Maximizing Savings and Efficiencies While Managing an Inpatient Drug Formulary and Inventory

Continual price increases of pharmaceutical products have taken a great toll on pharmacy expenditures. Cost of prescription drugs for the health-care system increased by an average of 11.7% in 2015. In today's market with ever-increasing drug costs, it is important to focus on using medications in a manner that optimizes patient care, as well as being fiscally responsible for the health-care system. There are many reports, services, and analytics available that help identify areas for improvement and optimization. However, it is important for pharmacists to be creative and find novel ways to decrease the inventory cost and increase efficiencies. Doing this will improve the bottom line for the organization and allow for a decrease in health-care spending.