Development and Evaluation of AVSER Matrix Analysis of Inventory Control Technique for Community Pharmacy Practice in a Tertiary Care Hospital
Journal Title: Scholars Academic Journal of Pharmacy - Year 2014, Vol 3, Issue 3
Abstract
Approximately 40% of annual hospital budget is spent on drug procurement. The objective of the study was to design and evaluate suitable inventory management formula for a community pharmacy attached to a tertiary care government medical college hospital. The duration of the study was 10 months. All the conventional inventory control techniques, such as ABC analysis, VED analysis, ABC –VED Matrix analysis, EOQ and SOS classification were done and their merits and demerits were identified. All these inventory control techniques along with the ROL calculation formula developed, was then combined together to develop a novel inventory control technique known as “AVSER matrix analysis”. In the AVSER matrix analysis model, A stands for ABC analysis, V stands for VED analysis, S stands for SOS classification, E stands for EOQ and R stands for ROL. A percentage error within 20% in the EOQ formula with respect to that of the actual consumption was considered to be accurate prediction. About 85% of the items were almost accurately predicted, 10% of the items were predicted in excess and 5% of the items were predicted in lesser quantity than the actual consumption by the AVSER matrix analysis of inventory control. When the ROL level for each item was fixed as half the value of EOQ, the reordering of all the items was found to be done at the appropriate time and none of the items in pharmacy reached the level of “No stock” over a period of 4 months. The AVSER matrix analysis model helped in giving a better priority management and economic forecasting of the items in a community pharmacy. Keywords: ABC, VED, SOS, EOQ, ROL, AVSER
Authors and Affiliations
Levin Thomas, Jayakrishnan S. S, Dilip C, T. N. K. Suriyaprakash
Keywords
Related Articles
- EP ID EP377716
- DOI -
- Views 93
- Downloads 0
Identıfıcatıon of Annexın A3 Proteın in CACO-2 Colon Cancer Lıne by Using UPLC/MS Method
Proteomics is the main post genomic area to understand cellular process at protein level. LC/MS based proteomics has been used as a main tool to analyze hundreds of protein in very short time. Although today nano LC that...
Medical Device Industry: At Present and the Road Ahead
Abstract: Medical device industry is the one of the leading industries globally. Medical devices have become need of today, more of a choice. It is blooming day by day not just in India but globally too. It undergoes str...
Daptomycin-Induced Acute Eosinophilic Pneumonia: A Case Report
Acute eosinophilic pneumonia (AEP) is a potentially life threatening adverse event associated with exposure to more than 300different medications including antibiotics such as daptomycin. Definitive diagnosis of this pro...
A Comprehensive Review on False Amaranth
Digera muricata (False amaranth, Amaranthaceae) is growing as a weed in tropical and subtropical region of the world. Traditionally all the parts of the plant are used. It possesses antioxidant capacity and is locally us...
Diagnosis of Myocardial Infarction by Biomarkers-A Review
Cardiovascular diseases are major causes for morbidity and mortality worldwide, among this myocardial infarction is one of them. Myocardial infarction can be diagnosed by physical examination of the patient, electrocardi...