Supply Chain Management main glossary
This is a glossary of key terms used throughout the site.
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Integrative medicine refers to the blending of conventional medicines and natural or complementary therapies along with lifestyle interventions in a holistic approach, taking into account the physical, psychological, social and spiritual well being of the person.
International Chemical Reference Substances
International chemical reference substances (ICRS) are substances used by laboratories to validate the results from specific tests of medicines or pharmaceuticals, which are conducted as part of the quality control.
International reference prices
International reference prices (IRP) is an indicative list of prices of medicines compiled from publicly available data from various sources. The most well-known IRP is the Management Sciences for Health (MSH) International Drug Price Indicator. It is regularly updated, and features the median price of a large number of medicines gathered from manufacturers, wholesalers, international organisations and government. More information on their webpage.
Inventory control is concerned with the inventory of stock present in the warehouse. It monitors what products are in stock, how many, where in the warehouse they are located, and their condition. It also aims at minimising the cost of filling customer orders through an efficient lay-out and placement. Inventory control is a part of broader inventory management.
Inventory management can be defined as all activities carried out to maintain the optimum quantity of each inventory item. It includes inventory control, but is broader as it also encompasses the activities of quantification and procurement planning, determining when to order products, how much to order and the most effective source of supply for each item in the warehouse.