocated within the health system and the increase strain to reduce not only the cost of drug therapy, and also the total cost of providing pharmaceutical services add to the complexity of improving hospital services.
It has always been identified as the
restrictive factor in government hospitals that leaves very little funds for operational and capital needs.
limited budget
DOH created financing reforms for
healthcare institutions under the ___, to be able to secure, better and sustained investment in health.
FOURmula One Plan (F1)
