VMGO

Question 1

What is inventory in a pharmacy?

Answer 1

A listing of the entire stock of pharmaceutical products on hand at any given time in a pharmacy.

Question 2

What is the largest asset of a pharmacy?

Answer 2

Inventory.

Question 3

What does inventory management focus on?

Answer 3

Procurement of stocks.

Question 4

What is procurement?

Answer 4

The action of obtaining, storing, controlling (inventory), distributing, and disposing of used and unused pharmaceutical products.

Question 5

What is inventory in a pharmacy?

Answer 5

A listing of the entire stock of pharmaceutical products on hand at any given time in a pharmacy.

Question 6

What is the largest asset of a pharmacy?

Answer 6

Inventory.

Question 7

What does inventory management focus on?

Answer 7

Procurement of stocks.

Question 8

What is procurement?

Answer 8

The action of obtaining, storing, controlling (inventory), distributing, and disposing of used and unused pharmaceutical products.

Question 9

What is the importance of inventory?

Answer 9

To provide an adequate stock of pharmaceutical products.

Question 10

How does inventory help in stock management?

Answer 10

To reduce unexpected stock outs and temporary shortages.

Question 11

What is a financial benefit of maintaining inventory?

Answer 11

To reduce carrying costs (total cost of holding inventory).

Question 12

How does inventory affect purchasing tasks?

Answer 12

To minimize time spent in purchasing tasks.

Question 13

What is the importance of inventory?

Answer 13

To provide an adequate stock of pharmaceutical products.

Question 14

How does inventory help in stock management?

Answer 14

To reduce unexpected stock outs and temporary shortages.

Question 15

What is a financial benefit of maintaining inventory?

Answer 15

To reduce carrying costs (total cost of holding inventory).

Question 16

How does inventory affect purchasing tasks?

Answer 16

To minimize time spent in purchasing tasks.

Question 17

: Supply of goods and pharmaceutical on hand for sale to customers/patients.

Answer 17

Stock

Question 18

: Placing drugs and other items onto shelves

Answer 18

Stocking

Question 19

To avoid contamination/deterioration of drugs

Question 20

Restocking: Replenishing inventory levels asset by the pharmacy.

Question 21

Stock: Supply of goods and pharmaceutical on hand for sale to customers/patients.

Question 22

: Placing drugs and other items onto shelves

Answer 22

Stocking

Question 23

To avoid contamination/deterioration of drugs

Answer 23

WHO

Question 24

: Replenishing inventory levels asset by the pharmacy.

Answer 24

Restocking

Question 25

What is a formulary in a hospital setting?

Answer 25

A formulary is a list of drugs approved for use and is the foundation of medication management in this setting.

Question 26

What is an open formulary?

Answer 26

An open formulary means any medication may be purchased by the hospital.

Question 27

What is a closed formulary?

Answer 27

A closed formulary means medications prescribed may not be purchased or covered.

Question 28

What is a closed-door pharmacy?

Answer 28

A closed-door pharmacy is a facility unavailable to the general public.

Question 29

What does a closed-door pharmacy provide?

Answer 29

It provides medications to patients and/or residents/employees in various settings. ## Footnote Example: Institutional Pharmacy

Question 30

What is a retail pharmacy?

Answer 30

A retail pharmacy is open to the public and provides medications and other health-related items to the general public.

Question 31

• Part of the inventory that is replenished (restocked) as it sold • Ex. prescriptions filled (keep an adequate supply at all times)

Answer 31

Base stock

Question 32

• Is held to protect against unexpected needs (“just in case”) • Keep as little safety stock as possible

Answer 32

Safety stock

Question 33

Managing and controlling the ordering, storage, and use of stock

Answer 33

Inventory Management

Question 34

Critical component of a well-managed pharmacy

Answer 34

Inventory Management

Question 35

Inventory types

Answer 35

1. Just-in-Time (JIT) 2. Periodic Automatic Replacement (PAR) 3. Minimum and Maximum 4. ABC 5. 80/20 Rule 6. Perpetual Inventory

Question 36

An inventory management strategy that orders and receives a product only as needed and not before it is used

Answer 36

Just-in-Time (JIT)

Question 37

Minimizes tying up funds for long periods and reduces the cost associated with inventory management

Answer 37

Just-in-Time (JIT)

Question 38

It often means that a pharmacy does not hold safety stock that lowers the inventory carrying costs • It prevents overstocking and out-of-stock conditions

Answer 38

Just-in-Time (JIT)

Question 39

.An inventory management system in which predetermined numbers (minimum and maximum) of medications are to be kept on a shelf

Answer 39

Minimum and Maximum

Question 40

• An inventory management system in which a set amount of a drug is automatically reordered

Question 41

.Identifies and defines each time based on its usage

Answer 41

ABC

Question 42

• In this system when a drug falls below a predetermined quantity it is automatically reordered

Answer 42

PAR

Question 43

.Products are ranked based on their purchase history and amount (cost) of total annual costs

Answer 43

ABC

Question 44

determines the minimum level of inventory necessary to be on hand for a specific time period and requires automatic replenishment if the level of inventory falls below that level

Answer 44

PAR

Question 45

.items are goods for which the annual consumption value is the highest and typically account for 20% of total inventory (fast moving items) – provides the highest revenue

Answer 45

A

Question 46

.” items are goods that have medium consumption value and accounts for 30% of total inventory

Answer 46

B items

Question 47

items have the lowest consumption value and typically accounts for 50% of the total inventory (marginally important and are usually stocked with low quantities due to high carrying costs associated with the stock levels)

Answer 47

C items

Question 48

An inventory management method that continuously records the available quantity of a particular medication as prescription are filled • After each prescription is filled and dispensed, the amount of medication used for the prescription is removed from the inventory to ensure the the quantity on hand is always current on the computer/database • Deliveries and returns are recorded as they occur

Answer 48

Perpetual Inventory

Question 49

An inventory management method that continuously records the available quantity of a particular medication as prescription are filled • After each prescription is filled and dispensed, the amount of medication used for the prescription is removed from the inventory to ensure the the quantity on hand is always current on the computer/database • Deliveries and returns are recorded as they occur

Answer 49

Perpetual Inventory

Question 50

Perpetual Inventory Used typically for

Answer 50

controlled drugs/substances