Analysis of inventory management in pharmaceutical sector: a review paper

Abstract

The study utilizes the inventory review technique to develop the status of pharmaceutical industry by using various inventory control techniques. Pharmaceutical sector plays a crucial role in the medical industry. The pharmaceutical industry is always looking for novel treatments that can help people live longer and live healthier lives. The study uses a systematic literature review using various statistical methods like ABC-VED, JIT, EOQ, Fuzzy logic, FNS etc. The classification of various pharmaceutical inventory model is incorporated on the basis of these methods. In this study, all of the primary approaches to drug handling inventory management are examined, and the most effective approaches are identified as those that, when combined and utilized in an automated setting, can aid in maintaining inventory levels at their optimal levels.