"Effective Inventory Control Techniques in Healthcare: A Study on Hospital Supply Chain Optimization"- focusing on VY Hospital
Sourabh Singh1 Priyanshu Singh Baghel2
MBA 2023-25
Faculty of Commerce and Management
Kalinga University Raipur
Abstract
Effective inventory control is a vital component of healthcare supply chain management, directly impacting operational efficiency, patient safety, and financial performance. This research paper explores the application and outcomes of implementing structured inventory control techniques at VY Hospital, with a focus on optimizing its internal supply chain. The study employs a mixed-methods approach, combining qualitative assessments with quantitative tools, including ABC-VED matrix classification, FIFO methods, LASA protocols, and ERP-based tracking systems.
Data was collected through observational analysis, interviews with key personnel, and evaluation of inventory-related key performance indicators (KPIs), including inventory turnover, stock-out rates, wastage, and lead time. A paired t-test was conducted to analyze the statistical significance of inventory performance before and after implementing control strategies. The results revealed notable improvements in turnover ratios, reduced expiry and wastage rates, and enhanced forecasting accuracy.
The research concludes that adopting a comprehensive, technology-supported inventory control system in hospitals leads to better resource utilization, cost reduction, and enhanced service delivery. Based on the case study of VY Hospital, the paper recommends the integration of classification frameworks, predictive analytics, and standardized protocols to strengthen healthcare inventory systems across similar institutions.
Keywords:
Inventory Management, Hospital Pharmacy, LASA, ABC Analysis, VED Analysis, FIFO, LIFO, Patient Safety, Medication Errors
