Inventory Management

Question 1

inventory

Answer 1

a list of goods or items a business uses in its normal operations. Pharmacies generally develop an inventory of medications based upon what they expect to need. Rarely used medications might not be kept in inventory but instead ordered as needed

Question 2

Perpetual inventory system

Answer 2

a system that maintains a continuous record of every item in inventory so that it always shows the current amount of stock on hand

Question 3

point of sale (POS) system

Answer 3

an inventory system in which the item is deducted from inventory as it is sold or dispensed

Question 4

inventory frequency

Answer 4

pharmacies are required to complete an inventory of controlled substances bi-annually (every 2 years). pharmacists must complete a perpetual inventory count on all CII prescription drugs every 10 days

Question 5

inventory returns

Answer 5

pharmacy inventory may be returned to the drug manufacturer for damaged medications, drug recalls, and expired medications

Question 6

record-keeping

Answer 6

every pharmacy must maintain complete and accurate records on a current basis for each controlled substance purchased, received, distributed, dispenses, or otherwise disposed of. these records must be maintained for 2 years, per federal law. hardcopy prescriptions must be filed in 3 separate files dependent on which schedule of medication the prescription is written for 1. Schedule II (narcotic) records 2. Schedule III to V (controlled substance) records 3. Schedule VI (non-control) records