A budget in pharmacy practice is a financial plan outlining the expected revenues and expenditures over a specified time period, often a fiscal year.
It details how resources will be allocated to achieve the goals of the pharmacy, whether it is a community pharmacy, hospital pharmacy, or any other pharmaceutical establishment.
Objectives in Pharmacy Practice Budgeting
Objectives in pharmacy budgeting refer to specific, measurable financial goals set for a particular period.
These objectives may include:
Sales targets
Cost containment
Profitability goals
Other financial metrics that gauge the pharmacy's financial performance
Setting clear objectives ensures that the budget aligns with the strategic direction of the pharmacy.