Financial Management System in Pharmacy Practice: A New Initiative Project in Saudi Arabia

Abstract

Objectives: Financial pharmacy operations are integral in pharmacy management. It is necessary for strategic planning and aligns with Saudi Vision 2030. This theme aims to illustrate financial services in pharmacy operations as a new initiative in Saudi Arabia. Methods: Local and international accounting and finance organizations are driving this new project. It has been developed based on global business models, guidelines for pharmacy projects, and new guidelines for project operators. A project management expert designs this initiative. This effort will consist of several phases, from the initial stage through the planning, execution, monitoring, and control phases. Results: A pharmacy operation has a clear vision, mission, and financial goals. This service has many benefits, including increased profitability, effective financial management, and better patient care. In addition, a description of the risk management model ensures project continuity. We also discussed monitoring and controlling services. Finally, the analysis considers the transition to a production project up to the project's final phase. Conclusion: Pharmacy Operations Finance is a new initiative that should be part of the Saudi Vision 2030 Pharmacy Strategic Plan. Pharmacy finance requires a clear vision, guidelines, and longterm partnerships with financial institutions. In addition, financial aspects in pharmacy operations are critical to developing a proper pharmacist career plan focused on patient care, optimal profitability, and effective financial management.