Inventory Management in Pharmaceutical Industry
Saurabh Laxman Kakade1, Prof. Shubhangi M. Vitalkar2
1Dept of MCA, Trinity Academy of Engineering, Pune, India
2Assistant Professor, Dept of MCA, Trinity Academy of Engineering, Pune, India
ABSTRACT:This research paper explores the intricacies of managing inventories of medicines in the pharmaceutical industry, focusing on meeting the healthcare needs of both humans and animals. Through a comprehensive review of existing literature and analysis of real-world case studies, this paper identifies key challenges, strategies, and best practices associated with pharmaceutical inventory management.
The literature review reveals the complexities of inventory management in the pharmaceutical sector, including demand variability, regulatory compliance, and the need for precise temperature control for perishable medicines. Strategies such as economic order quantity (EOQ) and just-in-time (JIT) inventory management are discussed for managing normal inventories, while specialized approaches like cold chain management are highlighted for managing perishable inventories. Technological innovations, such as RFID technology and predictive analytics, are recognized for their potential to enhance inventory visibility and mitigate supply chain risks.
Case studies provide valuable insights into successful inventory management practices within the pharmaceutical industry. Examples demonstrate the importance of collaboration among stakeholders, investment in advanced inventory management systems, and adherence to regulatory compliance measures. Furthermore, case studies underscore the significance of maintaining optimal inventory levels, minimizing stockouts, and ensuring medication safety and efficacy.
This research paper contributes to the ongoing discourse on pharmaceutical supply chain optimization, patient-centric care delivery, and the pursuit of sustainable healthcare solutions. By synthesizing insights from literature and real-world examples, stakeholders can develop strategies to address challenges, enhance inventory management practices, and improve patient outcomes in the pharmaceutical industry.
KEYWORDS Pharmaceutical Inventory Management, Medicine Inventory Control, Perishable Inventory, Normal Inventory, Supply Chain Optimization, Regulatory Compliance, Demand Variability, Cold Chain Management, RFID Technology, Patient Safety, Supply Chain Efficiency, Case Study Analysis, Healthcare Logistics, Sustainable Healthcare Solutions.
