Study of Inventory Management in Pharmaceuticals: A Review of COVID-19 Situation

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.