Drug Inventory Management Statistics 2024 – Everything You Need to Know

by

Are you looking to add Drug Inventory Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Drug Inventory Management statistics of 2024.

My team and I scanned the entire web and collected all the most useful Drug Inventory Management stats on this page. You don’t need to check any other resource on the web for any Drug Inventory Management statistics. All are here only 🙂

How much of an impact will Drug Inventory Management have on your day-to-day? or the day-to-day of your business? Should you invest in Drug Inventory Management? We will answer all your Drug Inventory Management related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Drug Inventory Management Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 67 Drug Inventory Management Statistics on this page 🙂

Drug Inventory Management Market Statistics

  • Asset Management System Market Asset management systems represent a booming market that is expected to maintain a compound annual growth rate of 10.3% from 2020 to 2025. [0]

Drug Inventory Management Latest Statistics

  • An Interrupted TimeSeries analysis showed a 15.4% [pvalue = 0.03; 95% C.I. (28.8%, 2.0%). [1]
  • The DMM streamlined the restocking process at study sites, reducing median transit time for sites associated with a depot by 2 days [95% C.I. ]. [1]
  • The dispensing error rate was reduced from 1.31% of prescriptions to 0.63% (relative risk reduction [RRR], 51.7%; 95% CI, 17.3% to 71.8%). [2]
  • The error rate decreased up to 0.12% (RRR, 90.8%; 95% CI, 70.4% to 97.1%). [2]
  • The stock out ratio was reduced from 0.85% to 0.17% (RRR, 80.5%; 95% CI, 49.5% to 92.5%). [2]
  • Daily staff time in stock management was reduced by 59.3%. [2]
  • By 2004 roughly 90% of drug packages in the supply chain already had linear barcodes on them voluntarily. [3]
  • Increasing inventory turns is likely one of the best ways to flatten or even decrease pharmacy drug spend in an era of drug shortages, increasing drug costs (5% to 20% annually). [3]
  • The national average cost of capital for hospitals and healthcare facilities is 5.64%.3. [3]
  • Use a 100% web based system that allows multiple staff members at multiple locations to use the system simultaneously and from any location. [4]
  • In the fiveyear ABC VEN analysis, 310 (17%), 368 (20.18%), and 1146 (62.83%). [5]
  • items were class A, B, and C, while 610 (34.56%), 1125 (63.74%), and 30 (1.7%). [5]
  • Among these, 139 (7.88%) and 339 (19.21%). [5]
  • Category I, II, and III pharmaceuticals also accounted for 43.68%, 54.79%, and 1.53% of items with their respective USD drug expenditure of 2,268,405.64 (84.49%), 411,961.18 (15.34%), and 4483.97 (0.17%). [5]
  • Developing countries drug expenditure accounted 60–80% of their populations. [5]
  • But up to 90% of the population in developing countries purchase medicines through outof. [5]
  • In this, 10% items consumed about 70% of the budget. [5]
  • The next 20% inventory items take away 20% of the financial resources and the remaining 70% items account for just 10% of the budget .20. [5]
  • The ABC analysis showed that in 2013, 12.78%, 20.77%, and 66.45% of pharmaceuticals were class A, B, and C, accounting for 69.64%, 19.98%, and 10.38% of United States Dollar annual drug expenditures ,. [5]
  • respectively and fluconazole 200 mg, examination glove medium and normal saline amounted to 7.9%, 6.7%, and 4.1% of ADE in 2013. [5]
  • In 2014, 75.93%, 15.20%, and 8.87% of ADE were consumed by 45.32% , 20.06% , and 64.62% of class A, B, and C items , while the sodium chloride 0.9% solution and examination glove medium amounted to 28.1% and 3.5% of ADE. [5]
  • gauze surgical and examination glove medium amounted to 7.6%, 4.4%, and 3.3% of total ADE. [5]
  • The total five year ABC analysis of Dessie Referral Hospital on 310 (17%), 368 , and 1146 (62.83%) of class A, B, and C items amounted to 2,088,612.1 (75.86%), 434,429.06 , and 228,072.07 (8.37%). [5]
  • The total five year VEN analysis of DRH on 610 (34.56%), 1125 , and 30 (1.7%) of V, E, and N items amounted to 1,394,336.09 (51.93%), 1,275,548.19 , and 14,968.66 (0.56%). [5]
  • According to the study, 35.64%, 63.37%, and 0.99% of items were V, E, and N represented 47.31%, 52.59%, and 0.1% of ADE, respectively in 2013. [5]
  • The results showed that 1.78%, 1.17%, 3.05%, 1.75%, and 1.03% of hospital ADE was incurred for procuring out of the list of pharmaceuticals from 2013 to 2017, respectively. [5]
  • The ABC analysis showed that a total of 65 (3.56%) items were purchased during the year 2013 to 2017, accounting for 68,671.26 (2.5%). [5]
  • 250 mg injection were the products purchased out of EDL and took a higher percentage of ADE. [5]
  • N used 22,708,488.88 (47.3%), 25,187,476.50 (52.4%), and 143,006.23 (0.3%). [5]
  • The remaining 2 (0.11%), 1 (0.06%), and 27 (1.53%) of items amounting to 8124.97 (0.3%), 2359.72 (0.09%), and 4483.72 (0.17%). [5]
  • trimethoprim tablet, ceftriaxone 1 g injection, tetanus antitoxin, carbamazepine, cimetidine 20 mg injection, and from supplies cut gut and syringe constituted 43.68% of items and 84.49% of USD ADE. [5]
  • Category II, which includes matrices BE, CE, and BN, constitute 54.76% and 15.34%, and category III like chloropheniramine tablets, talk powder, fluconazole suspension, and infusion includes matrix CN 1.53% and 0.17% of items and ADE, respectively. [5]
  • The result indicated that pharmaceutical inventories called for due attention because few items (17%) utilize the majority of ADE (75.86%). [5]
  • The present study showed that out of 1824 drugs, 17% belonged to category A, which consumed around 75.86% of ADE. [5]
  • Categories B and C accounted for 20.18% and 62.83% of items, amounting to 15.78% and 8.31% of ADE of pharmacy. [5]
  • Comparing present study results with similar studies around the world revealed considerable differences in percentage of items procured. [5]
  • Dessie Referral Hospital spends 64.98%, 28.66%, and 6.36% of ADE constituted 62.99%, 24.51%, and 12.50% of drugs, medical supplies, and laboratory reagents, respectively. [5]
  • VEN analysis showed that 34.56% of items amounting to 51.93% of ADE were V, 63.71% of items amounting to 47.51% of ADE were E, and. [5]
  • 1.7% of items amounting to 0.56% of ADE were N. Vital items. [5]
  • As shown above in Table 6, the percentage of V, E, and N items DRH was lower than that of the black line hospital. [5]
  • The availability of vital pharmaceuticals gradually decreased from 43.63% to 29.69%. [5]
  • According to the World Health Organization , the availability of medicines is less than 60% in the public sector across regions, ranging from 32% in the Eastern Mediterranean region to 58% in the European region. [5]
  • In the poorest countries of Africa and Asia, Nearly 50% of the population lacks such access. [5]
  • The situation is even worse in many poor African countries, where 50–60% of the population lacks access to medications. [5]
  • A similar study by Ewen et al revealed that the mean availability of medicines was 73% in the private sector. [5]
  • In the total five years, 3.6% of items with 2.5% of ADE were used for items that were not available from EDL. [5]
  • The ABC VEN matrix shows that category I included AV, AE, AN, BV, and CV constituted 43.68% of items and 84.49% of ADE. [5]
  • Category II, which includes matrices BE, CE, and BN, constituted 54.76%, and 15.34%, and category III matrix contained CN 1.53% and 0.17% of items and ADE, respectively. [5]
  • As compared to other studies presented above in Table 6, the percentage of items and ADE of pharmaceuticals for category III were small. [5]
  • A similar study conducted by Pirankar et al indicated that 18.44% of drugs were classified as category I and accounted for 71.95% of ADE. [5]
  • The remaining 48.94% and 32.62% of drugs were considered as category II and category III drugs and were found to consume 24.39% and 3.66% of ADE, respectively.41. [5]
  • due to additional demand for the material. [6]
  • The average amount of received item was 17.11kg ± 17.10 which ties in container units at r= 0.6293 with a 95 percent confidence interval between 0.1981 and 0.8564 and P of 0.0095. [6]
  • data point is ‘out of control’ on the Shewhart chart, bearing in mind that 0.7 percent of outof control points might be seen by chance, even when the process is stable. [6]
  • For example, in the previous case, the range of Wi could be estimated during the study period to be between 0.07 and 0.21. [6]
  • Can you believe that the amount of working capital tied up in inventory equals 7% of the gross domestic product of the United States?. [0]
  • As many as 43% of them use manual methods of tracking or do not track inventory at all. [0]
  • A staggering 80% of employees waste their time because they don’t have the right asset support behind them. [0]
  • A 54% Increase in Theft over 2 years!. [0]
  • In the past 2 years, 33% of salespeople have experienced asset theft. [0]
  • While it differs from industry to industry, 75% of maintenance work should be preventive and 25% reserved for situations that can’t be avoided. [0]
  • Research has shown that 35% of company data is not protected at all, despite requiring strong security. [0]
  • This was the case with a medical facility in New England, where harmful administration errors dropped by a whopping 41% after a tagging system was put in place. [0]
  • EndNote %0 Journal of Turkish Operations Management APPLICATION OF STATISTICAL PROCESS OPTIMIZATION TOOLS IN INVENTORY MANAGEMENT OF GOODS QUALITY. [7]
  • A Mostafa Eissa , Engy Rashed %T APPLICATION OF STATISTICAL PROCESS OPTIMIZATION TOOLS IN INVENTORY MANAGEMENT OF GOODS QUALITY SUPPLIERS EVALUATION IN HEALTHCARE FACILITY %D 2020 %J Journal of Turkish Operations Management %P 263064332630. [7]
  • V 4 %N 1 %R %U. [7]

I know you want to use Drug Inventory Management Software, thus we made this list of best Drug Inventory Management Software. We also wrote about how to learn Drug Inventory Management Software and how to install Drug Inventory Management Software. Recently we wrote how to uninstall Drug Inventory Management Software for newbie users. Don’t forgot to check latest Drug Inventory Management statistics of 2024.

Reference

  1. gocodes – https://gocodes.com/asset-management-statistics/.
  2. nih – https://pubmed.ncbi.nlm.nih.gov/33794353/.
  3. nih – https://pubmed.ncbi.nlm.nih.gov/30136339/.
  4. arxium – https://www.arxium.com/pharmacists-should-care-about-inventory-management/.
  5. mckesson – https://www.mckesson.com/Specialty/Drug-Purchasing-and-Management/Inventory-Management/.
  6. dovepress – https://www.dovepress.com/critical-analysis-of-pharmaceuticals-inventory-management-using-the-ab-peer-reviewed-fulltext-article-IPRP.
  7. europeanpharmaceuticalreview – https://www.europeanpharmaceuticalreview.com/article/151342/implementation-of-trending-charts-in-analysis-of-inventory-pattern/.
  8. dergipark – https://dergipark.org.tr/en/pub/jtom/issue/56013/706777.

How Useful is Drug Inventory Management

Effective drug inventory management is essential in maintaining a balance between having enough stock of medications to meet patient needs and avoiding overstock that leads to potential waste. By utilizing inventory management systems, healthcare facilities can monitor usage trends, track expiration dates, and reorder medications when they are running low. This proactive approach helps prevent stockouts and allows healthcare providers to have the necessary medications on hand when needed.

Furthermore, drug inventory management also helps control costs and minimize waste. By accurately tracking inventory levels and usage patterns, healthcare facilities can identify opportunities to reduce excess inventory, adjust ordering quantities, and negotiate with suppliers for better pricing. This not only results in cost savings but also supports sustainability efforts by reducing unnecessary waste of medications.

In addition to cost savings and preventing stockouts, effective drug inventory management also plays a critical role in patient safety. Maintaining accurate records of medications in stock and their expiration dates ensures that patients receive medications that are safe and effective. Improper management of drug inventory can result in administering expired medications to patients, risking adverse side effects or reduced efficacy of the medication.

Moreover, the management of drug inventory also supports regulatory compliance requirements. Healthcare facilities are required to adhere to strict regulations regarding the storage and handling of medications to ensure patient safety and prevent medication errors. By implementing proper inventory management practices, healthcare providers can demonstrate their commitment to quality and compliance with regulations set forth by governing bodies.

While the importance of drug inventory management cannot be understated, there are inherent challenges that healthcare providers face in maintaining an efficient system. Managing hundreds or even thousands of medications, monitoring expiration dates, and tracking usage patterns can be a daunting task. However, advancements in technology have made it easier for healthcare facilities to streamline their inventory management processes, reduce manual errors, and improve efficiency.

In conclusion, drug inventory management is a critical component of healthcare operations that has a profound impact on patient safety, cost-effectiveness, and regulatory compliance. Healthcare providers must prioritize the implementation of effective inventory management systems to ensure the seamless delivery of medications to patients in a timely and efficient manner. By investing in the tools and resources necessary to manage drug inventory effectively, healthcare facilities can optimize their operations, improve patient outcomes, and maintain a high standard of care.

In Conclusion

Be it Drug Inventory Management benefits statistics, Drug Inventory Management usage statistics, Drug Inventory Management productivity statistics, Drug Inventory Management adoption statistics, Drug Inventory Management roi statistics, Drug Inventory Management market statistics, statistics on use of Drug Inventory Management, Drug Inventory Management analytics statistics, statistics of companies that use Drug Inventory Management, statistics small businesses using Drug Inventory Management, top Drug Inventory Management systems usa statistics, Drug Inventory Management software market statistics, statistics dissatisfied with Drug Inventory Management, statistics of businesses using Drug Inventory Management, Drug Inventory Management key statistics, Drug Inventory Management systems statistics, nonprofit Drug Inventory Management statistics, Drug Inventory Management failure statistics, top Drug Inventory Management statistics, best Drug Inventory Management statistics, Drug Inventory Management statistics small business, Drug Inventory Management statistics 2024, Drug Inventory Management statistics 2021, Drug Inventory Management statistics 2024 you will find all from this page. 🙂

We tried our best to provide all the Drug Inventory Management statistics on this page. Please comment below and share your opinion if we missed any Drug Inventory Management statistics.

Leave a Comment