Optimizing pharmaceutical inventory management: A global framework for efficiency and cost reduction

Pharmaceutical inventory management is critical in ensuring continuous drug availability and cost efficiency in healthcare institutions globally. However, maintaining optimal inventory levels is challenging due to factors such as overstocking, stockouts, and global supply chain disruptions. This paper reviews best practices for efficient pharmaceutical inventory management, emphasizing the integration of data analytics and predictive models to forecast demand, reduce waste, and streamline procurement. It explores strategies for implementing unified inventory systems across diverse healthcare settings, balancing cost efficiency with uninterrupted drug availability. Additionally, the paper examines the impact of global supply chain disruptions on pharmaceutical supply and recommends solutions for building resilience. Through real-world examples and recommendations for future improvements, this review highlights the potential for enhanced global inventory management practices to reduce costs while ensuring the continuous availability of essential medications. Keywords: Pharmaceutical Inventory Management, Data Analytics, Cost Efficiency, Predictive Models, Supply Chain Resilience, Drug Availability