CHALLENGES AND BEST PRACTICES IN PHARMACEUTICAL INVENTORY MANAGEMENT AND CONTROL

Pharmaceutical inventory management and control is critical to ensure the availability of life-saving medicines and minimize financial waste. This research paper identifies the challenges faced by the pharmaceutical industry in inventory management and control, including inaccurate forecasting, supply chain disruptions, lack of standardization, and inadequate tracking technologies. The paper analyzes the implications of these challenges for industry practice and compares the findings with the existing literature. The research highlights the importance of investing in advanced technologies, improving forecasting accuracy, and working towards standardization of inventory management practices. The findings of this study are especially relevant in the context of the COVID- 19 pandemic, which has underscored the importance of pharmaceutical supply chains and effective inventory management practices. By addressing the challenges identified in this study, pharmaceutical companies can improve their inventory management and control practices, reduce waste, and ensure the availability of critical pharmaceutical products