UHSP Pharmacy Technician Training Module 7 - Dispensing and Inventory Management

Stock Keeping Unit (SKU)

A unique identifier assigned to each medication or product in the inventory

Reorder Point

The inventory level at which a new order should be placed to replenish stock before it runs out

Inventory Turnover

The rate at which inventory is sold or used over a specific period, indicating efficiency in inventory management

Expiration Date

The date after which amedication should not be used due to potential loss of potency or safety concerns

Par Level

The minimum quantity of a medication that should be stocked at all times to meet patient needs and prevent stockouts

Drug Recalls

The removal of a medication from the market by the manufacturer or regulatory authority due to safety concerns or defects

ABC Analysis

Classifying inventory items based on their importance and value, with category A items being the most critical

Just-in-Time (JIT) Inventory

Ordering inventory to arrive just before it is needed to minimize holding costs and storage space

First-In, First-Out (FIFO)

A method of inventory management where the oldest stock is used or sold first to minimize the risk of expiration

Electronic Inventory Management Systems

Utilizing technology to track inventory levels, monitor usage, and automate reordering processes

Cycle Counting

Regularly counting a portion if inventory items to verify accuracy and identify discrepancies

Supplier Relationships

Establishing partnerships with reliable suppliers to ensure timely deliveries and competitive pricing

National Drug Code (NDC)

A unique 10-digit code assigned to each medication, identifying the manufacturer, product, and package size

• Labeler code: 4-5 digits

• Product code: 3-4 Digits

• Package code: 1-2 digits

Ex. format: 12345-6789-0

Biologics

Medications derived from living organisms, such as proteins, antibodies, or nucleic acids, used to treat autoimmune disease, cancer, and other conditions

REMS (Risk Evaluation and Mitigation Strategy)

A program required by the FDA to ensure the safe use of certain medications with known or potential serious risks

Orphan Drugs

Medications developed to treat rare diseases or conditions affecting a small population

High-Cost Medications

Specialty medications that come with a high price tag due to their complexity, limited production, or research and development costs

Limited Distribution Drugs

Medications with restricted distribution channels due to regulatory requirements, manufacturer agreements, or safety concerns

Patient Assistance Programs

Programs offered by pharmaceutical companies to provide financial assistance or free medications to eligible patients who cannot afford them

Complex Formulations

Specialty medications often have complex formulations, requiring specialized compounding or manufacturing processes

Medication Therapy Management (MTM)

A comprehensive approach to optimizing medication use and improving patient outcomes through medication therapy reviews, patient education, and collaboration with healthcare providers

Drug Utilization Review (DUR)

A process that involved evaluating prescription drug orders to identify potential drug interactions, duplications, or other issues

Medication Reconciliation

The process of comparing a patient’s current medication regimen with their medical records to identify discrepancies, resolve medication-related problems, and ensure safe and effective therapy transitions