Authors :
Mir Mohammed Junaid Basha; Navya V.S; Sonali Tukaram Wani; Prof. Vivekanand S Gogi
Volume/Issue :
Volume 5 - 2020, Issue 8 - August
Google Scholar :
http://bitly.ws/9nMw
Scribd :
https://bit.ly/3aKDpl7
DOI :
10.38124/IJISRT20AUG257
Abstract :
The study uses the inventory audit procedure
to improve the inventory status of pharmaceuticals by
selective inventory control techniques. Pharmaceuticals
are vital sectors of medical industry, but because of the
current situation, of COVID-19 Pandemic, there is a lot
of reduction in capsule production, many of the
pharmaceutical industries have rejected orders due to
shortage of medicinal products during lockdown. This
study uses systematic evaluation, statistical methods,
Fuzzy logic, ABC-VED, EOQ, JIT etc. based on these
methods the classification of various models for
pharmaceutical inventory are incorporated. This also
summarizes some of the case studies conducted based
on the annual expenditure with ABC classification in
the pharmaceuticals. The basic aim is to identify and
improve the problems of inventory management by
proposing a timely correct analysis. In this study, all
methods that are primarily used in the inventory
management of drug handling are reviewed and the
best methods have been suggested that, when combined
and applied in an automated environment, they can
help to keep the inventory at an optimum level.
Keywords :
Inventory Management, Pharmaceuticals, ABC-VED, JIT, COVID-19.
The study uses the inventory audit procedure
to improve the inventory status of pharmaceuticals by
selective inventory control techniques. Pharmaceuticals
are vital sectors of medical industry, but because of the
current situation, of COVID-19 Pandemic, there is a lot
of reduction in capsule production, many of the
pharmaceutical industries have rejected orders due to
shortage of medicinal products during lockdown. This
study uses systematic evaluation, statistical methods,
Fuzzy logic, ABC-VED, EOQ, JIT etc. based on these
methods the classification of various models for
pharmaceutical inventory are incorporated. This also
summarizes some of the case studies conducted based
on the annual expenditure with ABC classification in
the pharmaceuticals. The basic aim is to identify and
improve the problems of inventory management by
proposing a timely correct analysis. In this study, all
methods that are primarily used in the inventory
management of drug handling are reviewed and the
best methods have been suggested that, when combined
and applied in an automated environment, they can
help to keep the inventory at an optimum level.
Keywords :
Inventory Management, Pharmaceuticals, ABC-VED, JIT, COVID-19.
