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Inventory management to reduce costs: a case study.

S Wilson1

  • 1Sioux Valley Hospital, Sioux Falls, SD 57117, USA.

Hospital Pharmacy
|September 1, 1995
PubMed
Summary
This summary is machine-generated.

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Sioux Valley Hospital

Area of Science:

  • Health Services Research
  • Hospital Pharmacy Management
  • Pharmaceutical Economics

Background:

  • The Department of Pharmaceutical Services at Sioux Valley Hospital established specific 2-year objectives in 1992.
  • These goals focused on achieving significant inventory cost savings through various pharmaceutical management strategies.

Purpose of the Study:

  • To evaluate the effectiveness of implemented strategies in achieving targeted inventory cost savings.
  • To document the impact of utilizing prime vendor wholesaler computer technology on pharmaceutical inventory management.

Main Methods:

  • Implementation of strategies including inventory reduction, turnover rate increase, formulary control, and generic substitution.
  • Utilized prime vendor wholesaler computer technology for inventory management and cost containment.

Related Experiment Videos

  • Monitored cost containment over two fiscal years (May 1, 1992 - April 30, 1994).

    • Main Results:

    • Achieved a 16% decrease in inventory, exceeding the 10% goal.
    • Increased pharmaceutical turnover rate from 31 to 46 for top dollar-volume drugs.
    • Removed 72 low-usage drugs from the formulary and achieved 32% savings via group contracts.

    Conclusions:

    • The implemented pharmaceutical inventory management strategies, supported by computer technology, successfully met and exceeded cost-saving goals.
    • Demonstrated significant improvements in inventory reduction, turnover efficiency, formulary optimization, and contract compliance.