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. [...]
[...] Purchase & Stores Procedure: In inventory management the purchase department, stores department plays a major role to be the effective inventory there must be cooperation of various department such as purchase, receiving and inspections, stores, production and stock control departments. The main functions of each department are as follows: Purchase departments: It is responsible for purchase of all necessary goods of proper quality to produces, without interruption to supply the finished goods. It receives purchase requisitions. Invites quotations or tenders from supplies with desired quality. [...]
[...] years LIMITATIONS Since the study covers only bulk division of Dr Reddy's laboratories limited, it may not represent the overall scenario of the Bulk industry. Information with respect to FY 2004-05 is obtained from un-audited records. PHARMACEUTICAL INDUSTRY OVERVIEW Core need of pharmaceutical industry: 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. [...]
[...] Inventory Control Department: In many be a subdivision of the cost accounting department, although in many concerns, it is a part of the stores keeping department. It keeps perpetual inventory records. Adjust the stock on receipt of the property authorized adjustment notes. Prepare weekly or monthly, statements of receipts, issue, balance and average consumption of materials both in terms of quantity and value. RECEIPT AND ISSUE OF INVENTORIES Receipt of Inventories into stores: After incoming materials have been examined and approved they are passed on to the appropriate stores together with the goods received note. [...]
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