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purchase and inventory control principles

direct check method The merchandise is checked directly against the actual invoice or purchase order. There are financial So, as a purchasing professional, you must understand inventory management principles to remain valuable. When a product is removed from the market by the manufacturer on its own accord or at the direction of the FDA, for safety or quality reasons, such as mislabeling, contamination, lack of potency, lack of adherence to acceptable Good Manufacturing Practices, or other situations that may present a significant risk to public health. This helps local pharmacies buy in smaller quantities and receive drugs in a timely manner (i.e., often same day), as opposed to ordering products directly from the manufacturer, in which case shipping and product delivery may take many days. Under the perpetual system, the costs of the goods sold are removed from the account Inventory when the goods are sold and are recorded in the account Cost of Goods Sold. Inventory management requires constant and careful evaluation of external and internal factors and control through planning and review. Consequently, most pharmacies use a combination of direct purchases from manufacturers and drug wholesalers. The first set of digits identifies the specific drug manufacturer or labeler of the product and is assigned by the FDA. It is important for pharmacy technicians to understand how the formulary is updated and, how and when changes to the formulary are communicated to the staff. Purchasing from a drug wholesaler permits the acquisition of drug products from different manufacturers through a single vendor. Similar devices are evolving in retail pharmacy and hold promise for not only making the dispensing process safer and more efficient, but also serving to assist in inventory management. The hospital formulary is usually available electronically and/or in print form. No matter how effective a purchasing system is, there are times when the pharmacy must borrow drugs from other pharmacies. In keeping with the standards and controls created by an organized formulary system, most hospitals employ a formal procedure to manage appropriate drug use. Demonstrate an understanding of the formulary system and its application in a purchasing and inventory system. P harmaceutical products flow into the pharmacy through a sophisticated and highly regulated distribution channel. In certain cases, the utilization of a nonformulary product is warranted when its benefit is believed to be superior to that of the other alternative formulary items that may exist (usually for a patient-specific or diseasespecific reason). At this point, the product’s expiration date should be checked to ensure that it meets the department’s minimum expiration date requirement. Storing products that are similar in appearance adjacent to one another can result in error if someone fails to read the label (figure 19-11). These totes are also environmentally friendly; they are returned to the wholesaler for cleaning and reuse. critical to minimizing business costs. GPOs negotiate purchasing contracts that are mutually favorable to members of the group and to manufacturers. Pharmacy technicians usually spend more time handling and preparing medications than the pharmacists. Research on this approach has demonstrated effectiveness in distinguishing similarities and preventing look-alike, sound-alike drug mix-ups2. Proper segregation of duties is an essential element of your company’s internal control. Most retail pharmacies do not restrict items in their inventory as a hospital pharmacy does because, in this setting, inventories are largely dependent on the dynamic needs of their patient population and, to some degree, their patients’ respective insurance plans. In addition to lower prices, pharmacies also benefit because this reduces the time staff spent establishing and managing purchasing contracts with product vendors. As the name implies, ABC Inventory Analysis and Management is a tripart inventory control system. Typically, when a prescriber orders a non-formulary product, the pharmacist requests verbal or written justification for its use and challenges the request, as appropriate, if a comparable or therapeutically equivalent product is available on the hospital formulary. Concept of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of inventory as well as receipt and issue corresponding to these two functions. This FDA Drug Registration and Listing System (DRLS) is a database that utilizes a unique identification number, called the National Drug Code (or NDC number), to identify drug products that are intended for human consumption or use. Similar label format. Spine may show signs of wear. A process in which the nurse scans a bar code on a patient’s ID band and the bar code specific to the medication prior to medication administration. By knowing what supplies are on hand at a given time, the manager will be able to plan food orders, calculate food costs since the previous inventory, and make menu item changes if needed. The advantages of direct purchasing include not having to pay handling fees to a third-party wholesaler, the ability to order on an infrequent basis (e.g., once a month), and a less demanding system for monitoring inventory.

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