This paper introduces an inventory system for declining medicinal products
under the effect of ination with price-sensitive demand. Usually,
pharmaceutical inventory systems assume the deteriorating rate as constant,
which is insignificant and illogical because healthcare products medicines
and drugs deteriorate significantly. Thus, the deteriorating rate of
medicinal products is supposed to be time-dependent and to follow
three-parameter Weibull distribution. The lack of commodities is permitted
with the rate of partial backlogging. This research work develops a model to
optimize the total average cost of the items by calculating the ordering
quantity and the optimum time intervals. Finally, through a numerical
example, with sensitivity analysis, we demonstrate the effect of different
parameters.
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