Budget in Pharmacy Practice

• 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.