Inventory management in Dr Reddys Laboratories Ltd
- Objectives of the study
- Need of the study
- Scope of the study
- Company profile: Dr. Reddy's Laboratories Limited
- Business division of Dr. Reddy's Laboratories Limited
- Origin of Active Pharmaceutical Ingredients (API)
- Chronicles of Dr Reddy's Laboratories
- Introduction to Inventory Management
- Types of Inventory Management
Materials are equivalent to cash and they make up an important part of the total cost. It is essential that materials should be properly safeguarded and correctly accounted. Proper control of material can make a substantial contribution to the efficiency of a business. The success of a business concern largely depends upon efficient purchasing, storage, consumption and accounting.
It is often said that the basic needs for a man are food, shelter and clothes. But it is quite obvious that no man without life needs these basic needs and can acquire them. Therefore it is a fundamental truth that all these basic needs are aimed towards life of the man which is most important. If those needs that that facilitate life indirectly are given such importance, imagine how much importance should be given to health which is directly related to health and is responsible for the existence of man. Of course all those needs such as food shelter and clothes provide short term satisfaction and are given more importance compared to health which provides long term satisfaction.
Pharmaceutical industry is that industry whose core needs lie in health and therefore plays an important role in the man’s life. As stated before its importance has been overlooked many of times but the strength in the core need has brought glory to the industry in the recent past. The pharmaceutical industry plays a crucial role in building a country’s human capital. In India, it is among the top science based industries with a wide range of capabilities in the complex field of drug technology and manufacture. Achievements of the industry during the last three decades have been spectacular by any standards, from a mere processing industry it has grown into a sophisticated sector with advanced manufacturing technology, modern equipment and stringent quality control.
[...] REDDY’S LABORATORIES LTD BULK ACTIVITIES DIVISION TOTAL INVENTORY TREND: * Rs . in millions INVENTORY Cost*) Cost*) Cost*) TYPES OF INVENTORIES: Inventories play a major role in a business or company depending on nature of the business. The inventories may be classified as under. Raw materials. The raw materials include the materials, which are used in the production process, and every manufacturing firm has to carry certain stock of raw materials in stores. These units of raw materials are operations. [...]
[...] PROJECT MANAGEMENT CPS executes cost effective and time bound projects for its customers, and provides them CGMP compliant products manufactured in FDA inspected, ISO certified facilities. A team of experienced project managers ensures smooth progress of the projects from initiation to closure in order to avoid any cost and time overruns. Each project team is supported by world-class software, hardware and communication channels that help in executing the project to the customer's satisfaction. The trained chemists and engineers understand CGMP manufacturing and regulatory requirements for synthesis, manufacture and formulation of an NCE from pre-clinical stage to commercialization. [...]
[...] Finished Goods Trend at Bulk Actives Division: Finished Goods INVENTORY CLASSIFICATION NEED FOR INVENTORY CONTROL: If a cost accounting system is to be effective there must be a proper control of inventory and supplies form the time orders are placed with suppliers until they have been effectively utilized in production. Materials are equivalent to cash and they make up an important part of the total cost. It is essential that materials should be properly safeguarded and correctly accounted. Proper control of material can make a substantial contribution to the efficiency of a business. [...]