Term
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Definition
| represents a pharmacy's largest asset, least liquid asset |
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Term
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Definition
| acquisition, procurement, carrying, out of stock |
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Term
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Definition
| right quantity, right product, right time, right price, from right vendor |
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Term
| Pharmacy managers should evaluate the following factors when deciding what products to order |
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Definition
| past usage, target market, pharmacy image and goals, formularies, industry data/representatives, consumer info |
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Term
| effective inventory management |
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Definition
| decreases costs of good sold and operational expenses, resulting in increase gross margins and net profits |
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Term
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Definition
| cycle stock, buffer or safety stock, and anticipatory or speculative stock |
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Term
| right quality at the right time |
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Definition
| estimate the minimum quality and stock depth |
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Term
| reorder points important for ordering at the right time |
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Definition
| auto-fill, medication synchronization |
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Term
| list of price and terms of sale |
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Definition
| have and impact on the overall acquisition cost |
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Term
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Definition
| quantity, cash, serial (one after the other) |
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Term
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Definition
| prepayment, collecting on delivery, delayed or future |
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Term
| Criteria to be used to choose a wholesaler : convenience of delivery |
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Definition
| specific days, overnight delivery |
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Term
| Criteria to be used to choose a wholesaler: inventory |
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Definition
| where you are in the pecking order and are you going to get shipped |
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Term
| Criteria to be used to choose a wholesaler: navigating ordering system |
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Definition
| decreased procurement costs, too much time spent figuring out the ordering system |
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Term
| Criteria to be used to choose a wholesaler: customer service |
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Definition
| if there are any troubles ordering inventory, does the wholesaler have good relations |
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Term
| Criteria to be used to choose a wholesaler: returns on products outdated or not-moving |
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Definition
| thirty days to return, expiration dates, past thirty days but you can get a percentage back |
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Term
| Criteria to be used to choose a wholesaler: extra fees |
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Definition
| being apart of the "club," monthly or yearly membership |
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Term
| Criteria to be used to choose a wholesaler: discount policies |
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Definition
| large amount of drugs that you are purchasing might be cheaper because it is in bulk |
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Term
| Criteria to be used to choose a wholesaler: reputation and ethical practices |
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Definition
| do other pharmacies have satisfaction when using this wholesaler |
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Term
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Definition
| The price the pharmacy pays for the product |
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Term
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Definition
| The costs associated with purchasing the product |
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Term
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Definition
| the storage, handling, insurance, cost of capital to finance the inventory, and opportunity costs |
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Term
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Definition
| the cost of not having the product on the shelf when a patient needs or wants it |
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Term
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Definition
| the amount invested in inventory and the procurement and carrying costs, balance supply and demand |
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Term
| does your pharmacy routinely run reports from pharmacy management system? |
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Definition
| Run a report of scripts in the system for refills not being picked up. Assign staff to call customers and inquire why. Assign staff a specific daily requirement of these calls. For example, 5 calls/day/pharmacy tech. |
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Term
| According to this IMS Health report |
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Definition
| Retail Independents are the only pharmacy group to show a decline in prescriptions 2009 to 2010 |
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Term
| inventory turnover equals |
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Definition
| cost of goods sold divided by the average inventory |
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Term
| if we increase turns by 3 additional turns, what result can we expect? |
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Definition
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Term
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Definition
| shows inventory needed to support turns |
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Term
| days of inventory on hand |
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Definition
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