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Main Subject - Inventory Management - One Size Does Not Fit All
If there is one great myth in inventory management it is that one single technique will solve all inventory problems. Not that people believe that one technique will solve all problems in all situations but that
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
in any given company one approach is all that is required to manage all inventory.
For the inventory manager this is very attractive as it means that there is only one approach to manage. For the software vend
For the inventory manager this is very attractive as it means that there is only one approach to manage. For the software vend
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
or, consultant or advisor it means only one solution to sell.
There is a wide range of techniques and approaches that people use to manage inventory. These include JIT, MRP, DRP, SCM, Risk Management, safety st
There is a wide range of techniques and approaches that people use to manage inventory. These include JIT, MRP, DRP, SCM, Risk Management, safety st
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ck and EOQ’s Sometimes they are used on a stand alone basis and sometimes in conjunction with each other. All are worthwhile techniques when used appropriately.
Problems arise however when the approach to ident
Problems arise however when the approach to ident
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ifying the appropriate solution starts by looking at the solution rather than the inventory. This approach starts from the assumption that because solution x works at company y it must be good. Or because the so
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
tware suits our enterprise wide planning system it is appropriate. In fact it is often assumed that inventory software packages are much of a muchness. Have you ever heard someone say ‘and it has an inventory mo
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
dule’!
The fact is that not all inventory is the same and consequently not all inventory requires the same approach to management. Without trying to be exhaustive it is easy to identify that some inventory is m
The fact is that not all inventory is the same and consequently not all inventory requires the same approach to management. Without trying to be exhaustive it is easy to identify that some inventory is m
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
de to order, some is made to stock, some is perishable, some have characteristics that change with time, some are part of assemblies and sub-assemblies and some are stand alone items. These, and many other vari
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ables, lead to a huge number of different requirements for inventory management.
While the differences between inventories in different industries are well documented (for example, the requirements for managing
While the differences between inventories in different industries are well documented (for example, the requirements for managing
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
inventory at a large retailer will be different to managing in-process inventory at a petro-chemical plant) what is not widely recognised is that the requirements for inventory management across a single busines
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s can vary significantly.
The single biggest error made in inventory management today is to select an inventory management technique and apply it universally across a business. The ‘one size fits all’ approach
The single biggest error made in inventory management today is to select an inventory management technique and apply it universally across a business. The ‘one size fits all’ approach
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
can lead to significant inefficiencies in the results of inventory management. This might not be an ‘out of stock’ as that situation is always dealt with urgently. More likely the result will be the holding of e
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
cess inventory and tying up valuable funds unnecessarily.
A better approach to inventory management is to start by looking at the inventory rather than the solution and identifying the characteristics of each t
A better approach to inventory management is to start by looking at the inventory rather than the solution and identifying the characteristics of each t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ype of inventory being held. When this is done, an approach that is appropriate to the demand, supply and cost characteristics of the inventory can be selected and the inventory holding optimized for its charact
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ristics.
Consider a manufacturer that has a total inventory made up from raw materials, work in progress, finished goods, a distribution network and engineering spares. Applying a universal mindset or solution
Consider a manufacturer that has a total inventory made up from raw materials, work in progress, finished goods, a distribution network and engineering spares. Applying a universal mindset or solution
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
across all of these inventory types is unlikely to deliver an optimal result. For example, dealings involving suppliers (as for raw materials and engineering spares) provide a different range of opportunities co
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
pared to internal supply situations (WIP) and even finished goods. The ability to forecast, the ability to control the supply chain, the ability to source on consignment, the requirements for buffer stock, the i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
mpact of a stock out all vary. Unless you allow the flexibility to pursue opportunities related to different inventory types your business is likely to be over investing in inventory.
Inventory management is ab
Inventory management is ab
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ut more than just logistics and getting the right thing in the right place at the right time. It is also about the efficient and effective use of capital. Taking a singular approach to managing all types of inve
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ntory without fully considering the different characteristics and opportunities of that inventory leads to overstocking and obsolescence and the waste of capital resources that might be better directed elsewhere
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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