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Question 1
What is the term for the minimum stock level at which a new order must be placed to avoid running out of a medication?
Answer: The reorder point (also called the par level minimum). When stock falls to this predetermined quantity, a replenishment order is triggered.
Question 2
What type of purchasing system automatically generates orders based on predetermined stock levels without manual intervention?
Answer: An automated or perpetual inventory system. It continuously tracks stock and places orders when quantities fall to the reorder point.
Question 3
What does the acronym 'WAC' stand for in pharmacy purchasing?
Answer: Wholesale Acquisition Cost. It is the manufacturer's list price to wholesalers before any discounts or rebates are applied.
Question 4
What document must a pharmacy send to a drug wholesaler to return damaged or recalled medications for credit?
Answer: A credit memo or return authorization form. This document initiates the return process and ensures the pharmacy receives appropriate credit.
Question 5
What is the primary advantage of using a prime vendor purchasing agreement for a pharmacy?
Answer: It provides discounted pricing, streamlined ordering, and consistent supply by committing the majority of purchases to one wholesaler.