The impact of a consignment inventory strategy in pharmaceutical retail industry

SAAD, Sameh, NOGUERA, I, BAHADORI, Ramin and SAAD, S (2018). The impact of a consignment inventory strategy in pharmaceutical retail industry. In: THORVALD, Peter and CASE, Keith, (eds.) Advances in Manufacturing Technology XXXII Proceedings of the 16th International Conference on Manufacturing Research, incorporating the 33rd National Conference on Manufacturing Research, September 11–13, 2018, University of Skövde, Sweden. Advances in Transdisciplinary Engineering (8). Amsterdam, IOS Press, 297-302.

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Abstract

The aim of this research paper is to analyse the impact of a Consignment Inventory (CI) strategy on patient satisfaction in the pharmaceutical retail market. The consignment inventory solution is implemented in a particular business to business (B2B) company, active in the pharmaceutical retail market in Mexico, where usually companies suffer from a low fulfilment rate which leads to unsatisfied customers and also a reduction in their profits. An Economic Order Quantity (EOQ) with non-instantaneous receipt mathematical model and simulation techniques are developed to identify the optimal fulfilment rate. The obtained results of this research paper demonstrated that the implementation of the proposed Consignment Inventory strategy would permit reaching the goal of a much higher fulfilment rate and consequently, higher customer satisfaction.

Item Type:	Book Section
Additional Information:	Series ISSN: 2352-751X
Uncontrolled Keywords:	Consignment Inventory; pharmaceutical industry; customer satisfaction
Identification Number:	https://doi.org/10.3233/978-1-61499-902-7-297
Page Range:	297-302
SWORD Depositor:	Symplectic Elements
Depositing User:	Symplectic Elements
Date Deposited:	14 Dec 2021 17:52
Last Modified:	14 Sep 2022 02:02
URI:	https://shura.shu.ac.uk/id/eprint/29167

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