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Inventory Management

Inventory a listing of all goods or items that a business will use in its normal operation
How is a pharmacy inventory developed? based on what medicines they expect to need
what is the two fold goal of inventory management to ensure drugs are available when needed and that contract or special pricing is followed
Who are the participants in inventory management pharmacy, the institution, the wholesaler, the manufacturer, the government, insurers and other third parties
Pharmaceutical Buyer when inventory management becomes your primary responsibility, along with it usually comes this job position
Name the different procedures to be learned involved with inventory management paperwork (individual purchase orders, invoices, payments),how orders are placed and shipped, and return policies
What do kind of medicine do wholesalers stock the most used medicine, the least used medicine as they are needed, and make frequent deliveries often on a daily basis.
What kind of added value services does a wholesale pharmacy provide? emergency delivery, automated inventory systems, automated purchasing systems, generic substitution options, private label products and more
Formulary list of medications approved for use by insurer
Open formulary A system that allows a pharmacy to use any prescribed medication
Closed Formulary A limited list of approved medications
Therapeutic equivalent Pharmaceutical equivalents that produce the same effects in patients
Why are closed formularies generally used? As a cost saving tool in which the less expensive substitutes are stocked,
What may be substituted instead of using a generic equivalent for a drug that is not on the formulary a therapeutic equivalent
When are formulary medications routinely reviewed? When their is new information available about side effects or contraindications
What does the government have to do with pharmacy inventory management regulates the distribution of controlled substances and has various record keeping,distribution, inventory, and ordering requirements
Requirement for Schedule II-V substances Can either be stocked separately in a locked cabinet or dispersed with non controlled drugs
Requirements for Schedule I and II substances require a special order form, stock must be and documented. continually monitored, records kept for 2 yrs atleast
Pharmacy inventory management is controlled by Where they buy drugs from. Usually wholesalers or manufacturers, or they participate in GPO's that buy drugs in bulk
GPO Group purchasing organization
What benefit do you get from using a GPO because of the savings you receive from bulk purchasing, independent pharmacies and hospitals often join buying groups that negotiate bulk contracts
How do drug manufacturers control inventory management they set up purchasing accounts for pharmacies so they can directly obtain the drug needed at a lower price
What accounts for more than 3/4 of drug sales More than 3/4's of Pharmaceutical manufacturers sales are to drug wholesalers
What do drug wholesalers do Resell their inventory to Hospitals, pharmacies and other pharmaceutical dispensers
What is the job of a pharmaceutical inventory system? Tracks inventory, forecasts needs, and generates reorders to maintain an adequate inventory
What is the goal of a good inventory system to have the right amount of stock at the right price available at all times
What happens when the pharmacy stocks too many drugs on hand involves unneeded cost and maintenance and may result in spoilage
What happens when too few drugs are stocked medication wont be available when needed
Perpetual Inventory System used in order to maintain an adequate supply of medications. Maintains a continuous record of every item in inventory, so it always shows stock on hand
Why are schedule I + II substances and other medications to be kept track of with an perpetual inventory system their availability has health consequences
What can cause inventory spoilage time or storage conditions can cause chemical breakdowns resulting in lost potency or changed function
What does the safe water drinking act require requires safe disposal of medications
Which federal organizations make regulations regarding disposal of non-returnable medications OSHA, EPA, DOT
What is the turnover rate The number of days it takes to use the complete stock of an item
The general rule is 20% of your stock accounts for what 80% of your orders or prescriptions
What is the suggestion to keep inventory low focus on keeping a 1-2 week supply of fast moving drugs and a months supply of slower moving drugs
Why may a particular drug not be available on the market manufacturing difficulties, raw material unavailability, recalls, etc
What happens when a medicine is unavailable it can increase market demand for substitutes, and sometimes causes shortages in the substitutes as well
Point of sale system (POS) an inventory system in which the item is deducted from inventory as it is sold or dispensed
reorder points minimum and maximum stock levels which determine when a reorder is placed and for how much
Turnover the rate at which inventory is used generally expressed in number of days
How is a POS used the item is deducted from inventory as it is sold or dispensed, transaction often triggered by scanning barcode or keying SKU into system
Which pharmacies use reorder points to maintain their inventory needs community and institutional pharmacies
How do computerized inventory systems provide a continuous picture of the inventory situation through automated reports that allow users to analyze and monitor their inventory in many ways
Jobs for computerized inventory systems automatically update stock,track turnover, produce purchase orders based on reorder points, and forecasts future needs
What would a portable hand held device be used for entering ordering data by scanning or entering by hand the number of the item needed
Where is the data from a portable hand held device sent to the institutions ordering computer, confirmation will be sent back
jobs for computers in retail and hospital pharmacy print labels, coordinate billing and pricing with insurer, use bar codes to check med ID, check for allergies and interactions,print med info, calculate weight based dosing, provide disease specific alerts based on lab values,automate filling and ordering
Computerized inventory systems automatically adjust inventory and generate orders based on what maintaining set inventory levels
What safety features do the computerized inventory systems have different passwords for different users giving access to different features of the system, prevents unauthorized activity and also documents who did what and when
Factors that cause damage to computers Temperature, dust, moisture, movement, vibrations and power surges
Automated dispensing system a system in which medications are dispensed upon confirmation of an order communicated from a centralized computer system, at their point of use
Database A collection of onformation structured so that specific information within it can easily be retrieved and used
One type of Automated dispensing system Baker Cells
Where and why is a Baker Cells automated dispensing system used used in pharmacies to process a high volume of prescriptions
How does a Baker Cells ADS work the cells it has are filled with medication, when a drug is ordered the device counts the appropriate amount of caps or tabs into the prescription vial
Example of Robotic dispensing machine Parata RDS
What is something an RDS does that a ADS doesnt sometimes they will print the prescription label as well
RDS Robotic Dispensing System
CDS Computerized dispensing system
ADM Automated dispensing machine
An example of an ADM is Pyxis Med/Supply Station
What do ADM's do in a hospital Make floor stock available to nurses within the hospital in a network or storage stations which is connected to the hospitals billing and materials management information systems
ADM's keep track of what information Who is getting how much and who is doling it out when
What is Homerus an example of A Centralized Robotic unit-dose dispensing device that can individually package and store large amounts of meds from bulk supply, deliver bar coded meds to 24-hr specific med bins and return meds to storage after patient discharge
How are orders generated using an order entry device or automatically generated by system based on stock levels or reorder points
When the order is ready being generated and sent to the suppliers system, why do the ordering system and the suppliers system need to be connected over the phone or internet so the order can be downloaded from one system to another
What does the suppliers computer do once the order is generated and sent from the ordering system analyzes the order line by line to determine if the order can be filled as requested, and checks to see if there is enough of each item in the suppliers inventory
Why are some substances not allowed to be on a plane the FAA will not allow them on board so they have to be shipped via truck or courier
Reverse distributors Companies that specialize in returns of expired or discontinued drugs to the manufacturer
How do reverse distributors deal with returns of expired or discounted medicine they fill out the manufacturers return form and package, mail and track the drugs. They also return and fill out the paperwork for C-II drugs and other controlled substances
why is a carousel used to efficiently store bulk or unit doses
how does a carousel work they use bar codes to track medications placed in the machine. System allows quick removal and returning of medications through computerized access panels
MSDS Material Safety Data Sheets- OSHA required notices on hazardous substances which provide hazard,handling, clean up, and first aid information
Things to look for when an ordered medication supply shipment is being checked in drugs have been correctly picked, not received damaged, outdated or missing entirely from the supply.
What does NIOSH publication No.2004-165; preventing occupational exposure to antineoplastic and other hazardous drugs state very detailed guidelines on how to safely and legally handle chemotherapy and other hazardous drugs
Purchase order number the number assigned to each order for identification
what is usually required for a return order form Original PO number item number, quantity, reason for return
what are some reasons for returning medications overshipments, damage or expired products or changed needs
What information is required on a "stock bottle" FDA information including brand name, generic name, prescription legend, storage requirements, dosage form, quantity, controlled substance mark, manufacturers name, lot number, expiration date and NDC number
Unit dose packaging packaging that allows dispensing of single doses
Who provides regulations for repackaging medications USP and State laws
Many states follow USP guidelines or the expiration date from the manufacturer or what A date of no more than 12 months from the date the medication is repackaged, whichever is shorter
What does the bar code on most medicines include? the NDC number which identifies package and product
Why are barcodes used in hospitals for BMV- bedside medication verification
BMV Bedside medication verification-when administering medication the nurse scans the barcode on their badge, on the medication and on the patients arm. the computer verifies that it is the right medication to give to the patient at that time
types of packaging for unit dosing individual bubble packs, plastic packs, vials, tubes, ampules
with unit dosing what has to be on every individual dose the name, strength of the drug and expiration date through a loca
Alpha-generically organizes drugs alphabetically by their generic names
What are the basic guidelines of drug storage Each medication should be organized such that the oldest items are dispensed first, location of drugs should be identifiable
Created by: megancarter



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