What is the term used to describe the rate at which inventory is used, typically conveyed in days?

The term "turnover" refers to the rate at which inventory is used and replaced over a given period. It is a critical metric in pharmacy and inventory management, providing insight into how quickly products are being sold or consumed. The turnover rate is often expressed in days, indicating the average time it takes for inventory to be sold or used up.

Using this metric allows pharmacy technicians and managers to assess the efficiency of inventory management and to make informed decisions regarding purchasing and stock levels. A higher turnover rate generally suggests that the inventory is being sold rapidly, reducing holding costs and minimizing the risk of expiration for perishable items. This concept is vital for maintaining optimal inventory levels and ensuring that medications and products are readily available for patients while avoiding overstocking.

Other terms like reciprocal, POS, and availability relate to different aspects of inventory management but do not capture the specific metric of inventory usage over time in days the way turnover does.