A REVIEW ON “STUDY OF DRUG UTILIZATION IN HOSPITAL PHARMACY & AT ITS INVENTORY CONTROL”
Keywords:Hospital pharmacy, VED analysis, ABC Analysis, Economic Order Quantity
Hospital pharmacy is the health care service, which comprises the art, practice, and profession of choosing, preparing, storing, compounding, and dispensing medicines and medical devices, advising healthcare professionals and patients on their safe, effective and efficient use. VED analysis is very useful in controlling and maintaining the stock of various types of formulations of a particular group of drugs. The older the brand, the greater will be its requirement. The past trends are not useful in calculating the requirements of a particular brand. Activity Based Cost (ABC Analysis) In big drug stores, large inventory items are stocked. In order to maintain a proper control of inventories. Economic Order Quantity (EOQ) This technique is used to find out how much of the inventory is to be ordered. The correct quantity to buy is the quantity at which the odering cost and the inventory carrying cost will be the minimum.
KEY WORDS: Hospital pharmacy, VED analysis, ABC Analysis, Economic Order Quantity