Term
| represents a pharmacy's largest asset; least liquid asset |
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Definition
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Term
| Acquisition; Procurement; Carrying; Out of Stock |
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Definition
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Term
| To obtain the right products, in the right quantity, at the right time, at the right price, from the right vendor |
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Definition
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Term
| the price the pharmacy pays for the product |
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Definition
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Term
| the costs associated with purchasing the product |
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Definition
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Term
| the storage, handling, insurance, cost of capital to finance the inventory, the opportunity costs |
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Definition
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Term
| the cost of not having the product on the shelf when a patient needs or wants it |
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Definition
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Term
| minimize the amount invested in inventory; minimize the procurement and carrying costs; balance supply and demand |
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Definition
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Term
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Definition
| Cost of Goods Sold divided by Average Inventory |
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Term
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Definition
| Cost of Goods Sold divided by Ending Inventory |
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Term
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Definition
| 365 days divided by inventory turns |
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Term
| shows inventory needed to support number of turns |
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Definition
| cost of goods sold divided by desired turns |
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Term
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Definition
| (cost of goods sold/current turns) - (cost of goods sold/projected turns) |
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Term
| most common ratio used: Inventory turnover rate |
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Definition
| cost of goods sold/average inventory value (at cost) |
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Term
| net-profit-to-average-inventory ratio |
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Definition
| whether the inventory is being used efficiently to make a profit; greater than 20 percent |
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Term
| look at the number of units in inventory and compare them with a listing of how many should be carried |
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Definition
| visual method (inventory management) |
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Term
| count the stock on hand at predetermined intervals and compare with minimum desired levels |
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Definition
| periodic method (inventory management) |
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Term
| computerized, most efficient, can tell precisely the amount of inventory on hand for any product at any given time |
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Definition
| perpetual inventory systems (inventory management) |
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Term
| allos inventory faster and more accurately, allows for a wide array of reports, E-procurement, radiofreuency identification |
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Definition
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Term
| special training of health care providers who prescribe or dispense the product; of pharmacies or institutions which dispense the product; limited dispensing of the product to certain setting; patient requirements to have lab tests, enroll in registry, or agree to monitoring prior to receiving the product |
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Definition
| Risk evaluation and mitigation strategies (REMS) |
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Term
| counterfit products, "authorized distributors", chain of custody, SNI |
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Definition
| Integrity of the Drug Chain |
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