Table of Contents
In the pharmacy business, accurate calculations are essential for ensuring proper medication dosages, inventory management, and financial transactions. Technicians must be proficient in key math formulas to perform their duties efficiently and safely. Here are the top 10 pharmacy business math formulas every technician should memorize.
1. Basic Percentage Formula
Formula: (Part / Whole) × 100 = Percentage
2. Drug Strength Calculation
Formula: (Desired Dose / Stock Strength) × Quantity = Required Quantity
3. Price per Unit
Formula: Total Price / Total Units = Price per Unit
4. Markup and Margin Calculations
Markup Formula: (Selling Price – Cost) / Cost × 100 = Markup Percentage
Margin Formula: (Selling Price – Cost) / Selling Price × 100 = Margin Percentage
5. Inventory Turnover Rate
Formula: Cost of Goods Sold / Average Inventory = Turnover Rate
6. Days’ Sales in Inventory
Formula: 365 / Inventory Turnover Rate = Days’ Sales in Inventory
7. Profit Margin
Formula: (Net Profit / Revenue) × 100 = Profit Margin Percentage
8. Break-Even Point
Formula: Fixed Costs / (Selling Price per Unit – Variable Cost per Unit) = Break-Even Units
9. Compound Interest Formula
Formula: A = P (1 + r/n)^{nt}
10. Conversion Factors
For converting units, remember common factors such as:
- 1 ounce (oz) = 28.35 grams (g)
- 1 teaspoon (tsp) = 5 milliliters (mL)
- 1 tablespoon (tbsp) = 15 milliliters (mL)
- 1 cup = 240 milliliters (mL)
- 1 pint = 473 milliliters (mL)
- 1 quart = 946 milliliters (mL)
Mastering these formulas will help pharmacy technicians perform their tasks accurately and efficiently, ensuring safety and profitability in the pharmacy business.