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Objectives of an effective inventory control system.

T F Hughes

    American Journal of Hospital Pharmacy
    |October 1, 1984
    PubMed
    Summary
    This summary is machine-generated.

    Hospital pharmacy inventory control uses quantitative methods to minimize total inventory costs, balancing carrying and shortage expenses. Managers should adapt economic order quantity models to their specific needs.

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    Area of Science:

    • Pharmacy
    • Operations Research
    • Healthcare Management

    Background:

    • Hospital pharmacy inventory control is crucial for efficient drug supply.
    • Traditional inventory models aim to minimize total inventory costs.
    • These models balance carrying costs against shortage costs.

    Purpose of the Study:

    • To examine quantitative decision-making for hospital pharmacy inventory control.
    • To evaluate the applicability of economic order quantity (EOQ) models in hospital settings.
    • To highlight the unique cost considerations in hospital pharmacy.

    Main Methods:

    • Review of quantitative decision-making processes in inventory control.
    • Analysis of economic order quantity (EOQ) models and their assumptions.

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  • Discussion of carrying costs, shortage costs, and replenishment costs.

    • Main Results:

    • Minimizing total inventory cost is the objective, not minimizing inventory levels.
    • Running out of essential medications can be more costly than holding excess stock.
    • Standard EOQ model assumptions may not apply to critical care medications due to patient safety implications.

    Conclusions:

    • Hospital pharmacy managers should assess and apply inventory control principles where appropriate.
    • The unique costs of shortages in critical care (e.g., morbidity, mortality) must be considered.
    • Advancements in computing power enhance the utility of complex inventory control models.