Articles

Analysis of Inventory Management System at Pharmacy of XYZ Hospital

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This research examines inventory management at the XYZ Hospital Pharmacy Installation in Bandung, with a special focus on medicines and medical devices. The background to this research is the significant increase in health costs and the importance of effective supply chain management to reduce unnecessary costs. Based on monthly stock and daily sales data from October 2023 to February 2024, this research uses quantitative methods to calculate optimal inventory levels, including Economic Order Quantity (EOQ), safety stock, and reorder point (ROP). This research also applies ABC analysis and cycle counting to prioritize inventory control. The research results show that the proposed inventory policy, especially the continuous review strategy, has the potential for significant cost savings for the XYZ Hospital Pharmacy Installation. For pharmaceutical products, achieving a 99% service level can result in savings of IDR 302,697,429, which is 48.17% of the average inventory level. For medical devices, potential savings reach IDR 70,602,064, which is 48.77% of the average inventory level. The total potential savings for all products is IDR 373,299,493. These findings highlight that hospitals currently do not have effective controls in managing inventory of single-use medical devices. Implementing strong inventory policies and procedures is critical to improving cost efficiency and optimizing inventory levels within an organization.

Business Opportunity Analysis on Halal Vaccine in the Indonesian Market (Case Study of XYZ Biopharmaceutical Company in Jakarta)

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Vaccine hesitancy is defined by the World Health Organization (WHO) as a behavior influenced by several factors, including issues of confidence (do not trust vaccine or provider), complacency (do not perceive a need for a vaccine, do not value the vaccine), and convenience (do not perceive a need for a vaccine, do not value the vaccine) (access). Muslim consumers are becoming increasingly aware of halal medications in addition to food products. They’re starting to notice the negative consequences of product development, testing, and production, all of which may deviate from halal standards. As a result of this confusion, the general public is beginning to question the sources of their medicinal items.

Conservative Muslims may refuse vaccinations due to worries that some vaccines were obtained from the contents of pigs or porcine, which Muslims are prohibited from eating. Today, a quarter of the inhabitants of the world are Muslims. This figure is expected to grow by 35% over the next two decades, leaping from 1.6 billion to 2.2 billion by 2030. By 2021, the worldwide halal pharmaceutical industry will be worth USD 132 billion. Based on data from the Directorate General of Population and Civil Registration of the Ministry of Home Affairs, the total population of Indonesia is 272.23 million in June 2021. Of this number, 236.53 million people (86.88%) are Muslims.

To turn this hesitancy into an opportunity, XYZ Pharmaceutical plans to build a manufacturing plant for halal vaccines. In this research, the vaccines that will be produced by XYZ are ACYW135 Meningococcal Polysaccharide Vaccine, ACYW135 Meningococcal Conjugate Vaccine, 13 Valent Pneumococcal Polysaccharide Vaccine, and 23 Valent Pneumococcal Conjugate Vaccine. These vaccines are selected due to their close association with halal vaccines for the use case of Indonesian vaccine hesitancy. The objective of this study is to assess the feasibility of the halal vaccine manufacturing plant project through financial methods emphasizing capital budgeting technique, internal study, and market analysis. The result of this study shows that the development of the XYZ halal vaccine manufacturing plant is financially feasible due to the net present value of (USD 81,141,154), internal rate of return of (31.43%), the payback period of 4 years and six months, and the profitability index of (5.06), which in other scenarios testing are all acceptable for this project.