Subjects - Business

Inventory management is a necessity in every business, but more and more restaurants are realizing that it can be the difference between success and failure.

I

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

nventory management is the process of controlling costs and waste through effective use of on-hand product. Combine this with a reliable forecasting model and r

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

staurants can realize dramatic reductions in their monthly spending.

Every business is faced with the unfortunate reality that employees will steal from their

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

mployer. An effective inventory management system combined with secure storage and lock-up procedures will result in far less loss due to employee theft.

In th

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

restaurant industry there are primarily three types of inventory management systems: Manual or Limited Integration, Mixed P.O.S. or Partial Integration and Ful

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ly-Integrated.

Manual or Limited Integration

Manual inventory management refers to the process of physically counting each item every week to obtain restauran

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

costs. This system is more suited to smaller, independently-owned operators who purchase fewer items and maintain simpler accounting records.

Once all countin

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

is completed, then data can then be transferred to the restaurant’s accounting system. If there are no errors, the inventory is complete. If there are errors h

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

wever, the entire inventory process must start again to find the mistakes.

Mixed P.O.S.

Mixed Point of Sale (POS) or partial integration, combines the restaur

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

ant’s POS system with manual inventory procedures. Point of sale refers to the computer system used to order food and drinks as well as settling all checks.

Ea

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

h time an item is ordered through the POS it is removed from the current inventory. When the items are counted during inventory, the on-hand stock should match

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

he inventory listed by the POS. If however, there are discrepancies between the two lists, another physical count of the inventory must begin.

This method of i

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ventory management is more effective than the limited system, and when combined with strong loss-prevention procedures can result in large cost reductions per m

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

onth.

Fully-Integrated

A fully-integrated inventory management system implements three different elements into its system. It combines the restaurant POS syst

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

m with an Ordering/Shipping system as well as an electronic physical inventory system. This is the most sophisticated and accurate of the three systems and resu

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

ts in the least amount of monthly and overall loss of product and profits.

Some restaurant suppliers will provide their more important restaurants with an onli

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e ordering system. This system is integrated with the restaurant’s POS and can accurately predict what is in on-hand inventory, as well as forecasting the size

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

of the next supply order.

Once per week or even per month there is a physical inventory done with portable, electronic bar-code readers and electronic scales.

.

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

ll data is automatically sent to both the supplier and the restaurant.

Some are so sophisticated that they incorporate the recipe breakdowns, by ingredient and

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

then calculate the inventory. This type of system will save you money in the long run but also help you run a more streamlined and efficient restaurant business

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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