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Improving the Efficiency of Inventory Management of the Pharmaceutical Company

Student: Anastasiya Bochkaryova

Supervisor: Vladislav Lukinsky

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Logistics and Supply Chain Management (Bachelor)

Year of Graduation: 2018

The purpose of the research is to develop recommendations for improving the efficiency of inventory management of pharmaceutical company "Alliance". The stocks represent the largest asset in the pharmacy practice, and its value continues to increase due to the growth of a variety of pharmaceutical products and of its prices. That is why effective inventory management plays an important role in pharmacy practice, from both a financial and an operational points of view. To achieve this goal, following tasks were assigned and resolved: 1) to consider methods and models for improving the efficiency of inventory management of pharmaceutical companies; 2) to describe and evaluate the conduct of the core business of the pharmaceutical company "Alliance"; 3) to analyze the company's inventory management process; 4) to offer recommendations for improvement of the company's inventory management process; 5) to evaluate the effectiveness of the proposed measures. As a result of the study, recommendations were developed to improve the efficiency of inventory management of the company "Alliance", which include: 1) modernization of information system 1C to improve the visual presentation of data on goods; 2) application of the model for calculation of indicators of stocks (safety and current stock, the maximum stock and the re-order point) and their implementation to the system 1C; 3) combine the data from the software for preparation of purchase requisitions of the suppliers of IP company; 4) the application of the method for evaluation of suppliers and gathering information from each delivery for continuous improvement of the method; 5) the necessary arrangements for training of staff competent in the use of 1S. Thus, the implementation of these measures will reduce the duration of procurement management, decrease the probability of a deficit, reduce the costs due to expired products, and also give the opportunity to build strategic relationships with suppliers.

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