Inventory control has important effects on a pharmacy’s Return on
Investment (ROI). Proper inventory control minimizes total inventory
investment and offers the correct amounts of needed products to satisfy
patient.
As a Pharmacy Manager, you will not be available all time. Your
expectation is that the Pharmacy Technicians will be knowledgeable in
managing the inventory in the pharmacy, as well as assuring that
medication is stocked appropriately. You will apply the transferrable
skills of ethics and professional responsibility for this assignment.
In a minimum of 2 pages, written in APA format:
- Provide at least 2 reasons why inventory errors occur. Explain how your Pharmacy Technicians should manage these errors.
- Discuss the importance of taking responsibility for managing the
inventory and accomplishing other work goals within the accepted time
frame.
Expert Solution Preview
Introduction:
Efficient inventory control plays a crucial role in the success of any pharmacy. An efficient inventory management system can reduce the total investment in inventory while ensuring that there is an adequate supply of medication to meet the patients’ needs. As a pharmacy manager, you need to equip your pharmacy technicians to manage the inventory properly and be accountable for their work goals. In this APA format paper, we will discuss the reasons for inventory errors and how to manage them while also discussing the importance of taking responsibility for meeting work goals within the accepted time frame.
1. Provide at least 2 reasons why inventory errors occur. Explain how Pharmacy Technicians should manage these errors.
Inventory errors can occur due to various reasons. One reason for inventory errors is the lack of accurate record-keeping of medication stock levels. Miscounting medication or not recording the received and dispensed medication accurately can not only create confusion but also lead to discrepancies in inventory levels. Another reason for inventory errors is the expiry of medication due to improper rotation of stock, resulting in monetary losses.
Pharmacy technicians can manage these inventory errors by incorporating a few essential practices into their daily routines. The Pharmacy Technicians can maintain proper record-keeping by recording the medication received, dispensed, and returned accurately. This way, they can eliminate discrepancies in stock levels. It is also essential to train the technicians well in inventory management so that they can identify and remove expired medication promptly. Technicians need to follow first-in, first-out (FIFO) or first-to-expire (FTE) practices when stocking the medications to avoid inventory errors concerning expiry.
2. Discuss the importance of taking responsibility for managing the inventory and accomplishing other work goals within the accepted time frame.
Being accountable for managing the inventory and accomplishing work goals on time is vital for pharmacy technicians. An efficient inventory control system is an intricate and essential aspect of any pharmacy operation. Technicians must understand that a successful pharmacy relies on efficient inventory control. It is the responsibility of the Pharmacy Technicians to manage and maintain appropriate inventory levels, ensuring that medication is readily available to the patients. Pharmacy technicians must estimate the demand for medication accurately to avoid under or overstocking, both of which can lead to significant financial losses.
It is equally important for technicians to manage their time effectively to ensure that work goals are achieved within the accepted time frame. Managing time effectively can lead to improved productivity, efficiency, and motivation. The timely completion of tasks can also eliminate backlogs and reduce excessive stress levels.
Conclusion:
Inventory control is an essential aspect of any pharmacy practice, and it is essential to avoid inventory errors by implementing proper practices. The Pharmacy Technicians must maintain accurate documentation, obtain proper training, and understand the importance of managing inventory and accomplishing work goals within the accepted time frame. It is essential to remain accountable for the performance of their duties regarding inventory control, which can lead to a successful and efficient pharmacy operation.
