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The ? of inventory management is to ensure that drugs are available when they are needed.

Open Formulary

A system that allows a pharmacy to use any prescribed medication.


A list of medications approved for use.

Therapeutic Equivalent

pharmaceutical equivalents that produce the same effects in patients.

Perpetual Inventory System

Inventory system that maintains a continous record of every item in inventory so that it always shows the stock on hand.


The rate at which inventory is used, generally expressed in number of days.

Point of Sale(POS)

An inventory system in which the item deducted from inventory as it is sold or dispensed

Reorder Points

Minimum and maximum stock levels which determine when a reorder is placed and for how much

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